Unregulated agreement - smell a rat!

[chesterpants]

I have an unregulated HP agreement for a vehicle through Mercedes Benz Finance.

 

I'm behind on my payments (3 months) but just 10 months from maturation of the agreement.

 

I was issued with a Default Notice and now a chap from a vehicle repossesion company has attended.

 

Why I smell a rat is this:

1. This is an Unregulated agreement so there is no need to issue a Default Notice
   
2. Why bother asking me to sign a Voluntary Repossession document when it isn't necessary. Under an Unregulated Agreement they can just take the car away
   
3. Why the need to now go to court in order to have me give up the vehicle?
   

 

There's something here that just isn't right. An Unregulated agreement means that as I'm behind on payments, they are entitled to just take it back, so why not just take it? Why would they want me to sign a form? Why, when I refuse to sign the form, do they then have to go through the laborious process of going to court when they don't need to.

 

Anybody please?

[postggj]

please explain unregulated agreement

 

have you a copy of the agreement

[postggj]

was the vehicle over 25 k

[chesterpants]

Unregulated is when, at the time of my agreement, the amount borrowed was over £ 25k, meaning the agreement is not covered by the Consumer Credit Act.

[robcag]

Unregulated is when, at the time of my agreement, the amount borrowed was over £ 25k, meaning the agreement is not covered by the Consumer Credit Act.

 

That is unless the agreement was drawn up using a form which was actually intended for a regulated agreement, in which case it would be regulated even if it were over £25,000. This could have been done either intentionally or unintentionally by the creditor.

 

I have seen at least 1 case on CAG where this was done, although I probably couldn't easily put my finger on it.

 

However if this were the case here, it would probably be apparent to you because the agreement would probably say somewhere on it "This is an agreement regulated by the Consumer Credit Act 1974 ... " or similar, and I doubt that is so otherwise you would have mentioned it.

 

Just pointing out that there are odd occasions where an agreement over £25,000 can be regulated.

 

Cheers

Rob

[robcag]

Unregulated is when, at the time of my agreement, the amount borrowed was over £ 25k, meaning the agreement is not covered by the Consumer Credit Act.

 

Also, the £25,000 limit was removed by the CCA2006 for agreements taken out after the relevant date (which I am not sure of without doing some searching), but I guess you're aware of that aspect.

 

Cheers

Rob

[chesterpants]

Thanks Rob

 

Unfortunately the agreement was signed before the £ 25k limit was removed.

 

The terms and conditions are headed:

 

Contract Purchase - Terms and Conditions - Non-Regulated Agreement

(For use when hirer is a Corporate body or the balance financed exceeds £ 25,000)

 

Can you expand upon your statement 'odd occasions where an agreement over £25,000 can be regulated' please?

 

Many thanks

[robcag]

 

Can you expand upon your statement 'odd occasions where an agreement over £25,000 can be regulated' please?

 

 

Basically as stated in post #5 above.

 

An example (which I think is what I read on here) would be where the creditor has completed their loan paperwork (accidently or otherwise) using the standard form which they would normally have used for a sub-25K loan, and that paperwork would therefore have printed on it "This is a regulated agreement ... " or "This is an agreement regulated by the CCA1974 ... " or similar.

 

I'm 99% sure the example I read on here which was for over £25,000 was then held to be regulated by the CCA1974.

 

But if your paperwork does not say this (it doesn't according to your post # 7) then I guess you can't go down that road.

 

Cheers

Rob

[emanevs]

can they issue a default notice on a unregulated agreement?

[emanevs]

bump!

[emanevs]

anyone??

[chesterpants]

Thanks Emanevs

[emanevs]

BUMPY BUMP!!!!!

 

I had one of these as well.

 

They wont remove my default notice, and are even saying that I still owe them money, even tho its included in BR.

 

Default notice was crap as well, defo will get it removed me thinks.....