credit agreement ?????

[bullet941]

hello all, first of all what an excellent resource for consumers, ive just spend 3 hours reading threads.

apologies my pound sign does not work on keyboard!!!!

went to currys today to buy plasma tv and accessories, wanted to put 500quid down as payment and use the 5 month interest free option for remaining 624 quid(would of paid off within 2-3months),

when i asked for discount the salesmen said yes 10% but only if i take out a different agreement for the credit ie 48 monthly payments of 35 pound with a total charge of 1712 quid, (before deposit) also telling me that i can pay the total amount back remaing at any point ie within the 2-3 months of taking out the agreement, (which was my plan), when he processed the the application he forgot to include the 500 quid i wanted to pay so the credit agreement was for the total amount and he said dont worry i should contact hfc next week and arrange the 500 payment over the phone.

now i have actually got a bargain on the goods but im now worried that i will not be able to pay off the total of 1124 without a penalty from hfc
i can actually pay this off within a month if needs be and if im right should not attract any interest or penaltys, is this correct?

i took this agreement out for the discount. now i feel i might of been slightly cheated by getting into an agreement that i was not really informed of ie key facts, he didnt even tell me the loan repayments, total ammount repayable was just intested in usual things like ppi and goods warrantys etc i dont feel like i was mis-informed just not informed.

can i pay this back before the first payment is due and not incure any fees?, i havent recieved the tv yet just some speakers so i can cancel right, please help with this matter as i dont really know my position and rights

many thanks in advance

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[MrShed]

To help much we need to know exactly what type of agreement it is. Is it a hire purchase agreement? Or is it on some kind of card?

I would imagine that you have some kind of cooling off period regardless....but I could be completely wrong!

[dx100uk]

if it is within 30days you can cancel the lot
statutory right. [read on reverse of contract]
get it cancelled then start again.
HFC [whom you state you are with?] are quite good actually.
phone em up
tell them verbally to cancel [then do it in writing]
and tell them what you want to do, i'e the £500 bit
should work out ok.

dx100uk

[bullet941]

can i go in to the store and cancel as i havent recieved the goods yet only some speakers?

[rosiecotton]

Hard to advise without seeing the paperwork.

But what I will say is that credit agreements become legally binding once they have been executed, i.e. signed by both yourself and an authorised representative of the finance company (this may have been done in store, and if not is usually done very soon afterwards).

There is no statutory cooling off period, unless it is signed away from normal business premises.

If it has been mis-sold to you, this may give you an argument but it is really hard to tell without going quite in depth and seeing the paperwork, so you may be better off going to your local CAB, or Trading Standards Service main office if they offer a drop-in service (not all do).

[barbershop0]

Hi

Slightly off thread but you could try this for the pound sign £ Hold down alt, then type 0163

Regards

[bullet941]

hi, yes it is a credit agreement with interest being calculated daily on sums owing, leat say id dont cancel, can i pay the total ammount of 1124 before the first repayment is due and not incure and inteset or fees

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[dx100uk]

as far as i know, rosiecottage there is a 30 day cancel on every credit agreement no matter what type.
however, neither here nor there as such.

If you can get the manager of the store to deal with it, then i would do it instore as they're creadence might help.
otherwise, phone credit co. tell them what has happened, outline you are prepared to do as you say above.
i would be inclined if it were me, to argue to get the whole lot cancelled, then satisfy it under the terms you outlined in the first place instore.

i cant really see the credit co. disagreeing - its a mistake and they happen.

sounds like its just a case of getting ahold of the right person.

my view anyhow

dx100uk

[rosiecotton]

Originally Posted by dx100uk

as far as i know, rosiecottage there is a 30 day cancel on every credit agreement no matter what type.

I'm afraid not.

[dx100uk]

yep
quite right
i have three and each say 14 days

dx100uk

[rosiecotton]

Whatever they may say in their terms and conditions, I can promise you that there is no statutory right to cancel credit agreements for goods and services.

They become legally binding once they have been executed, as explained before.

The only exception is if they have been signed away from business premises, in which case the consumer has 5 days to cancel from the day after they receive the second, signed, copy through the post.

[dx100uk]

thanks for that
you have no scales to click
very useful info & you area great asset to this group

dx100uk