h and I have recently split up. before we split, he agreed to buy my car from me, and took out hp on my new car. I negotiated with the garage, and he signed the paperwork.
When I talked to the garage, we were selling our house, and so it was important to us that h could settle the finance with the equity that would be released. I checked and double checked verbally with the salesman, and he reassured me again and again that the hp was calculated like a credit card, with interest added monthly, and not added to the loan at the beginning like many loansdo.
h signed the paperwork on his own one day, whileI was at work. I told him to check it, but I dont know if he did.
But looking at the paprework today, it would appear that the loan DID add the credit at the start, and interest is NOT added monthly. So, when the equity is released it will not be enough to settle the loan.
Now I KNOW I didnt check the paperwork, but I DEFINITELY was reassured many times by the saleman that the interest was calculated monthly and not added to the loan at the start, so it would be cheaper to settle in 6 months time. We have been mis-sold the product.
What can we do?