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LOAN

Last post Tue, Apr 15 2008, 6:15 PM by conmankiller. 1 replies.
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  •  Mon, Apr 14 2008, 10:39 PM

    I just signed a contract for loan with a vehicle financier for the purchase of a used car. However, a few points in this contract that seem to me unfair. In this way i'll nominate some points of this contract:

    Amount of credit for the goods.....£2500(Agreed)

    Amount of credit for the Insurances.....£1097.67(Unfair in my opinion)

    Total amount of Credit....£3597.67

    Duration fo the agreement....48 mths

    Total amount amount payable for the goods.........£4691.40

    Total amount payable for the insurances....£1668.46(Unfair in my opinion)

    Total Amount payable...£6359.86

    Payment Protection Insurance........£747.67(My request)

    Shortfall extra Insurance...£350.00(Unfair in my opinion)

    Payment Monthly...£120.10

    APR 29.33%(I am told that this APR is due to my credit score, I do not know in what grounds were based or how can I confirm)

    Cash price goods....£2995.00(i agreed)

    Total cash price of insurance...£1097.67(Unfair in my ipinion)

    Total cash price....£4092.67

    Deposit cash....£495

    Total deposit...£495

    Acceptance fee...£195(Why?)

    Finance charges for goods.......£1401.40(Why? Unfair in my opinion)

    Option Fee.....£100.00(Why?)

    Charges for credit for goods....£1696.40(Why?Unfair in my opinion)

    Charges for credit for insurances....£570.79(why? unfair in my opinion)]

    Total charges for credit.......£2.267.19

    rate interest on credit 13%(nobody told nothing about this)


    I would like to know, if I have any chance to discuss any of these points with the company to reduce the financial burden, and on what basis do I argue my position.

    Thank You

    Paulo

    • Post Points: 20
  •  Tue, Apr 15 2008, 6:15 PM

    Re: LOAN

    Hi --- If you've already signed the contract and it is in force then the only way it could be challenged would be if the contract was unlawful or the terms within it are unreasonable, to find this out for certain the contract would need reading and inspecting to make sure it complies with the consumer credit act regulations.

    I suggest to get the contract inspected for those purposes that you make an appointment with your local Citizens advice CAB and take the contract for inspection and comments, if it was unlawful it could be declared void and unenforceable, failing that they can hold you to the contract and any changes would be at their discretion.

    • Post Points: 5