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Hire purchase termination


The Runner
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Hi everyone

 

I just wondered if anyone could help with my little problem ?. I have a small business, and purchased 2 vehicles just over 2 years ago, both on HP agreements. Neither of the vehicles have lived up to expectation, and one of them in particular has been a nightmare from day one (been in and out of garage for in warranty repairs). Both vehicles were bought brand new.

 

I have done a bit of reading on the consumer credit act, and was under the impression that you could hand back the vehicles to the finance company after 50% of the finance has been paid. I understand this to be the "halves and thirds rule)?. I telephoned the finance company today and told them what i was proposing to do, and they basically told me that the consumer credit act didn't apply to both my agreements as they were "un regulated". They then went on to say that i was stuck with the vehicles for the full 5 year term, the only option i had was to try and sell them. I told them that non of this information was made clear to me when i purchased the vehicles as they were very keen for a signature !. I now understand why !.

 

Does anyone know if the information that i have been given is correct, as to be honest im that fed up of people trying to shaft me in business that i no longer believe anyone.

 

Please help.

 

Regards

 

The Runner

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My thoughts are that the agreements indeed may not be regulated by the Consumer Credit Act, this would mean that the terms of the contract would be just that - contractual. If they do not have a voluntary termination clause then you would be stuck with the agreement.

 

Do you have the paperwork with you?

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Hi there

 

I bought both of the vehicles in the company name and had to indemnify them in my own name as the company was only 2 years old.

 

I presume that this is a Ltd company, if not what does the agreement say at the top and how much was the finance, were the 2 cars on one agreement or two seperate agreements

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Section 8 of the Consumer Credit Act defines if your agreement is covered. If YOU personally, "Mr The Runner", were given credit and your name is on the agreement, then it is covered.

 

Consumer credit agreements.

(1) A personal credit agreement is an agreement between an individual (“the debtor”) and any other person (“the creditor”) by which the creditor provides the debtor with credit of any amount.

 

(2) A consumer credit agreement is a personal credit agreement by which the creditor provides the debtor with credit not exceeding £15,000].

 

(3) A consumer credit agreement is a regulated agreement within the meaning of this Act if it is not an agreement (an “exempt agreement ”) specified in or under section 16.

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I have (so far) successfully fought a company HP agreement which my OH was a guarantor on, using the Consumer Credit Act. We had paid 3/4 of it when the company went into liquidation and the van was repossessed and sold for peanuts at auction. I wrote to the HP company and said that as the personal guarantee had been invoked that we then had rights under the CCA and therefore they could not demand money from us. So far we have heard no more. I have absolutely no idea whether I was right but I guess they are probably equally confused:D

BANK CHARGES

Nat West Bus Acct £1750 reclaim - WON

 

LTSB Bus Acct £1650 charges w/o against o/s balance - WON

 

Halifax Pers Acct £1650 charges taken from benefits - WON

 

Others

 

GE Money sec loan - £1900 in charges - settlement agreed

GE Money sec loan - ERC of £2.5K valid for 15 years - on standby

FirstPlus - missold PPI of £20K for friends - WON

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Hi there

 

Thanks very much for the replies. I think after reading your posts and also reading my agreements again, that i have been stitched up like a kipper !! so to speak. The thing that really annoyes me is that non of the information is explained to you at the point of sale. It looks as though the only option open to me is to try and sell the vehicles. That too has its problems because once people know that the vehicle has outstanding hp, they avoid it like the plague.

 

Once again thanks for the replies.

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Hi there

 

I bought the vehicles in the business name. The business is a limited company and its owned by myself and my business partner. I had to indemnify the vehicles in my own name because of the age of the business. I was never told about the agreements being unregulated etc. i would have never signed the agreements if this had been explained to me. Thats obviously why they dont tell you !! I havn't missed any payments or been in arreers. I would have just liked to give the vehicles back and end the agreement because they have never lived up to expectation and one of them has been very problematic.

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