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cancelled credit/loan agreement


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hello. please can someone give me some advice. i took out a loan agreement with a company when i purchased a new TV from currys. I paid my initial deposit payment to the loan company and then currys accidently sent a credit note to the loan company and cleared the balance of the loan with the credit note. The loan company refunded my deposit payment. Now currys are hassling me daily to pay them direct for the TV. Is this right?

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Yes you cannot take a finacial advantage resulting from

a genuine mistake you have the TV and need to pay for it.

Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

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Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

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understand, but looking at it from a legal point ...... i dont have an agreement with currys. my agreement was with the loan company and currys paid my agreement with a credit note

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hello. please can someone give me some advice. i took out a loan agreement with a company when i purchased a new TV from currys. I paid my initial deposit payment to the loan company and then currys accidently sent a credit note to the loan company and cleared the balance of the loan with the credit note. The loan company refunded my deposit payment. Now currys are hassling me daily to pay them direct for the TV. Is this right?

Purchasing a TV is giving payment for goods. This is the sticking point

 

understand, but looking at it from a legal point ...... i dont have an agreement with currys. my agreement was with the loan company and currys paid my agreement with a credit note

 

From a legal point of view you have a TV that you took from currys without paying for it. No matter who was at fault, I think a Judge will say you have to pay for it HOWEVER I would also say a Judge would not let you be made any worse off through currys mistake.

 

My attempt at sorting this would go as follows: Whatever the repayments were, I would personally offer this, but make the repayments equate to the retail price without any interest. So if it was a £500 TV and the repayments were £10 per week for 1 year total £520, I would offer £10 per week for 50 weeks totaling the retail price. Offer this in writing and keep to the agreement if they accept. I doubt they could get more from a court, so I think they will accept.

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Purchasing a TV is giving payment for goods. This is the sticking point

 

 

 

From a legal point of view you have a TV that you took from currys without paying for it. No matter who was at fault, I think a Judge will say you have to pay for it HOWEVER I would also say a Judge would not let you be made any worse off through currys mistake.

 

My attempt at sorting this would go as follows: Whatever the repayments were, I would personally offer this, but make the repayments equate to the retail price without any interest. So if it was a £500 TV and the repayments were £10 per week for 1 year total £520, I would offer £10 per week for 50 weeks totaling the retail price. Offer this in writing and keep to the agreement if they accept. I doubt they could get more from a court, so I think they will accept.

 

 

Thats good advice ..... my only problem now is I did try and resolve this with currys. They wanted to do another finance agreement, which i accepted but for some strange reason the finance agreement FAILED. Dont see how it failed as only 3 weeks prior it was ACCEPTED by the finance company. Based on this currys are now saying that they either want FULL payment in full or they want the tv back. What would you suggest?

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OK, the reason it will have failed is becayse you just applied for credit 3 weeks before. Applying for credit lowers your credit score.

 

Write to them at their registered address.

 

DSG RETAIL LIMITED

MAYLANDS AVENUE

HEMEL HEMPSTEAD

HERTFORDSHIRE

HP2 7TG

Explain the situation and offer the settlement. The worst they can do is take you to court, and they'll appear pretty stupid, and a judge will only award what you have already offered (full settlement split into installments)

If in doubt, contact a qualified insured legal professional (or my wife... she knows EVERYTHING)

 

Or send a cheque or postal order payable to Reclaim the Right Ltd.

to

923 Finchley Road London NW11 7PE

 

 

Click here if you fancy an email address that shows you mean business! (only £6 and that will really help CAG)

 

If you can't donate, please use the Internet Search boxes on the CAG pages - these will generate a small but regular income for the site

 

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You really need to get a copy of your credit history to find out what is showing on the previous loan - it may still be showing, or it may be showing as cancelled.

 

 

i would also say that you are in the stronger position here - there is no reason for you to go chasing round after this - it is the retailers mistake, so they can sort it out.

 

Either they let you pay in installments, or they sort out a loan to match the previous one.

 

They should also be giving you something off for your trouble, especially as they are messing up your credit record with repeated applications.

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  • 4 weeks later...
You really need to get a copy of your credit history to find out what is showing on the previous loan - it may still be showing, or it may be showing as cancelled.

 

 

i would also say that you are in the stronger position here - there is no reason for you to go chasing round after this - it is the retailers mistake, so they can sort it out.

 

Either they let you pay in installments, or they sort out a loan to match the previous one.

 

They should also be giving you something off for your trouble, especially as they are messing up your credit record with repeated applications.

 

DSG (Dixons online, Currys, PC World) have also changed finance provider, they were HFC but I don't know who they use now - EX DSGi employee

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