Can anything be done about loan "mis-selling"?

PeacefulWaters

Afwx wrote: »

Now that is finally a better response.

Point: You all seem to agree that this is common practice, but perhaps you all think it is generally 'allowed', except at banks right? This tacit acceptance of fraud as acceptable common practice by you all smells a bit like turning a blind eye. I thought we'd all moved on from all that.

I'm clearly asking the wrong people about my valid contract issue. But then you guys aren't really qualified to give financial advice are you?
I'll ask the ombudsman.

Thanks for the hot air guys.

The contract will be the credit agreement.

I think you said you dont have one but the lender will reproduce the terms which will clearly state an APR.

The ombudsman (FOS) is then going to have to rule on whether or not he believes you were told the APR. As there's nothing banning use of flat rate (there should be, but there isn't) I think he will, on the balance of probabilities, believe that you were.

The FOS will only rule on your case. They will not set precedent or implement new rules, although generic information may be shared with the FCA who have wider powers.

Stating a flat rate of 10% is not fraud if it's factual. Even if the APR is 19.9% or whatever.

poppasmurf_bewdley

Afwx wrote: »

Now that is finally a better response.

Point: You all seem to agree that this is common practice, but perhaps you all think it is generally 'allowed', except at banks right? This tacit acceptance of fraud as acceptable common practice by you all smells a bit like turning a blind eye. I thought we'd all moved on from all that.

I'm clearly asking the wrong people about my valid contract issue. But then you guys aren't really qualified to give financial advice are you?
I'll ask the ombudsman.

Thanks for the hot air guys.

Perfectly correct. That's why Financial Advisors charge what they do. We come free!

But that's why you came on here in the first place, isn't it.:D

jellie

Afwx wrote: »

Who do I complain to?

Looks like you already know the answer to your question -

Afwx wrote: »

So I could complain: however the complaints procedure is this: write to the company - if no joy within 8 weeks then write to the Ombudsman - if still no joy use the courts

Nearlyold

Afwx wrote: »

And I'm saying that they appear to have set up a loan without getting me to sign a proper agreement with any rate written on it by getting me to sign an order-form rather than a finance agreement. Who do I complain to?

They would not have got you to sign an order form rather than the finance agreement, you would have been asked to sign the order form anyway - the finance agreement would be a separate document. It would be very surprising if you had not also signed a finance agreement but not impossible (finance houses may not pay the dealer if the agreement is not signed) and dealers were often required to Fax a signed copy of the agreement before payout. In addition to signing the finance agreement you should also have been given a copy of the "SECCI" document and given the opportunity to take this away with you to study should you have wished to before committing to the finance agreement - Google" European Consumer Credit Directive" for more details of the process.
Of course if the Finance Company do locate a copy of a signed agreement your complaint re the interest rate will be sunk because the FOS view will be that you signed to agree to the terms within the agreement which will definitely show the APR.

DCFC79

Afwx wrote: »

Now that is finally a better response.

Point: You all seem to agree that this is common practice, but perhaps you all think it is generally 'allowed', except at banks right? This tacit acceptance of fraud as acceptable common practice by you all smells a bit like turning a blind eye. I thought we'd all moved on from all that.

I'm clearly asking the wrong people about my valid contract issue. But then you guys aren't really qualified to give financial advice are you?
I'll ask the ombudsman.

Thanks for the hot air guys.

It's not about asking the wrong people but more the errors being made.

Why on earth did you agree to it with no proper finance agreement, afterall you did work for FX.

[Deleted User]

Afwx wrote: »

Is there a minimum age for this forum?


You guys are missing the finer point: I'm not asking for opinions. I don't care if you think I may have been a bit slack, or whatever.


Financial mis-selling is financial mis-selling. No room for arguments.


And I'm saying that they appear to have set up a loan without getting me to sign a proper agreement with any rate written on it by getting me to sign an order-form rather than a finance agreement. Who do I complain to?

Who ever that might be would probably find it odd as I do that you only "spotted"this after 3 years.
Sounds to me like someone wants a new car and a way out of the current one, sorry but that aint gonna work.
Perhaps the fixed rate was 10% giving you an ApR of 20%, and who buys a car on 6 years finance?

SeanG79

OP - The images you have posted are an order form and invoice, not a credit agreement. You will have signed a credit agreement, which in all probability will have an APR and a Rate/Flat rate, etc.

There is nothing to say that a dealer cannot talk about flat rate, what is regulated, is that the finance agreement and any advertising must quote the APR.

But in vehicle finance, with agreements like a PCP, even APR can be misleading as to the total amount payable over the term of the agreement, so the agreement will also show that,

If you contact the lender, they will produce a reconstituted copy of the agreement you will have signed.

After 3 years of making payments, you have implicitly agreed to the contract and on the balance of probabilities (what a court will consider), you weren't miss-sold, in fact you have agreed for 3 years to the contract. It seems rather that after 3 years you have had a change of heart...

Complain to the FCA and the FOS, but before you can complain to either you need to go through the lenders complaints procedure and wait the 8 weeks or until you have a "final response" from the lender. That is the process for complaints...