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HPi or Personnal loan - Black Horse


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Firstly apologies if this question is in the wrong area!!!

 

I was hoping somone could help with a query I have about my car loan/HPi with Black Horse finance.

 

I am 2 years into a 5 year loan and due to change of circumstances I wanted to look into ways to get rid of the car (baby seat just wont fit in a hot hatch). After reading several posts I now am asking the question of whether I have a Personal Loan on the car or HPi. I have a copy of the loan agreement and it states on there

 

"Fixed sum loan agreement regulated by the consumer credit act 1974"

 

Does this mean its a personal loan? There are details on the form indicating how I can end the agreement by paying set amounts at different stages of the agreement and there are references to the car under goods on the form.

 

I have also checked and they have registered the car on the HPi database so selling it would not be an option.

 

To sum up this boring post i'd just like to know what the above statement on the finance agreement means!?!?!?

And can I ask them to remove the car from the HPi database if it is a personal loan?!?!? (that way at least I can sell the car)

 

Thanks in advance :confused:

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Can't give it back if its not HP, just a personal loan. HP (not HPi) is a rental where ownership passes to you with the final payment, whereas a PL the vehicle is yours, the HPI register (and DVLA) are only noting the financial interest of a third party.

 

The HPI register records the fact there is an HP agreement or personal loan, possibly secured on the vehicle. In this latter case, all you need is the advance agreement of the company that provided the loan, saying the vehicle is surplus to requirements and you require a settlement figure.

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  • 2 weeks later...

Hi Buzby, thaniks for your reply, got the settlement and paid the bugger off, just got to sell it now and make a nice little loss!!!

 

Still waiting for them to take it off the register though!! Doen't make it an attractive buy for someone looking when its got outstanding finance though.

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  • 11 months later...

Wrong! Wrong! Bloody Wrong!

 

The f'ing loan was personal not secured on the car, no such thing Blackhorse had no right to register the car on HPi.

 

Sorry to vomit this post up.

 

But in case other members are in the same crap

 

Sorry but I am livid, this is typical **** behaviour by these bloody banks.

** Credentials **

 

10 Years Finance Fraud Investigator

 

5 Year High Court Sheriffs

 

2 Years Tip Staff Royal Courts

 

Currently : HMCS Enforcement Officer

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HPI does not only record those who have Hire Purchase agreements, but for many years has been used by leasing companies and finance houses who note their 'financial interest' in the vehicle, and the DVLA dutifully provide them with an automatic notification of when information they hold changes. As an 'interested party' they get this information, and it has nothing to do with any securing of the asset.

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  • 2 weeks later...

Hi All,

 

I've got about 18 months left of a 5 year agreement which is a Fixed-Sum Agreement. When I bought the car from the garage, I specificcaly asked for HP. I feel that I was mis-sold the finance on behalf of the Bank. Anyway, since when have garages been able to sell personal loans on behalf of banks and then not inform the customer of the real facts?

 

I want to change my car now and I'm having the same problem.

 

Any comments anyone?

 

Cab 139

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YOU may have stipulated HP, but to the person you spoke with they may have just taken this to be any one of a range of deferred payment options - the term is generic, although in many cases inaccurate.

 

However, you would have been given a regulated CCA form to sign, and this would have stated in great detail the type of loan and your obligations under it. If you ended up signing a Fixed Term loan, instead of the HP arrangement you were expecting - then THAT was the time to call a halt (and NOT agree to it).

 

At this stage in the proceedings, you would be held just as culpable as the salesman, him for providing you with the wrong product, and you for agreeing to take it anyway.

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