Black horse Finance - Interesting clause

[harathoi]

Basically i have just taken out a fuxed term, 36month low interest loan (2.2% APR would you beleive) on a new motorcycle.

 

Which i am completely happy with, for the most part.

 

One small clause is bothering me.. written in the "key information" is this statement.

 

"you have no right to cancel this Agreement under the Consumer Credit Act 1974, the Timeshare act 1992 or the Financial services (distance marketing) regulations 2004".

 

Is this a legal statement? Everything else is good soto speak.. just this i was wondering about.

[gyzmo]

There is no general right to cancel an agreement under the CCA - in other words, no cooling off period as you get with many other contracts. This looks like a way of simply stating the case. However, whether it is compliant with information regulations is a different matter. I take it this was done on the premesis of the business and not at home

[postggj]

hi gyzmo

 

please elaborate on compliant with information regulations

 

many thanks

[gyzmo]

Oops! I meant the Consumer Credit (Agreement) Regulations 1983 (i was a bit tipsy yesterday!).

 

However, on reading it, it does state in schedule 1 the exact phrase referred to by the OP. So it's OK then.

 

I shall take a drunkeness test before i post in future an my apologies for any confusion.

[ReasonableRon]

The statement is correct, and reflects (I assume) the fact that you signed the agreement on the trade premises of either the supplier of the finance or the motorbike.

 

By doing so you are not given the protection of a 'cooling off' period as it is assumed by the very fact that you were on their premises that you were there under your own free will (unlike, for example, if you had received an unsolicited visit to your house). On a separate note, imagine the chaos that would be caused if people could randomly cancel finance agreements where a brand new car or bike had already been delivered

 

Amongst many other required changes to the form and content of credit agreements introduced in May 2005 was a requirement to state on the front of the credit agreement whether it was cancelable or not.

 

Hope that helps.

 

RR

[harathoi]

The statement is correct, and reflects (I assume) the fact that you signed the agreement on the trade premises of either the supplier of the finance or the motorbike.

 

By doing so you are not given the protection of a 'cooling off' period as it is assumed by the very fact that you were on their premises that you were there under your own free will (unlike, for example, if you had received an unsolicited visit to your house). On a separate note, imagine the chaos that would be caused if people could randomly cancel finance agreements where a brand new car or bike had already been delivered

 

Amongst many other required changes to the form and content of credit agreements introduced in May 2005 was a requirement to state on the front of the credit agreement whether it was cancelable or not.

 

Hope that helps.

 

RR

 

 

 

yes it was signed on the premises of the motorbike dealer, like i said, dont have a problem with the agreement, was jsut intreagued by that statement is all as i had never seen it, and thought that there was a 10 day cooling off period attacked in this circumstance..