The Trade Centre Finance Through Motonovo

[Amethyst]

Seems to be pre contract information NOT the credit agreement - you need the actual agreement. Send a CCA request to motonovo ASAP - i would do this first before complaints ... https://legalbeagles.info/library/gu...etter-example/

As Rob says it is a multiple agreement so https://www.legislation.gov.uk/ukpga/1974/39/section/18

[R0b]

Amethyst

Pages 1 and 2 are pre-contract yes but nonethless shold still be in there.

Pages 3-5 clearly state at the top terms and conditons so if that's what was received, I would take them to be the terms and conditons unless there are pages missing though that wouldn't make sense since it also says page 1 of 3 at the top too.

[Amethyst]

Oh yes it should be in there but I'd still want the actual agreement in hand before starting on complaints - particularly if considering unenforceability / ceasing payments. There's also a 0 mileage at £0 per mile on that so if nothing else interesting to see if the pre contract actually matches the agreement.

[jafitz120983]

Doesn't look like a compliant agreement to me. For starters, the agreement omits the statutory statement "Termination: Your Rights" which is what I was getting at earlier. Under the Consumer Credit (Agreements) Regulations 2010, by law Motonovo must include that statement; it is not optional (see below)

Link to CC(A)R 2010

Regulation 3
...
(4) Documents embodying a regulated consumer credit agreement, other than an exempted agreement, shall contain statements of the protection and remedies available to debtors under the Act, in the Form numbered in column 1 of Schedule 2 to these Regulations and set out in column 3, in so far as those statements relate to the type of agreement referred to in column 2.

What Reg. 3(4) says in plain English that certain statements of consumer rights and remedies must be incorporated into the credit agreement. Item 9 in Schedule 2 relates to HP agreements and it must be exactly as it states, it can't be modified in any way whatsoever.




I can't see the above statement in your agreement and therefore Motonovo are not compliant and so you could argue that the agreement has been improperly executed. The effect of an improperly executed agreement means it can't be enforced without a court order. Now, whether you want to go down that route and stop paying is not a decision to be taken lightly.

Your alternative option is that you submit a formal complaint to Motonovo setting out the background to this and explain to them you believe that Trade Centre Wales has mis-sold you the agreement. The agreement as per their website (which you should screenshot or print off for evidential reasons) suggests this type of agreement is geared towards consumers who want to purchase a new car and pay off their existing car finance so that it is combined into one single payment.

Although one payment, I consider the HP and personal loan to be two separate agreements despite there being only one document. Under a HP you have the right to terminate the agreement by paying 50% of the total price and it seems pretty clear cut that the HP Plus agreement is not suitable for you and I am not entirely sure it benefits you because you are paying two separate interest rates, one for the HP and one for the personal loan.

You need to decide what sort of resolution you want from this, whether it's a new agreement drawn up so that it is PCP only, compensation or to terminate altogether without penalty.

If Motonovo refuse your complaint, you can take it to the Ombudsman for a decision. You could also threaten to report them to the FCA as their omission of that statement is a fundamental consumer right and they ought to know better.

Happy to provide any comments if you want to post a draft up prior to sending it to them.

Thanks Rob, I am now in contact with Motonovo based off the advice you have given me. Is there anyway in which I can repay your kindness in helping me? Is there a way to donate to the site or related charity?

Thanks and I'll update as and when i can.

Jim