Legal Help required - Mis-sold loan agreement

Found 30th Dec 2009
Can anyone advise?, a year ago we bought a fitted bedroom from Hammonds. The sales person convinced us to take there loan agreement by telling us if we paid up within a year (no sooner) then we would have no interest to pay, or minimal interest on the balance after that year ie if we only owed £60 etc.. We overpaid each month in order to clear it off and have today received our first ever statement, which confirms interest was charged each month on the outstanding balance.

We called Barclays who we have the agreement with and they have told us we describe a buy now pay later agreement, but that wasn't what we signed up for. We have the paperwork but as usual it's a pink copy with loads of writing which no-one without a full legal knowledge could decipher. We are going to speak to Hammonds tomorrow but i'm not holding out much hope, just wondered if I have any legal standing on this being mis-sold?

We even had the money to pay the whole lot, but decided to use this and the cash for something else. There is no way we would have agreed to this, I would have got a 0% credit card, as we don't have any other cards, which is why we over paid each month. I just feel gutted, we should have finished paying this month and now are looking at another 3-4 months and an extra £650!!!
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Take it you signed it?
If you weren't properly informed, and it sounds like that's the case, you should approach Consumer Direct and get them onto it.

bet it was a southerner selling to a northener
ray magini;7373274

bet it was a southerner selling to a northener

Have you ever heard the saying...if you dont have anything interesting to say, dont say anything at all...?
it has to clearly state the payments terms and the interest rate on the document you signed. if it doesnt, then you have a great case. If it does, then move on and remember to read everything you sign next time where large sums of cash are involved.
I used to work for Barclays and dealt with Hammonds directly over stuff like that. They may take the stance that you signed it ad had a copy of the agreement and therefore you're bound by its terms. Id see if they can offer you a settlement figure.
by law you have 14 days to check the contract etc

it took you a year?

so im afraid your stuffed
They would be regulated by the FSA. Firstly complain to head office in writing also asking for their complaints procedure and a clear copy of the agreement you signed. If you get no joy with them, you can refer the matter to the Financial Ombudsman Service. This is a very simple procedure but you must approach Hammonds first to give them an opportunity to investigate the matter.
If the copy of the agreement you have is not legible, or more likely, incorrectly completed, the contract can be rescinded.
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