14 day cooling off period

Saffra

Hi guys, thanks for reading this.

I’ve just got a pcp finance on a new car, I signed the form online on August 30 at the dealership, but I’ve not received anything by post or email. I’ve had a falling out with the dealership (they are pretty incompetent) and so today I looked into get my own finance, which I thought I wouldn’t get.... however I’ve just been accepted for a loan with a better rate and could save thousands over the term.

Now my understanding of the consumer credit act is that I have 14 days from either signing or receiving the paperwork, whichever is later. The finance company are disputing this and saying that as I signed it online that’s the date it goes from.... they are also charging far more than one month at the interest rate I agreed to - well over twice what I worked out it should be.

I’m saving overall but I’m really annoyed that they are not not sticking to (what I think) the law is on this. And to be honest having also had a settlement figure on the previous car that then turned out to not include a payment that was due at the end of this month - and a subsequent £300 bill - I’m keen to not pay them the £300 interest charge they are claiming I have to pay. (The reason I fell out with the dealership was that they didn’t inform me of the terms of the settlement figure)

I hope my ramblings make sense, does anyone have any advice on where I go from here or even if I am wrong on the cooling off being from when I signed?

Thanks again for reading this.

Willing2Learn

Hi Saffra and welcome to the forum

I am not an 'expert', but I thought that a notice of your cancellation rights must be included within the copy of the credit agreement and must be sent by post or email within seven days. Are you saying you have not received a copy of your credit agreement and cancellation rights? (This might not be relevant, as I reiterate that I am no expert and suggest you wait for other advice before acting).

In the meantime, have a read of the Which? article linked below:
https://www.which.co.uk/consumer-rights/regulation/consumer-credit-act

Saffra

No I didn’t receive anything by post or email.

Ben8282

A loan is much better than PCP as when you have repaid the loan the car will be yours. No balloon payment.
Have you actually taken delivery of the vehicle? If no, then surely no money has yet been advanced so nothing can be owing.
You mention 14 day cooling off period but as more than 14 days have now elapsed confused as to the relevance.

Saffra

Thanks Ben. The whole point for the post is about the 14 days and is that I didn’t receive any paperwork, so although it’s been 14 days since signing, the consumer credit act states.... and I quote;

“The 14-day cooling-off period starts from the day the agreement is concluded or if later, from when you receive a copy of the agreement. “

No copy has been received. And yes I have the vehicle. (And we are talking 20 days post signing and 15 since vehicle delivery). As such I asked them when they sent the agreement (so I could judge if it got lost in the post at what point I should have received the agreement) and they said it wasn’t sent as I signed online they don’t have to send it? Felt like bs to me. ��!♀️

DCFC79

Checked your emails ?

TadleyBaggie

And Spam folder?

boo_star

Saffra wrote: »

Thanks Ben. The whole point for the post is about the 14 days and is that I didn’t receive any paperwork, so although it’s been 14 days since signing, the consumer credit act states.... and I quote;

“The 14-day cooling-off period starts from the day the agreement is concluded or if later, from when you receive a copy of the agreement. “

No copy has been received. And yes I have the vehicle. (And we are talking 20 days post signing and 15 since vehicle delivery). As such I asked them when they sent the agreement (so I could judge if it got lost in the post at what point I should have received the agreement) and they said it wasn’t sent as I signed online they don’t have to send it? Felt like bs to me. ��!♀️

Hasn't the agreement been "concluded" by you being in receipt of the vehicle?

jonesMUFCforever

From what has been written I think you are past the 14 day cooling off period.
What did you sign on the premises?

It does not matter anyway you can still pay off the PCP if you get a loan to enable you to do so.
Go for it.

foxy-stoat

Saffra wrote: »

however I’ve just been accepted for a loan with a better rate and could save thousands over the term.

Must of been a terrible PCP deal - get a settlement figure if your past the cooling off period and finance it on your own.