HP within 14 days, unable to cancel

[Nulehug]

Took a Hp contract on a used car just under a week ago I’ve been having problems using the automatic, felt pressured into purchasing and gone through with it without enough thought. I’m still within the 14 day credit agreement withdrawal but they say I can’t do that unless I am paying in full, can I use a voluntary termination and would I incur any other charges if I was to do so? The car in the same condition I collected it in but I’m being told I cannot cancel and return my goods without incurring negative equity charges. Tried speaking to the finance company and been told I’m unable to cancel within 14 days unless I pay full value of the car. I’m unable to do this and don’t understand why I can’t return my car along with loosing my deposit.

[R0b]

If you feel that you were pressured into the arrangement then you should look to make a formal complaint to the finance company and if you are still not satisfied then you can take it to the Financial Ombudsman. Until any complaints process has been resolved, you should continue to make payments otherwise you could be in default the finance company may be entitled to terminate the agreement.*

Yes you can voluntary terminate the agreement and you can argue that since you have only just entered into it, refer to section 100(3) of the CCA although it does say that a court may determine if a sum less than 50% is equal to the loss sustained by the creditor then you will only have to pay for that loss.*

The Ombudsman looks at what's fair and reasonable whereas the courts will look at what the law says, and sometimes the Ombudsman may give you a more favourable decision than the courts.

Whilst on the point of pressure, commercial pressure is not sufficient to have the contract set aside due to duress or aggressive practices. You will need to be specific about how the dealership pressured you into purchasing the automatic car, which might be difficult to overcome considering there are a lot of steps you need to go over before you actually sign the paperwork.*