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Trade Centre/Family Finance Limited - Car and Payment issues


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I wonder if i can have all you help again.

 

Within the last few days my cousin purchased a car from the above company.

She had the car on finance.

 

The above company chooses from a panel of lenders accessing the clients suitability.

She was accepted for finance at a whopping 36.9% apr.

She did know how high the Apr was which put an extra 4 + thousand pounds onto the loan.

 

The issue is that she was told by the salesman she could pay extra each month, which would reduce the amount of interest paid. She signed up.

 

She was also told by the salesman that the car came with two keys,

but when she collected it, it did not.

 

She called the finance company after she had signed the agreement to ask about the extra payments, and they told her, that even if she did make extra payments, it would not reduce the amount of interest on the finance.

 

She then called the car company and said she did not want the car if this was the car and wished to cancel, and they said they would have to buy the car back from her and would only give her market value.

 

I have looked through the contract for the finance and there is the usual about being able to cancel within the 14 days but the there is some extra in there about what she will have to pay on termination, which i do not understand.

 

Just to let you know she has had the car for 4 days

 

. Thanks for your help

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Name names please

Yes she can totally cancel within 14 days under cra

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Hi, sorry about the names,

i did a bit of copy and paste.

 

The company where she purchased the car is the Trade Centre and the finance company is Family Finance Limited.

 

I have since had a discussion with The Trade Centre,

Who said that the information that was passed on from the finance company was incorrect

in so far as, she can not pay double monthly payments,

 

but she could pay for example a payment of the loan in a sizable chunk for example £2k which will then reduce the term of the loan, which then reduces the interest paid.

 

He said this was governed by law and that finance companies had to abide by this law.

Not sure which law it is to have a look at.

 

When i have taken on loans before,

for example Sainsburys,

these details are on the agreement so you can see them,

but i have checked the paperwork she was given and there is nothing in the paperwork about this.

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scan the agreement

up to pdf

 

 

 

 

under cra id go cancel the whole thing

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

they were notified within 14days

go cancel the whole thing

you will owe nowt.

 

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

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