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.
The book is easy to understand and clearly explains the rights
a bailiff has, and also what they cannot do when collecting debts and repossessing goods etc.
I would really appreciate any advice regarding the following:
Last year I bought a 6 month old car from a BMW Sytner dealer, on a 4 year PCP. The car cost around 29k (it was 44k new) and with interest the total loan around 38k. The contract paperwork I signed up to and have a copy of is headed, and clearly states throughout, that it is an agreement regulated by the Consumer Credit Act.
A few months ago I lost my job. I now have a new job but earning considerably less and cannot afford the repayments. I contacted BMW finance to ask for a settlement figure, which they gave me. However, when I added up my total repayments to date + (realistic) value of the vehicle + their quoted resettlement figure, the whole lot comes to approx 46k - more than the car cost new!
Now, the thing I am unclear about is this: where do I stand legally in respect of having a stated agreement under the CCA, which is actually for far more than 25k? have they calculated the settlement figure correctly and legally, and is the agreement even legal?
Re: BMW Finance Agreement Regulated or Unregulated?
raydetinu is correct, all new HP agreements since May 2008 are regulated, irrespective of the value. Mine was for 29K in October 2006 so I was stuffed.
BMW Finance Agreement Regulated or Unregulated?
the total loan around 38k. The contract paperwork I signed up to and have a copy of is headed, and clearly states throughout, that it is an agreement regulated by the Consumer Credit Act.
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