V12 Retail Finance - HELP PLEASE

Manish1979

Hi All,

First time post so please go gentle but any help here would be fantastic.

I recently signed an approve agreement for this company, received all of the information on the finance and the monthly payments and proceeded to sign the documentation.

I got an email from the retailer saying the goods where not dispatched only to get a further call from V12 finance that the application had been refused although accepted less than 24 hours before and the applications forms completed and returned.

Can they do this even though I have a signed contract and agreement in place?

please help me!!

[Deleted User]

What did the accompanying letter say re subject to final checks, etc? Anything?

What did the pre contract information say?

Manish1979

Hi There,

Thanks for the response, no it was referred originally and I had to provide additional information, a few hours it was approved ( I have the email details ). I then got the credit agreement through, all signed and completed and also got a dispatch email from the retailer.

I then get a call from them to say its been cancelled and to refuse any delivery of the items purchased, when i called they claimed it was revoked as the checks where not completed but in fact they were and issued me with a full credit agreement. They state it will not affect my credit but in anything that i have signed in the past it 100%, as I right, can they do this?

Thanks for your assistance

SeanG79

Their acceptance will state in the fine print that they reserve the right to withdraw at any time prior to paying the supplier.

This is a fairly standard condition. Usually a lender does a credit check when they get the application and again just before they activate(pay supplier). If anything changes for example a late payment shows up, or an over limit, etc., then they withdraw the acceptance and dont pay the supplier

Manish1979

Thanks very much for the note, i dont get it though, we approved and ordered the items on Saturday, not used or pay for anything since, its frustrating.

Do you know if this will have an affect on my credit history, that an agreement was accepted and then cancelled, we only just got far finance the week before so i am shocked that this has been rejected after acceptance from an underwriter.

I assume the fact that I signed an agreement means nothing, they are refusing to send me the credit agreement now.....

SeanG79

Manish1979 wrote: »

Thanks very much for the note, i dont get it though, we approved and ordered the items on Saturday, not used or pay for anything since, its frustrating.

Do you know if this will have an affect on my credit history, that an agreement was accepted and then cancelled, we only just got far finance the week before so i am shocked that this has been rejected after acceptance from an underwriter.

I assume the fact that I signed an agreement means nothing, they are refusing to send me the credit agreement now.....

Every lender/institution only reports on accounts once a month, and on different dates, so it can be something from the previous month that is now showing.

It will show a credit search on your credit file, but not whether it was approved or declined, so the decline on it's own won't make a difference

Depends who the car finance was with. Maybe the car finance was reporting on your credit file and now your total debt/credit vs your income exceeds V12 criteria

poppasmurf_bewdley

Manish1979 wrote: »

I assume the fact that I signed an agreement means nothing, they are refusing to send me the credit agreement now.....

When you sign an agreement for finance, the law gives you 14 days to withdraw from it.

Presumably, this same law gives the lender the same right.

SeanG79

poppasmurf_bewdley wrote: »

When you sign an agreement for finance, the law gives you 14 days to withdraw from it.

Presumably, this same law gives the lender the same right.

Lender cannot withdraw after activating the agreement AFAIK. That is a law in place to protect a consumer, a limited company for example is not offered the same 14 day cooling off period/protection

Manish1979

Thanks everyone for your valuable input its very helpful. We have not even signed the car finance yet, but have been accepted. I have always known that if you sign an agreement is legally binding at that stage, would any of your helpful individual suggest that I take this further or just leave it at that, my worry is they have not been truthful and this could have an impact on my credit history. I have never known a company to revoke finance after its accepted all in less than 48 hours......

SeanG79

So you have an offer of finance, but not signed documents or submitted paperwork. They too can still withdraw the offer of finance...

Manish1979

Sorry all of the documents were " E signed " as thats what it stated and a log of my IP address, i then got a followup email confirming that the order had been processed and for the retailer to provide the goods. From my understanding the goods are actually in transit but i have been advised to refused delivery......all of this was confirmed....i just dont know my rights at the moment. if i owed them money surely they would hold me to the fact i signed an agreement.........