Mis-sold Unregulated HP Agreements

[chesterpants]

Hi and thanks for reading.

 

As part of wider financial problems I'm having I have two unregulated HP agreements:

1) Mercedes Benz Finance

2) Audi Finance

 

It is only recently when I've been having difficulties meeting the monthly repayments on these agreements that I actually found out there are two types of agreements (regulated and unregulated). I had no idea when I took these out.

 

Several years ago I had an agreement with Volkswagon Finance and in the agreement was a clause where if I'd paid over 50% of the amount due under the agreement I could hand the car back. Sadly this is apparently NOT the case with unregulated agreements.

 

Had I been told when I signed up for both these deals that they WHERE NOT REGULATED BY THE CONSUMER CREDIT ACT, I'd definitely have though again. I'd have needed to find out more. I was naive I guess but shouldn't the dealer be forced to outline just what you are signing up for. I'm just a layman after all.

 

How I'd love to return these cars, particularly as both are well past the 50% mark but I can't do this. I'm already two months behind with each (approx. £ 2,500 in total) and I fear that if they repossess the cars they'll sell them cheap at auction and impose other fees on me. In short I'll be left with even more debt.

 

Do I have any comeback on the selling of the credit agreement (or mis-selling)?

 

Thanks

[russgs]

I am currently investigating my own agreements...

 

the first question is did you sign and negotiate at the dealers or with the finance company face to face, or did you do it all from a distance (i.e by phone/email/fax) never meeting any representative from the finance co.

[chesterpants]

On both occasions I signed up in the showroom with a shiny new car in the corner of my eye.

[IdaInFife]

do you still have copies of the agreements?

[chesterpants]

yes, I still have copies of both, as much as I'd love to put them on the log burner