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Peugeot finance
CockapooMad
Posts: 5 Forumite
Hi everyone, after watching Martin's programme last night I signed up to Experian and found the finance company I bought my Peugeot with back in 2016. I then searched that name in my emails and have found my agreement number, which is great. I had the original PCP agreement for 3 years, and then paid a lump sum and refinanced the remainder of the balance with them which I continued to pay monthly until I paid a final lump sum 14 months later.
The interest rate on the refinanced amount was 5% APR higher than the original interest rate. Do I need to reference that anywhere in my complaint or just give the agreement details as per Martin's template?
Thanks
The interest rate on the refinanced amount was 5% APR higher than the original interest rate. Do I need to reference that anywhere in my complaint or just give the agreement details as per Martin's template?
Thanks
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Comments
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Do I need to reference that anywhere in my complaint or just give the agreement details as per Martin's template?You can mention whatever you like. Templates alone have a lower success rate for complaints. Personalised complaints have a higher success rate.
However, its largely irrelevant as this is going to be a black and white issue. i.e. did it include discretionary interest or not. I assume from the fact you are making your complaint now, that yours did include discretionary interest. That would be useful to know as AFAIA, no-one has stated that Peugeot finance did.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
No, I don’t know. I’m asking the question as Martin advised to find out. I just wasn’t sure if because the balloon payment was refinanced it needed to be mentioned, although it still came under the same agreement number0
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The issue was related to the initial sale of the finance - your refinance for the balloon is entirely separate and it's quite likely that given you couldn't afford to pay the finance off despite the 3 years notice, that the firm judged you were more of a risk hence higher APR. The current consultation does not, that I am aware of, cover your scenario
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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I thought it probably wouldn’t relate to the balloon payment finance, but worth asking the question. I’ve sent the finance company a request to find out if the initial agreement contained a DCA0
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