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Before Owning A Caravan Discussion and advice on all aspects involved in deciding if a static caravan is right for you.

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  #1  
Old 21-08-2017, 21:52
amled amled is offline
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I applied for credit with a well known caravan park. During filling in the forms, there was a section for the second person, I asked if I needed a second person and was told no but asked if the person that was with me was also buying the caravan, I said no.

When, when they asked for the deposit, it was more that 20% I asked why, I was told it was the higher deposit that guaranteed credit - I did not know what that meant but was fine as it meant a lower monthly amount.

For some reason I was refused credit. They asked again about the person that was with me going on the credit form. I said, no.

They tried another company and informed me that I could have credit as long as I had someone else on the credit form, they need 3 wage slips, from both of us, our bank statements etc plus just over 500 pounds.

I have a good credit score so am in awe of the hoops that I am having to jump through and am becoming very suspicious of the company, no matter how big they are.

This holiday home is my special gift to me and I do not want anyone else involved. I am going to contact them tomorrow and let them know that I am not going to go ahead with the purchase.

Your thoughts please.

Last edited by amled; 21-08-2017 at 21:53. Reason: to add email notification
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  #2  
Old 21-08-2017, 23:30
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Hi Amled,
welcome to the forum. Sounds like you have had a very poor experience and if I was you I would be walking away too.
What it sounds like to me is that they would be using the 2nd person on the application form as a form of Guarantor, this would enable you to get the loan and also allow the Finance company to have someone else to get payment from in the event that you would default on payment (I'm not saying that's what you would do). All Finance companies set their own lending criteria, and they won't divulge this to customers for obvious reasons.
The well known caravan park shouldn't have told you the higher deposit would guarantee the loan as it's not true, as you have found out. By telling you this they have gone against the FCA code of Treating Customers Fairly - outcome 3 states "Outcome 3: Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale"
What I would suggest is you obtain a copy of your credit file via Experian or Eqifax as these are the 2 main used by lenders. You can then see if there is anything incorrect on your file, and if there is you can then get it sorted. Approach your own bank for a personal loan, usually your bank will give you a cheaper interest rate then using a Finance Company and getting a Hire Purchase Agreement. Once you have the finance in place you can then go anywhere and find a van on a site, not just the big parks. If they can't be truthful with you now, I would wonder what else are they not being truthful about - but that's me being not very trusting!!!
Feel free to send me a pm if I can help you further. Good luck with the van search x
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  #3  
Old 22-08-2017, 06:32
slattster slattster is offline
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Do you know the Apr , I think that you would get it cheaper at many other places than the park anyhow , I get my loans from tesco but other providers are available . As traction says check your credit score because applying for loans and being rejected could go against you as well.
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  #4  
Old 22-08-2017, 07:25
Mosquito Mosquito is offline
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Quote:
Originally Posted by amled View Post
I applied for credit with a well known caravan park. During filling in the forms, there was a section for the second person, I asked if I needed a second person and was told no but asked if the person that was with me was also buying the caravan, I said no.

When, when they asked for the deposit, it was more that 20% I asked why, I was told it was the higher deposit that guaranteed credit - I did not know what that meant but was fine as it meant a lower monthly amount.

For some reason I was refused credit. They asked again about the person that was with me going on the credit form. I said, no.

They tried another company and informed me that I could have credit as long as I had someone else on the credit form, they need 3 wage slips, from both of us, our bank statements etc plus just over 500 pounds.

I have a good credit score so am in awe of the hoops that I am having to jump through and am becoming very suspicious of the company, no matter how big they are.

This holiday home is my special gift to me and I do not want anyone else involved. I am going to contact them tomorrow and let them know that I am not going to go ahead with the purchase.

Your thoughts please.

to the forum amled.
First and foremost, I would make an appointment with your bank and ask what their interest rate is and explain what has transpired with the loan company. They will know your financial situation better than any other entity and may be able to ofer you a loan at the same or similar rate.

There can be lots of reasons why you were not offered a loan. It may be you have not had a loan for a long period or some other reason. Don't let this put you off. It may be easy to solve but I would certainly try your bank.

Good luck.
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Old 22-08-2017, 09:39
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Bells64 Bells64 is offline
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Sorry that things are not going as you hoped. After working for 30 years in the financial sector, I would say leave the site credit alone and try and apply for a personal loan. Unfortunately for each refused credit application this goes on your credit file which may effect any future applications. If you have credit against a caravan basically I believe it's like car credit, it doesn't belong to you till the payments are completed. If you take out a private loan, you own the van once you pay the money over, if you default on the loan, they have no direct claim on the van. See if you can get a personal loan, but I wouldn't got into details as to what has transpired with the other credit company, this would set their alarm bells ringing and they would be less likely to lend to you, they don't need to know anything, though it will probably come up in the credit check.
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  #6  
Old 24-08-2017, 07:29
Mosquito Mosquito is offline
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Hi Bells, you will, of course, be right on not going into detail about the credit company. I just thought that if you didn't declare something like that, it would probably go against you should it come to light.
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Old 24-08-2017, 22:49
amled amled is offline
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Thank you all so much.

I refused to add a second person to my application stating that I was pulling out of the deal if this was a necessity. They spoke to the credit company who have affered the credit/loan if I paid a higher deposit, this is fine as it makes repayment lower. I wonder if they would ask the same of a single male?

Apr 7.9%

Haven is a big company so I am shocked that they pulled the guaranteed loan stunt, thank you for the law quote.

This Park is ideal. It brings together all of the things I have been looking for: beautiful view, specific owners lounge and facilities and the caravan that I fell in love with.

There is so much to learn.

I am going to go on Sunday to sign contracts etc. Am I within my rights to take them away and have them looked at by a solicitor? Any tips at this stage?



I am going to look at purchasing my own insurance any ideas?
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  #8  
Old 24-08-2017, 23:04
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Quote:
Originally Posted by Mosquito View Post
Hi Bells, you will, of course, be right on not going into detail about the credit company. I just thought that if you didn't declare something like that, it would probably go against you should it come to light.
You don't need to tell them, however it will show up on the credit search when the bank/finance company do a credit check. Every credit check leaves a "foot print", other credit lenders will see it, this is one thing to be careful of when shopping around for credit as if you get a lot of quotes it can make lenders nervous and either refuse you or offer you a higher interest rate. The footprints then drop off so they don't show long term.
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  #9  
Old 24-08-2017, 23:17
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Ameld, I would say read everything at least twice, do not take anything they have said verbally as "gospel". If it isn't written down then it won't happen, I have heard some horror stories. Having said that there are some "H" owners on here that are happy.
Make sure you know the full cost of everything - site fees, drain downs, gas bottles, rates, electricity, gas checks etc. You need to know everything. With regards to insurance, ask how much and if you get your own how much that charge you for getting your own.
If you are considering renting through their scheme ask for full details - again in writing - as to how much you would get and what charges they take, it may be much less than what you are expecting. Above all else, it's getting everything in writing - that can't be stressed enough, that way you know exactly what you are getting. The person you are buying from is a well trained Salesperson, they want that sale above all else. Good luck x
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  #10  
Old 25-08-2017, 07:21
Mosquito Mosquito is offline
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Quote:
Originally Posted by Traction View Post
Ameld, I would say read everything at least twice, do not take anything they have said verbally as "gospel". If it isn't written down then it won't happen, I have heard some horror stories. Having said that there are some "H" owners on here that are happy.
Make sure you know the full cost of everything - site fees, drain downs, gas bottles, rates, electricity, gas checks etc. You need to know everything. With regards to insurance, ask how much and if you get your own how much that charge you for getting your own.
If you are considering renting through their scheme ask for full details - again in writing - as to how much you would get and what charges they take, it may be much less than what you are expecting. Above all else, it's getting everything in writing - that can't be stressed enough, that way you know exactly what you are getting. The person you are buying from is a well trained Salesperson, they want that sale above all else. Good luck x
Good post. We have had a few sorry stories on the forum when everything hasn't been put down in writing. Verbal comments can and sometimes are, denied.
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