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I bought a car 2 1/2 years ago from Carcraft and have had nothing but trouble ever since.
my query is that they split the agreement up into three payments and im not sure if this is legal or not.
I have the following agreements:-
1x HP Agreement with British Credit Trust
1x Fixed Personal Loan with British Credit trust
1x Peronsal loan with Open & Direct
The HP Is the larger of the three agreements and i have spoken with them who are pretty unhelpful. I am looking at getting out of the agreements and i have spoken with some car dealers so far and they all looked confused when i advise them of this and say that only the HP is against the car.
The car is aprox £2000 in negative equity and so im struggling to part-ex and afford a new car due to the added costs of the current HP.
i am aware of Volantry Termination but im £400 short of this and have been told it will go again my credit report. Does anyone know if i was request volantry termination of the HP i would have to pay the £400 or would they refuse as i have to wait till the £400 clears over the next couple of months?
... out... in... out... I'm shaking it all about...
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11,408
Re: HP/Loan car agreement legal??
This is very strange - if they are separate agreements, they are right that only the HP agreement will be "secured" against the vehicle. The other 2 being loans won't be secured in that way.
What were the additional loans for? Presumably, to pay for the car? In that case, how can you be in negative equity, so to speak, with the car, if there are loans that aren't secured on the car? I suppose that depends what the loans were for? PPI, etc?
In order to VT, you'll need to meet the VT figures set out on the agreement. If you haven't met the figures, you can't VT the agreement. If you pay the shortfall, (now or by maintaining payments for a few months) then you can VT, but you must meet the figures as set out in the agreement.
It would be worth posting the agreements up, (personal data removed first, of course) so we can assess their enforceability, etc, also.
Always happy to help where I can!
Beware of legal advice given on a private forum - do you REALLY know who is posting? Are they REALLY accountable for their posts? What if you follow their advice and get something wrong?
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Advice and comments posted by car2403 are offered purely without prejudice. They reflect only my personal opinion and do not represent the opinion of this forum or it's management. You should always seek legal advice from a qualified legal advisor. As a member of the site team, I disable reputation - reputation points mean nothing, please check my posting credentials yourself and make an informed decision. You shouldn't PM me and await a reply - I may be too late with a response. No replies will be given in Private Messages - just as with getting advice from the forum, getting advice via Private Messages is dangerous. CAG is about sharing successes so others can follow your example, this is primarily why I'm here, so please don't be offended if I don't offer replies in PM that doesn't comply with this. Help CAG to help others by keeping your thread up to date.
Thanks for your reply. The other two loans are "top up loans" i will arrange for them to be scanned and posted in the next day or so.
The Car itself has a trade in cost of £2300-£2775 depending where you go and the remaining finance on the Hp is £4018.The VT is £5930 and i have paid £5520 so far. do you think they would accept the remaining balance to bring the agreement up to £5930 up front or would they drag the agreement out as long as they can?
... out... in... out... I'm shaking it all about...
Posts
11,408
Re: HP/Loan car agreement legal??
Originally Posted by mjh2403
The Car itself has a trade in cost of £2300-£2775 depending where you go and the remaining finance on the Hp is £4018.The VT is £5930 and i have paid £5520 so far. do you think they would accept the remaining balance to bring the agreement up to £5930 up front or would they drag the agreement out as long as they can?
it's really not their choice - it's up to you - once you've paid enough, they can't stop you VT'ing.
Always happy to help where I can!
Beware of legal advice given on a private forum - do you REALLY know who is posting? Are they REALLY accountable for their posts? What if you follow their advice and get something wrong?
It was Winston Churchill who said; "Democracy is the worst way to run a country except for all the others"
Advice and comments posted by car2403 are offered purely without prejudice. They reflect only my personal opinion and do not represent the opinion of this forum or it's management. You should always seek legal advice from a qualified legal advisor. As a member of the site team, I disable reputation - reputation points mean nothing, please check my posting credentials yourself and make an informed decision. You shouldn't PM me and await a reply - I may be too late with a response. No replies will be given in Private Messages - just as with getting advice from the forum, getting advice via Private Messages is dangerous. CAG is about sharing successes so others can follow your example, this is primarily why I'm here, so please don't be offended if I don't offer replies in PM that doesn't comply with this. Help CAG to help others by keeping your thread up to date.
HP/Loan car agreement legal??
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Originally Posted by mjh2403
