Written by John Kruse, one of the leading experts on Bailiff Law, this consumer friendly guide is essential reading for anyone who comes into contact with a bailiff.
The book is easy to understand and clearly explains the rights
a bailiff has, and also what they cannot do when collecting debts and repossessing goods etc.
I just bought a car last week and have just got my finance agreement through the post today and what a shock I got.
It states on the agreement that the amount of credit is £7000.38 with an interest rate of 6% per annum over 5 years, which is correct. Then it goes on to say that the total amount payable is £11,378.20???? When I have read the small print it states that "You have no right to cancel under the Consumer Credit Act 1974" etc.
Firstly I only wanted the agreement over 3 years but the dealer said he could give me £300 off the car only if I did it over 5 years, he told me not to worry and to just amend my DD to increase my payments to pay it off sooner. I also told him that I intended to pay it off come Oct and he said there would be no penalties for paying extra or paying off early. Can't remember exactly what the dealer said, however I stupidly went away believing that the 6% flat rate of interest was added each year and that I would only pay a few months of interest if I paid it off. However it would appear from the agreement that l will have to pay the full amount including the 5years interest.
Also I believe I have been sold Retail Price protection which I stated that I did not want, it's complicated but the original deal was altered on the day I was supposed to pick the car up, so when I did pick my car up I had to sign all new forms. When I have gone through the paperwork again today amazingly enough the box has been ticked on the new form which it wasn't on my original agreement, and I was not informed that it had been added.
Can someone advise if this is correct and if so what rights do I have?
I think to be honest that you need to get someone to have a look at this paperwork. I am not sure who your local Trading Standards Service is or how close the office is to you, but some TS services do offer face to face advice. Alternatively I would suggest the CAB.
Please note I'm not insured in this capacity, so if you need to, do get official legal advice.
hi, after working in the motor trade for 4 years this does happen when a genuine customer like yourself goes into a dealer. it's a shame as most dealer would not have done this to you, only the ones who put profit before customers.
right where do i start.
when did you sign the agreement as you do have 30 days to change your mind, if you are in this time scale, you might be best getting a loan from your back for the car amount. you need to check this????
with the retail price protection or gap as it is known, now this looks like it has been paid for it is yours, it's not a bad thing as if your car is wrote of or stolen you get the price you paid for the car or it pays your finance off.
if you want to complain you need to get in touch with the FSA, tell them what has happened and they will advise you, as the salesperson or business manager who sold you the car needs to be qualified.
the reason the dealer whats you to take finance over a longer period is that they make more money end off, they get some from retail price protection as well. if a dealer cant knock 300 pounds of for you without doing this normally means the car has been there a while as most dealers have around 1000 profit in a used car and 300-700 in a new car. i am baseing this on working for 6 different car makers and they are all the same. if you want any more help let me know,
Help - HP agreement
rate of 6% per annum over 5 years, which is correct. Then it goes on to say that the total amount payable is £11,378.20???? When I have read the small print it states that "You have no right to cancel under the Consumer Credit Act 1974" etc.
Reply With Quote