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On the subject of the new EU Consumer Credit Directive there is a change to the 14 day cooling off period that is given to consumers when they sign the finance agreements off trade premises. Currently you can cancel an agreement if it is regulated under the Consumer Credit Act and signed away from the premises of the funder, the broker or the dealer. However, if you sign on trade premises you don’t have the 14 day Read more »

If you have an iPhone – you poseur, I don’t of course, but if you do there are now apparently ‘apps’ for just about everything – so I’ve been told. Apps. standing for applications or software programs. One of the latest ‘apps’ comes from a company called Wonga who provide what are known as ‘payday loans’, allowing people to borrow a sum of several hundreds of pounds to tide you over till payday. But what has Read more »

Cleaning up your credit file has never been more important. Less money is available to lend which means that you really must make sure that you have no errors on your file and anything that can be corrected is corrected before you apply for finance. Even using a bad broker, who makes multiple applications to several finance companies, using your single finance application, can cause you to have your credit Read more »

Carsite, the online reseller of ex lease cars, has used their experience gained over the last few years to identify the top 10 contributors to a sharp intake of breath from the car dealer, when you part exchange your car, which results in much less being offered for you car than would have been otherwise. They have even suggested what the dealer is likely to knock off his offer as a result. Some things are damage items such Read more »

As we know credit has been harder to arrange of late with some vehicle finance funders down to around a 20% acceptance rate. But if you foolishly believed that the situation would ease this year, considering the fact that bankers are again paying themselves some massive bonuses, you would be wrong! You see years ago credit card companies were credit card companies and leasing companies were either part Read more »

A few years ago I was a consultant to Yes Car Credit, a company that I hugely respected because, in many ways, they got it right! However, becoming the UK’s largest seller of used cars in about 4 years carried with it a number of problems that the UK press, as always, was eager to pounce upon. The company was selling nearly 50,000 cars per annum at the point of its demise and I would admit that the combination of Read more »

 The House of Commons Treasury Select Committee has been looking into credit reference agency ‘footprints’. A footprint is created each time a credit search is made on a person or business recorded by the credit reference agencies. Over the last few years car finance comparison sites have cropped up on the internet with some very shady providers freely advertising on them. A common routine is to Read more »

 Whilst fleet sales were down last year retail sales were up as a result of the scrappage scheme and dealers that expected to make losses ended up making profits. This was the result of what could only be described as a total con trick. Retail buyers were convinced that giving up their old car to benefit from a £2,000 bonus from the Government and manufacturers was a good idea but stories were exchanged throughout the Read more »

 Well here we are into a new year already. Hope you had a great Christmas and New Year celebration. Last year wasn’t as good as it should have been but didn’t end up as bad as I thought it might do due to an enthusiastic flurry in December. Unlike the last recession, during which we struggled to find clients that wanted to take out finance, I had about 5 times as many people looking for finance in this recession than I Read more »

There are over 1,100 whiplash claims every day, how incredible is that? Not surprising that next year Ministry of Justice reforms will aim to speed through claims when the claims are between £1,000 and £10,000, reduced down from 60 days to 15 days. As we all know whiplash is one of the most fraudulent claims that motorists make but for those that actually suffer whiplash it can affect mobility for the rest of their life Read more »