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In Oct 07 I purchased a car through Credit plus, after a divorce my credit rating was poor hence why I went to this company, on providing all details over the email and phone I queried the APR and there terms (the terms of the credit company British Credit Trust) I had to pay £1000 deposit to Credit Plus and they added a further £720 for admin and arrangment fees. All correspondance sent was photocopied (they never asked for originals - all emails received I have kept) although my legal documents are in my maiden name I got the loan in my married name they just asked for a copy of my credit card statement that is in my married name, anyway I had to sign the credit agreement part with the monies before I received the car which was around a week and a half later, the gentleman who delivered it was only delivering onbehalf of CreditPlus and he handed me an envelope, inside was a couple of highlight areas to sign of which he never asked me (this form was a sales invoice) I recieved a copy of the credit agreement whichstates "COPY" ths does not hold mine or anyone from British Credit Trusts signature on, the car was £9200 I pay £244 a month, pament high but never missed however I went to a dealers yesterday as I wanted to part ex the car, it is too small and I really need to get something a bit bigger, they gave me value of £4250 for the car - OH MY GOSH!!!!!!!! so much negative equity and only had it a year..........talking further with the sales man I explained how I came about to buy this car and it was done all over the net, he said that under the FSA which both companes are under when you take out HP you must sign the documents onsite and provide original copies of all documentation especially a passport and drivers licence so this an be scanned, he said that it seems that Credit Plus have been neglagent on how they have gone about this, he thinks that I could raise this with British Credit Trust and for me to serve a get out clause of the information I have provided and how they went about it. I am unsure I was and am naive when it comes to cars and car sales hence I did it all online, I feel very intimidated by car sales people and this was the reason why I went down this route.......How I wish i didn't now, anyway the damage is done and I need to figure a way as to gettin a better car and not having all this negative equity....any thoughts?
Have these two companies acted in the right way or is there some small prints that they could be questioned on or loop holes that I could get out of this agreement?
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There appear to be 2 issues, which need to be looked at independantly.
1. The Loan Agreement
You need to check your agreement to confirm that it is correctly worded for you to sign off trade premises. It needs to state that you have a short time to cancel the agreement after signing. If it does not state this then what Credit Plus may have done is send you a BCT agreement that is intended to be signed on trade premises. This type of agreement does not carry with in a right of cancellation, and the manner in which it has been signed could render it enforceable only with a court order.
Did you actually sign the agreement and return it? It may be worth requesting a copy of the agreement from BCT.
2. The Negative Equity
This is a difficult one. Since you bought the car in Oct 07, the values of used cars have collapsed across the board. The p/ex price you have been quoted will also be nothing like your cars current retail valuation. Unfortunately there are many people in this position at the moment and the only thing that can realistically be done is to either ride it out by keeping the car or raising the money elsewhere to pay the difference off.
Don't get too excited by the 'advice' of the car salesman - he obviously want to sell you a car. If he really knew his stuff he would know that the FSA does not regulate HP agreements.
Also you cant sell or part exchange the car as it belongs to the hp company, without their agreement! which I doubt they will give: the car belongs to the HP company not you. you can had it back after you have paid 50% of the loan, in an acceptable condition.
You may have a case with the way it was sold to you and with what you signed etc. and somebody else may be able to advise or you can see a solicitor ( free consult to see if you have a case ) or go to CAB.
Hire Purchase & Legal Documentation
my credit rating was poor hence why I went to this company, on providing all details over the email and phone I queried the APR and there terms (the terms of the credit company British Credit Trust) I had to pay £1000 deposit to Credit Plus and they added a further £720 for admin and arrangment fees. All correspondance sent was photocopied (they never asked for originals - all emails received I have kept) although my legal documents are in my maiden name I got the loan in my married name they just asked for a copy of my credit card statement that is in my married name, anyway I had to sign the credit agreement part with the monies before I received the car which was around a week and a half later, the gentleman who delivered it was only delivering onbehalf of CreditPlus and he handed me an envelope, inside was a couple of highlight areas to sign of which he never asked me (this form was a sales invoice) I recieved a copy of the credit agreement whichstates "COPY" ths does not hold mine or anyone from British Credit Trusts signature
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Re: Hire Purchase & Legal Documentation
