Conned by my own bank!!!

Penguin_

How odd but if you can't afford the extra £20 a month, what will happen if something goes wrong with the car that you have to pay for?

MalMonroe

I agree with those who are saying that if you have proof of the original offer in writing - as you do - then you should raise a formal written complaint with your bank. And try to get the deposit you paid to the dealer refunded by your bank, too. 

It's appalling for them to make you an offer in writing and then rescind it and then give you a worse deal - but only after you have had to chase them up about it. 

Don't phone or email the bank, write them a complaint letter and send it recorded delivery.

In the meantime, as others are asking, is there any possibility that the dealer has another, slightly cheaper car? I'm looking round for a used car right now and apparently the used car market is very 'buoyant' which I take to mean that dealers are looking to offload their stock. After lockdown, they will be wanting to sell the cars they've been unable to sell over the past 18 months or so.

Don't forget to haggle about price, too! 

MalMonroe

Penguin_ said:

How odd but if you can't afford the extra £20 a month, what will happen if something goes wrong with the car that you have to pay for?

That's just mean and very unhelpful. Especially when the OP has said how upset they are. (Also very mean of those who are thanking Penguin_ (you know who you are) for this unhelpful comment. We are supposed to be kind and supportive on this forum.)

[Deleted User]

MalMonroe said:

I agree with those who are saying that if you have proof of the original offer in writing - as you do - then you should raise a formal written complaint with your bank. And try to get the deposit you paid to the dealer refunded by your bank, too. 

It's appalling for them to make you an offer in writing and then rescind it and then give you a worse deal - but only after you have had to chase them up about it. 

Don't phone or email the bank, write them a complaint letter and send it recorded delivery.

In the meantime, as others are asking, is there any possibility that the dealer has another, slightly cheaper car? I'm looking round for a used car right now and apparently the used car market is very 'buoyant' which I take to mean that dealers are looking to offload their stock. After lockdown, they will be wanting to sell the cars they've been unable to sell over the past 18 months or so.

Don't forget to haggle about price, too! 

The bank are not, in a month of Sundays, each with a blue moon, going to pay the OP's deposit back
Also, sending recorded is a waste of money, sending it with free proof of postage is fine, signatures in covid days don't mean anything, they will be blank or done by the postman

MalMonroe

Deleted_User said:

MalMonroe said:

I agree with those who are saying that if you have proof of the original offer in writing - as you do - then you should raise a formal written complaint with your bank. And try to get the deposit you paid to the dealer refunded by your bank, too. 

It's appalling for them to make you an offer in writing and then rescind it and then give you a worse deal - but only after you have had to chase them up about it. 

Don't phone or email the bank, write them a complaint letter and send it recorded delivery.

In the meantime, as others are asking, is there any possibility that the dealer has another, slightly cheaper car? I'm looking round for a used car right now and apparently the used car market is very 'buoyant' which I take to mean that dealers are looking to offload their stock. After lockdown, they will be wanting to sell the cars they've been unable to sell over the past 18 months or so.

Don't forget to haggle about price, too! 

The bank are not, in a month of Sundays, each with a blue moon, going to pay the OP's deposit back
Also, sending recorded is a waste of money, sending it with free proof of postage is fine, signatures in covid days don't mean anything, they will be blank or done by the postman

Thank you but my comment was aimed at the OP. And I have been in a similar situation to this very recently and wrote to my bank, recorded delivery (it's only a few pence more, hardly breaking the bank and it's a reassurance that the recipient actually gets the letter - mail DOES go astray). Signatures DO actually mean something. Our post person doesn't actually 'sign' any recorded letters he brings to us unless we are at the door - at a safe social distance as we are still isolating. So it's not something that's done arbitrarily.

PLUS if you do not even try, you never get anywhere. I would still write, especially if someone told me "The bank are not, in a month of Sundays, each with a blue moon, going to pay the OP's deposit back" because in my experience, banks DO consider such requests.

Why try to put the OP off even trying to get something back? Your attitude is the typical British one of give up in the first instance. I've often been told not to try and have always ignored that advice. Sometimes I win, sometimes I lose - but never without a fight.

I have just won a battle with Capital One where I was told by them that they would not remove the hard search they erroneously placed on my credit report until 12 months was up. People on this forum also told me that. 'Don't bother, don't waste your energy, they'll never do it.'  Well the Financial Ombudsman got them to do it. That is why I say -

Please OP don't give up. You can try. All it will cost is a piece of paper, an envelope and a stamp. Whether or not you decide to use recorded delivery. Write and ask because there is absolutely nothing to lose but maybe something to gain. 

[Deleted User]

MalMonroe said:

Deleted_User said:

MalMonroe said:

I agree with those who are saying that if you have proof of the original offer in writing - as you do - then you should raise a formal written complaint with your bank. And try to get the deposit you paid to the dealer refunded by your bank, too. 

It's appalling for them to make you an offer in writing and then rescind it and then give you a worse deal - but only after you have had to chase them up about it. 

Don't phone or email the bank, write them a complaint letter and send it recorded delivery.

In the meantime, as others are asking, is there any possibility that the dealer has another, slightly cheaper car? I'm looking round for a used car right now and apparently the used car market is very 'buoyant' which I take to mean that dealers are looking to offload their stock. After lockdown, they will be wanting to sell the cars they've been unable to sell over the past 18 months or so.

Don't forget to haggle about price, too! 

The bank are not, in a month of Sundays, each with a blue moon, going to pay the OP's deposit back
Also, sending recorded is a waste of money, sending it with free proof of postage is fine, signatures in covid days don't mean anything, they will be blank or done by the postman

Thank you but my comment was aimed at the OP. And I have been in a similar situation to this very recently and wrote to my bank, recorded delivery (it's only a few pence more, hardly breaking the bank and it's a reassurance that the recipient actually gets the letter - mail DOES go astray). Signatures DO actually mean something. Our post person doesn't actually 'sign' any recorded letters he brings to us unless we are at the door - at a safe social distance as we are still isolating. So it's not something that's done arbitrarily.

PLUS if you do not even try, you never get anywhere. I would still write, especially if someone told me "The bank are not, in a month of Sundays, each with a blue moon, going to pay the OP's deposit back" because in my experience, banks DO consider such requests.

Why try to put the OP off even trying to get something back? Your attitude is the typical British one of give up in the first instance. I've often been told not to try and have always ignored that advice. Sometimes I win, sometimes I lose - but never without a fight.

I have just won a battle with Capital One where I was told by them that they would not remove the hard search they erroneously placed on my credit report until 12 months was up. People on this forum also told me that. 'Don't bother, don't waste your energy, they'll never do it.'  Well the Financial Ombudsman got them to do it. That is why I say -

Please OP don't give up. You can try. All it will cost is a piece of paper, an envelope and a stamp. Whether or not you decide to use recorded delivery. Write and ask because there is absolutely nothing to lose but maybe something to gain. 

The point against recorded delivery is that people can refuse to sign for it or it goes to a big building and gets lost somewhere. Proof of postage is sufficient for a complaint letter to be deemed delivered 2 days later, signature or no signature.

Ironic you're self isolating, I guess you still haven't reported your neighbour for illegally breaking covid lockdowns?

The bank are 100% I guarantee NOT going to pay the OP's deposit back. They chose to jump the gun without the funds in their account, that is nothing to do with the bank. Removing a hard search is nothing at all like this situation - that costs the provider nothing to do and requires a simply update on the report to the CRA, not like giving OP some sum of probably £500+ because of the customer's mistake. Wasting the banks money at the FOS just harms other customers

vacheron

supersparkle said:

I can assure you I was offered the loan at 3.8% APR, I have it in black and white in my confirmation email, along with the monthly repayment,

OP. You say you were "offered" the loan, but did you actually then apply for it?

I couldn't see any mention of the term you applied for, but if it was over 5 years or less, the extra you would pay over the full term of the loan will be the same (or less) than the amount of your deposit. So even if they won't return one penny then you are still better off taking the loan out at 9.8% for up to 5 years than losing your entire £1000 deposit. 

... also, if you did sadly lose your £1000 deposit, you would have no deposit for the next car and would have to borrow more, or buy a cheaper car, anyway so keep this in mind too.

Also, I know you said you didn't come here for a lecture, but if you genuinely can't afford an extra £20 per month (actually about £16.73 / £17.20 assuming a 3 / 5 year term) then why are you considering a car which costs 400 times that monthly extra you "can't afford"?
What happens when the car needs £200 worth of tyres, or a £250 service? 

p3ncilsharpener

MalMonroe said:

Deleted_User said:

MalMonroe said:

I agree with those who are saying that if you have proof of the original offer in writing - as you do - then you should raise a formal written complaint with your bank. And try to get the deposit you paid to the dealer refunded by your bank, too. 

It's appalling for them to make you an offer in writing and then rescind it and then give you a worse deal - but only after you have had to chase them up about it. 

Don't phone or email the bank, write them a complaint letter and send it recorded delivery.

In the meantime, as others are asking, is there any possibility that the dealer has another, slightly cheaper car? I'm looking round for a used car right now and apparently the used car market is very 'buoyant' which I take to mean that dealers are looking to offload their stock. After lockdown, they will be wanting to sell the cars they've been unable to sell over the past 18 months or so.

Don't forget to haggle about price, too! 

The bank are not, in a month of Sundays, each with a blue moon, going to pay the OP's deposit back
Also, sending recorded is a waste of money, sending it with free proof of postage is fine, signatures in covid days don't mean anything, they will be blank or done by the postman

Thank you but my comment was aimed at the OP. And I have been in a similar situation to this very recently and wrote to my bank, recorded delivery (it's only a few pence more, hardly breaking the bank and it's a reassurance that the recipient actually gets the letter - mail DOES go astray). Signatures DO actually mean something. Our post person doesn't actually 'sign' any recorded letters he brings to us unless we are at the door - at a safe social distance as we are still isolating. So it's not something that's done arbitrarily.

PLUS if you do not even try, you never get anywhere. I would still write, especially if someone told me "The bank are not, in a month of Sundays, each with a blue moon, going to pay the OP's deposit back" because in my experience, banks DO consider such requests.

Why try to put the OP off even trying to get something back? Your attitude is the typical British one of give up in the first instance. I've often been told not to try and have always ignored that advice. Sometimes I win, sometimes I lose - but never without a fight.

I have just won a battle with Capital One where I was told by them that they would not remove the hard search they erroneously placed on my credit report until 12 months was up. People on this forum also told me that. 'Don't bother, don't waste your energy, they'll never do it.'  Well the Financial Ombudsman got them to do it. That is why I say -

Please OP don't give up. You can try. All it will cost is a piece of paper, an envelope and a stamp. Whether or not you decide to use recorded delivery. Write and ask because there is absolutely nothing to lose but maybe something to gain. 

There is no "give up in the first instance" attitude.  It's called being smart and picking your battles.

You seem to have a lot of time on your hands so can waste most of it pursuing mostly fruitless battles but many people do not, and should not consume vast amounts of time and energy, as well as stressing themselves out, pursuing these timesinks.

Advising someone not to pursue this is good advice. The OP was told to wait for an email as they needed to sign something, so why on earth did they then go and plonk a grand down on a car, when they hadn't even signed the paperwork yet.

Stenwold

MalMonroe said:

Penguin_ said:

How odd but if you can't afford the extra £20 a month, what will happen if something goes wrong with the car that you have to pay for?

That's just mean and very unhelpful. Especially when the OP has said how upset they are. (Also very mean of those who are thanking Penguin_ (you know who you are) for this unhelpful comment. We are supposed to be kind and supportive on this forum.)

Which part of this is mean and unhelpful? If £20 is the difference between a loan being affordable or not, then any problems with the car is likely to cause serious financial issues. It's a valid question, and exactly the kind of support/advice this forum should be offering.

sonofmerton

Stenwold said:

MalMonroe said:

Penguin_ said:

How odd but if you can't afford the extra £20 a month, what will happen if something goes wrong with the car that you have to pay for?

That's just mean and very unhelpful. Especially when the OP has said how upset they are. (Also very mean of those who are thanking Penguin_ (you know who you are) for this unhelpful comment. We are supposed to be kind and supportive on this forum.)

Which part of this is mean and unhelpful? If £20 is the difference between a loan being affordable or not, then any problems with the car is likely to cause serious financial issues. It's a valid question, and exactly the kind of support/advice this forum should be offering.

Very true. What if a tyre bursts or the brake pads need doing..... Much of this thread reminds me of a friend who after 'winning' a ppi complaint then went on to book a holiday, paid for it using all their savings then was told they hadn't won the ppi complaint. 

In this case was anything signed to say the loan was up and running after being approved?