Jon I hope you can help me here. I bought new windows for my home and also had a conservatory added on. The trader who did the work put me in contact with a finance company who granted me the loan to have the work done. I signed all the papers, and the money was paid to the builder. The issue is the work the builder completed is utter rubbish! Not up to any standard. The windows leak when it rains and the conservatory is not finished. This was a £10,000 loan, which I am making payments on, and I cannot get satisfaction from the trader. He will not return my calls or emails. I want to stop making payments on the loan, but am unsure what may happen??
You are in a difficult situation. First off, you are liable and responsible for the loan. The loan and the shoddy workmanship are two different things.
If you were to stop making payments on the loan, the lender could chase you for payment, and it could also impact your credit rating, and credit score.
You may want to seek out other recourse through your local Council, Trading Standards, or you may need to seek legal advice and go through the courts.
You can also inquire with your home insurance if they provide coverage for legal issues and advice.
Your situation is a third party finance issue. You took out a loan to pay for work to be done, you still owe the finance company or lender, even if the work is not up to standards. The loan is between you and the lender, the work is between you and the trader.
I hope this gives you some insight into your situation.