PCP Help

Floyd123

Hi all,

I would very much appreciate some help and guidance on how to deal with an issue I have on a PCP agreement.

I purchased a car earlier this year from a motor trader. Paid a deposit via bank card and the balance is supposed to be on a PCP.

The problem that has arisen is that no payments have been taken under the PCP arrangement.

Circa 6 months have passed pretty much with no payments and I'm starting to worry about where I stand with this and what I should do about it.

Any advice would be gratefully received.

BoGoF

Well the obvious thing would be to approach the finance company and point out the error.

Floyd123

Thanks for the reply.

Sorry, should have explained more in the initial post.

I'm not entirely sure who the finance company is, I 'signed' an online agreement when collecting and have not received a copy of it.

I have recently carried out an HPI check as was told that would give the details but it shows as no outstanding finance.

I could go to the motor trader logically but am worried how they will react. Was wondering whether I should speak to FCA or ombudsman but they seem to deal more with existing disputes I think.

Really not sure where I stand or how I should proceed.

MEM62

Floyd123 wrote: »

Circa 6 months have passed pretty much with no payments and I'm starting to worry about where I stand with this and what I should do about it.

Someone will chase you sooner or later.

Are there any new loans or finance agreements showing on your credit report? What about any new DD's registered against your bank account - even if nobody has collected against them.

I see no reason why the dealer should react negatively when you are trying to resolve the situation.

Floyd123

Thanks for the reply.

I had checked my credit report in the past as have a few memberships but nothing was or is showing on there.

Good idea on D/Ds but have just checked them and nothing is showing.

I get the point about the trader but wondering what they will do regarding payments that should have gone so far, also mileage I have driven so far.

I know these things don't always start immediately and it's not my fault but at what stage should I be starting to worry and do something?

Cheers for your help

foxy-stoat

They will probably request that the monthly payments that havent been collected be paid, assuming you kept the month aside for the monthly payments this shouldnt be an issue.