Finance Mis sold?

[Mwig86]

Morning all.

6 weeks ago me and my partner bought a caravan on finance. When signing up for the finance we both filled in the forms showing income and expenditure correctly based on paying 50/50 of our bills even though the mortgage is solely in her name legally. We done this as I had poor credit. Also she maintains her own car and phone etc and all the insurance for the house and car.

When the finance was agreed the sales rep told us they had put it through on just my partners name and it was accepted. Didn't think at the time but i feel this now may be mis selling. Even though me and Chloe have an agreement for the bills if we were to ever split Chloe would then be in a sticky situation in a worst case scenario Financially and I don't think this has been addressed during the application. She earns 20k per year and was on maternity when we took out which they knew about in the sales office.
Chloe's income would not support the entire bills for the home and caravan we have and therefore this is mis selling no?

Please advise on what the situation is for us and potential outcomes.

Thanks

[Amethyst]

Well hopefully if you did ever split up you'd stick to helping with the payments so she doesn't go under and not be an arse about it. But yes it means the full finance agreement is in her name and she is the owner ( well beside the finance company ) of the caravan. The salesmen likely knew it wouldnt be accepted as a joint application so put it through in one name. If he hadn't it is likely you would have asked him to because at that time you wanted to buy the caravan and to do so needed the finance. You'd already declared a 50/50 split of the bills ( which is the reality as things stood, but if you split she would actually be liable for everything on her own )

You're past your cancellation period now, so are you actually trying to find out if there's a way back from the purchase/finance agreement?

[Mwig86]

Hi thanks for reply.
nope, not looking to cancel deal as we love the van. Al be honest am looking to see if there is a plus side to this mistake.
Chloe has been provided liability for a deal that if she were alone could not afford.
I work in a bank and our policies would have meant this was a clear mis selling case due to the I and E being incorrect.
Our bank would refund the loan or at least any payments up to now to resolve the matter. I don't want to trip myself up by logging complaint straight away. Thought would ask first.
Didn't think to much at the time but had a week off and have looked over paperwork and got particular.
Hire purchase agreement in Chloe's name but we bought the van together using this.
In essence chloe clone has been provided a deal she can't afford alone No?
Thanks
Mike

[Mwig86]

When we took out just accepted that she had done it like that. In reality would have passed on joint im confident and that's what we asked for.

This thinking began as in two years we gonna be moving home and it may be the case that Chloe with her current levels of outgoings may over her earnings with regards to levels of debt. 20k earnings. This would mean most providers would not assist with a new remortgage application. Our bank wouldnt anyway.

This could cause issues in a year or two for us when changing to a bigger house and converting our current home to HMO with extra borrowing.

Thanks and any further info would be great.

Mike