Hi Al,
When you bought the car did you get sight of this 120 point check? Was a copy not given to you?
I guess that you could request a copy of the check from Carcraft, and take it from there.
Just because they do a check, doesn't mean that they fix things! Think MOT. They can flag items for concern that do not fail the MOT, so did they really mislead you...?
Was the car sold with an MOT? Do you have a copy?
An option when buying a car is to have a check by the AA or RAC etc, but I guess you could argue that they had their 120 point check, so you didn't think this was necessary.
You could always have one done now. Perhaps you could speak to Trading Standards, or OFT to ask about this, given the state of the exhaust.
In terms of dealing with the car you have. I guess you could see how much they would buy it back from you at? The RAC / AA may give you a valuation of the car.
From experience the reports generated are designed to cover the inspector (may have... etc), so worth talking to the mechanic / inspector when they look at it.
You could alternatively take it to an independent garage to see what their opinion is.
Good luck
Sparky.