Car finance cooling off period

Steve321VFR

Hi all, I took car (PCP) finance through a broker, the garage on day of collection said car faulty electrics and unable to release car as couldn't solve issue and said best look for something else, so I informed my broker and finance provider which is now 12 days ago I wish to cancel during 14 day cooling of period, they said okay, yesterday I phoned the finance provider for update and they said broker has not returned monies, so still active account and I have my first payment due soon, I feel I shouldn't have to start paying for something I don't have, I don't have the car or the money, so not sure if I'm within my rights to cancel my direct debit?

Isthisforreal99

The risk of doing that ia getting a missed payment recorded on your credit file. Think you need to chase the broker. Any late payment could probably be challenged but would be a hassle.

Ayr_Rage

I agree with the above, far better to pay and then ask for a refund than to have a missed payment recorded.

As you have already budgeted for it this should not cause you any financial strain.

Steve321VFR

Thanks for advice, luckily money returned today before direct debit came out, so all good now.