VT of PCP loan advice needed

[Helensams82]

Hi

i have tried to VT a PCP loan to be told I do not have a PCP loan, I have a motor loan plus agreement? Not sure what this is.

i was informed by Arnold Clarke that due to me having high mileage the best thing I could do is VT but now being told I can't.

I have had a look at my original docs and it states I'm entering in to a PCP deal, although when I look at the header of my loan agreement it is a fixed sum loan agreement?

im so confused now, can you help?

thanks

helen

[Kati]

Re: VT of PCP loan advice needed

[MENTION=71570]R0b[/MENTION] ... one for you maybe??

[R0b]

Re: VT of PCP loan advice needed

could be a bit of mis-selling involved. What have you done so far, have you made a complaint to Arbold Clarke? Who is the lender the agreement is with?

[Helensams82]

Re: VT of PCP loan advice needed

Hi R0b I'm just waiting for Arnold Clark to phone back.

The finance company are adiment that I have "a Motor loan plus" although this is set out exactly as my PCP deal?

can you offer any advice?

Thanks

Helen

[R0b]

Re: VT of PCP loan advice needed

This "Motor loan plus" agreement sounds like a fixed sum loan, like a loan you would get from the bank. IF this is the case and you still have paperwork relating to the PCP agreement then you may have an argument for misrepresentation and/or breach of the Consumer Protection from Unfair Trading Regulations, which makes it a criminal offence to give misleading information or act in such a way which is misleading, where a consumer would not have taken the same decision if it was fully aware of the facts.

Once you have the relevant information and the agreement from Arnold Clark, if you are able to post a copy of the agreement here so I can confirm my gut feeling and then the next steps would be to raise a formal complaint through Arnold Clark and/or the lender and then onto the Financial Ombudsman if it is still not resolved.

Alternatively if you paid a deposit of £100 or more via credit card you could bring court proceedings (or go through the Ombudsman) against the credit card provider as they would be equally liable - this route might be easier than through Arnold Clark but is only open to you if you satisfied the criteria mentioned.