Ron H

O.k all.
The person who answers this gets a beer at the next meet that I go to.

I put some finance down on my scoob when I bought it. But the place I got it from added payment protection without me realising.
Its my fault I suppose but the figure of repayments I was quoted at the time never included the extra (not needed at all!) payment protection.
Can I get this removed to reduce my repayments on the terms of not being informed???

Ron

GavinP

I'm not an expert but anything like this should be clearly stated on the finance agreement.

Thanks

Gavin

Triggaaar

Did you sign the form when you were with them, after they had given you the wrong quote? If so, they would have been very aware that you had not completely read the form, so even if they have your signature, it would look bad on them if they took you to court.

So, you could send them a letter explaining that you are being charged more than the repayments figure you were originally quoted due to payment protection being added without your knowledge or concent, and that you have changed your direct debit instructions to the payments you originally agreed with them, and you would like the payment protection removed. They would then have to take you to court to get you to up the payments - it is unlikely they would do this, as it would look like they were bulying you.

That's probably what I'd try and do after checking the plan with a solicitor, but I don't work in this field, so this isn't expert advice, just the sort f thing I would do.

James Neill

iTrader: (1)

Again - I'm not 100% sure on this - your best bet is to mail a post to the uk.finance usenet group.

- You have to sign something for payment protection which is usually seperate to the finance agreement. In the least its an opt in scheme, rather than opt out - did you tick a box?. Ask them to reproduce a copy if they don't play ball.

- Even after you've signed, the Credit Act 1974 says you have a period of time in which to cancel. I think this is 14 days for credit cards - its might be more for personal loans/finance.

I think credit protection is covered by the Insurance Ombudsman at City Gate One, 135 Park Street, Lodon, SE1 9EA

PS - I'll have a Carlsberg Export

PT

I am NOT legally qualified, so this is my personal opinion, not advice. I do however deal with contracts as my day job.

1. If you are already making the payments the cooling off period has probably expired (usually a max of 14 days, payments usually start at date of signature + 1 month).

2. The contract is legally binding unless you have been misled by the finance company or their agent.

3. Not reading the agreement in detail is YOUR problem, not the finance companies (sorry). ALWAYS read the whole of the agreement - boring I know but best to be sure what you are getting into.

4. Write them a (pleasant) letter, explaining to them that you believe there has been a mistake, otherwise you are a happy customer and you would like them to rectify the inclusion of the insurance premium and ask them to confirm their agreement to this in writing. YOU NEVER KNOW! (Suggestions of possible imminent business might help).

5. DON'T adjust the payments without their consent. You will be in breach of the contract and may attract the attention of their solicitors and end up making a visit to the County Court - not conducive to future Scooby pruchases.

6. If 4 doen't work, then you can try the ombudsman etc, but I think you will be wasting your time.

Good luck!

Pete

APJ

Payment protection is a very lucrative commission earner for the finance seller - and as such will try whatever to get you signed up. Payment protection is either an opt-in clause of opt-out clause - again, should really read the agreement form before signing it.

Best thing, write to the finance company nicely, as suggested, and ask them to cancel the payment protection. Check how the payment protection is charged on your agreement form - is it added to the loan in one lump, or paid for monthly?

If the company won't play ball, then write to the MD of the company employing the person who sold you the loan, and complain about the transparency of payment protection in the sales process.

What type of company is the finance from? Usually the larger companes are more customer focussed and so willing to change things.

Good luck.

Andrew

simes

I don't know if this is what happened to you.

Saw a car a liked at a Suburu dealer. They got me to talk to the finance bloke. Surprisingly the Subaru deal was a good one so I went for it. Signed the papers, filled in the direct debit etc. No mention of payment protection.

About a week later got a letter, looking like it was from Subaru, saying just fill in this mandate and your finance is sorted, or words to that effect.

Very confused having done all that, so re-read it carefully and deduced it was payment protection, and binned it.

All very underhand in my opinion, was not impressed, last car I bought it was a tick in the box option that you didn't want payment protection. Why would you want to do it, even a Lada depreciates slower than you're making payments.

I think the whole business needs sorting out, it's like those guarantees at Electrical Superstores, ludicrous. (I once got a letter from one offering a 5yr guarantee on a ghetto blaster I'd bought for my niece for Christmas for more than the thing cost in the first place!) (Not naming names cos I don't want to get sued but you all know who I mean!)

Anyway, if I'd filled in that mandate I'd have I would have been conned as far as I'm concerned. If all the advice here fails, and you had a similar experience to me, threaten them with trading standards, writing to Which, Whatcar etc, will probably do the trick.

Cheers

Simon