Hello Smiley,
I am pretty certain that if the goods in question were purchased using a credit scheme within a range of values, then Section 75 sets out that the finance house is jointly responsible for the condition of the goods and it has the same liability as the retailer of the goods. The Consumer Rights Act and its predecessor the Sale Of Goods Act sets out that in England and Wales, the sellers liability can be up to 6 years from the point contract completion, so it follows that the finance houses liability should match it even if the debt has been cleared.
The liability under the SoGA and the CRA starts at the point of completion, and will run regardless of any subsequent financial arrangements you have with them. Only if the retailer or the finance house is goes out of business, will liability cease.
However, you should be aware that for issues that arise after 6 months from the point of completion it becomes the customers responsibility to prove in the balance of probability that the issue is a direct result of a breach of the SoGA or the CRA clauses. This becomes increasingly difficult as a product ages, as there is an increasing probability the goods may have been subjected to unreasonable treatment or wear and tear beyond what might be reasonably expected for the age of the product.
You should also be made aware that the older a product is, the settlements issued by the courts tends to diminish, so do not expect a full refund for older product.
It is also the case that if goods have been used, then the retailer can offset the value of that usage when it comes to any refund or remedy.
The intended effect of SoGA and the CRA is not to create an advantage for an injured party, but to simply set the customer into the same position as if no fault had arisen. Do not try to claim for more than you are entitled to.
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