Shas's car finance

[shas]

As most of you know, I am with a dmc...
What you might not know is that when I first joined my dmc, they suggested I buy myself a new car to reduce the amount I could afford to pay into my payment plan.
I did this (in Oct 2006) & have been suspicious ever since the day I signed the credit agreement. The reason being, when I went to write 'to the best of my knowledge' next to my signature....the car dealers credit man had a mini fit!!! So, I didn't put that on the agreement... The car (according to online sites) is worth £3k & I still owe over £9k with over 2 yrs of the agreement left........

Shall I cca the company? & if so who shall I cca? It was with GE but theyve now sold to santander? just to see if there was anything unusual on it...................

[Amethyst]

Re: Shas's car finance

What you might not know is that when I first joined my dmc, they suggested I buy myself a new car to reduce the amount I could afford to pay into my payment plan.

eh? lol sorry. not heard of a dmc saying that before...especially as you took on more debt as well? .....they didnt recommend the finance company did they?

Ok whos the finance company and do you have a copy of the credit agreement ?

[Sapphire]

Re: Shas's car finance

Flaming hell, who on earth would recommend that course of action ? Yes Shas as Ame says can you tell us who the finance company are ? and a copy of the agreement.

[shas]

Re: Shas's car finance

It was GE capital.... I now pay Santander... am on the case...

[Happyolddog]

Re: Shas's car finance

No way should they have said for you to buy a car to reduce the amount you can afford to pay into the payment plan. If you have this in writing I am sure you can make a claim that you were coerced into buying the car when you could not afford it, therefor it was missold. At a guess it was also at a very high rate of interest. Challenge your dmc to justify their advice.

[shas]

Re: Shas's car finance

It was via the telephone before my payment plan was set up cous....