Hire purchase??? Or Personal Loan???

[kelley]

Hi there,

Can anyone give me some advice?

Myself and my OH purchased a car 4 years ago through welcome finance ont he aggreement it stated HIRE PURCHASE. We changed the car 2 years ago keeping the Credit with welcome.

We have been dithering last few months about exchanging the car again, and my OH texted one of the adverts on TV to get a price on the car if we were to part X it, he also (for no reason) also texted a number to find out if the car was on HP.... strangley enough it came back ours isnt?!

We never thought no more of it because obviously we no the car is on HP because I pay the monthly direct debit to welcome finance.

Today we decided to pop down to a local garage to check out some cars and restructure the finance on the car with this other firm, we went through all the procedure, only to come back with "your car isnt on HP, you must have a "personal loan"!!

Now I no its 2 years ago since I resigned the for the new car, but for the life of me I do not recall any one telling me I was having a "personal loan", I was under the impression I was taking out hire purchase,

HAs this happened to anyone else?..... because to me, I have been miss sold something, am I right......

Please if anyone can give me any info and advise on what and where I should go from here or if I dont have any kind of case Id be gratefulll to here from you,

I have requested that Welcome Finance send me a copy of the "agreement" and Ive not stated why, So eagerly awaiting this arriving in the post.

Kell

[raydetinu]

Have you not got a copy of the agreement?

[kelley]

I cant find it anywhere, Ive called welcome and asked them to post me a copy of it.

If it is a personal loan, Do I take it that its our own fault? Even though I dont recall seeing or hearing anyone tell me it was a personal loan?

[postggj]

when you changed cars

 

did you sign a new agreement

[postggj]

when you get the agreement it should state at the top either of these

 

hp agreement regulated by the cca 1974

credit agreement reg by the cca 1974

loan agreement regulated by the cca 1974

[scaniaman]

Kelley, Your'e not the only one to be had in this way. I was placed in this position by an Arnold Clarks salesman. He said he would arrange "Finance" and i gave him the apr i was prepared to pay and said i needed an arrangement that i could pay off at anytime. Also said i didn't want any kind of lease. Not being involved in vehicle finance for a considerable time i asssumed that i was getting HP or hire and buy. Admittedly, when presented with the form to sign i did see that it was a "Motor Loan". Nowadays, even the most basic commodities/jobs have changed their name, so i thought that a motor loan was the new Yuppie way of saying HP. When the car went wrong and i tried to get help from GE Capital (now these baszards Santander) I EVENTUALLY was told they had no interest in the car. This set alarm bells ringing and subsequent enquiries showed that i did in fact have a Personal Loan. Since i signed the form i doubt that there is anything i can do about it. Could report Clark to TS but they would propably say that if i was unsure about a "motor loan" i should have asked at the time. LET THIS BE A WARNING TO OTHERS.