Written by John Kruse, one of the leading experts on Bailiff Law, this consumer friendly guide is essential reading for anyone who comes into contact with a bailiff.
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Please can you help. I had a car on Hp and I signed it to my friend who was in need of a car, he has since sold the car on. I am in arrears on my payments for 2 months but am bringing that up to date on Friday.
The Finance company after investigating are aware that I no longer own the car and say the rest of the agreement needs to be paid up.
I can't afford it all at once - what can they do about it?
Please help
As the car still belongs to the finance company, if you don't pay or come to some arrangement to pay then they will go around to the new owners house and simply collect their property and then you will have the finance company wanting any outstanding amount from you after they have auctioned the car, and the new owner on your friends back wanting his money returned.
If your friend wasn't aware that it was financed then he will be on your back as well wanting his money returned.
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If you buy something on credit, i.e. a Credit Sale, you borrow the money to buy the goods which become your property to do with as you wish. Your obligation is to repay the loan to the credit company.
If you buy goods on Hire Purchase, the HP Company buys the goods and in return for your HP payments, gives you the use of the goods..... The Hire part of the agreement.
The goods remain the property of the HP company until you make the final payment.... which is the Purchase part of the agreement. Under the terms of the HP agreement you should not dispose of the goods without the express permission of the HP company, who actually own them.
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i thought that after half way through the agreement e.g if you had a four year agreement they couldnt take the car as you own over half of the car? but they could take you to court?
Ok no money exchanged hands between me and my friend, (who did know it was financed) I don't know about him and the new purchaser though!
I will find out if its a credit Sale or and HP agreement but if it is an HP agreement. Can they force me to pay the money all at once or send recovery agents round for something of the same value or do I have a right to continue paying the money in installments?
I 'm curious to know when the HP agreement ends, if anyone knows?
What I mean is... does the HP agreement end when the money borrowed is paid in full? Sounds obvious I know, but what if you have incurred charges? Is the 'HP' agreement still in force until the charges such as late payments, default notices, etc, etc, are paid? Or are the charges now a seperate issue?
sold car on HP - consequences?
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