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Morning All,
Someones help would be greatly appreciated on this matter to follow.
I bought a car from a dealer for the value of £40,990k, put a deposit down of £4,100k – loan agreement over 60 months. - £881.33 per month
The broker that got the loan agreement said because I never had the size of credit before that the APR would be high, I was happy with this as I was advised, by the broker that we would revisit the loan after 6 months and get the APR reduced (on hindsight this sounds stupid, I’ve been very naive and relied on the person for support), we never did revist the loan.
I have now decided to sell the car. To date I have paid £15,863.94 off a loan of £36,890. When I asked for a settlement, I was told I owe £37,075.86, and the loan is a un-regulated contract and was an arranged un-regulated contract to facilitate business usage, at that time.
However at the time when I asked the broker what he meant by business usage, he stated this was my business miles ie commuting to work. Im not a business and never been or had a business.
When I ask the loan provider for the APR they are unwilling to provide this to me, at the time of taking out the loan I was told 15.2%, but I can see this anywhere in the agreement.
I understand I have been silly / naïve, but this deal feels like it has been miss sold to me under false pretences.
Anyone’s help would be greatly appreciated – this isn’t a sad story, I’m selling the car for 2 reasons, 1- to part fund a wedding and 2- reduce my monthly outgoings so I can buy a house.
Thanks again in advance
Someones help would be greatly appreciated on this matter to follow.
I bought a car from a dealer for the value of £40,990k, put a deposit down of £4,100k – loan agreement over 60 months. - £881.33 per month
The broker that got the loan agreement said because I never had the size of credit before that the APR would be high, I was happy with this as I was advised, by the broker that we would revisit the loan after 6 months and get the APR reduced (on hindsight this sounds stupid, I’ve been very naive and relied on the person for support), we never did revist the loan.
I have now decided to sell the car. To date I have paid £15,863.94 off a loan of £36,890. When I asked for a settlement, I was told I owe £37,075.86, and the loan is a un-regulated contract and was an arranged un-regulated contract to facilitate business usage, at that time.
However at the time when I asked the broker what he meant by business usage, he stated this was my business miles ie commuting to work. Im not a business and never been or had a business.
When I ask the loan provider for the APR they are unwilling to provide this to me, at the time of taking out the loan I was told 15.2%, but I can see this anywhere in the agreement.
I understand I have been silly / naïve, but this deal feels like it has been miss sold to me under false pretences.
Anyone’s help would be greatly appreciated – this isn’t a sad story, I’m selling the car for 2 reasons, 1- to part fund a wedding and 2- reduce my monthly outgoings so I can buy a house.
Thanks again in advance
