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In 2007 i took out a hired purchase agreement on a car from Bank of Scotland. I am in my final year of the agreement with only four months left before i have to pay final balance. The strange thing is four months ago they stopped taking payment from me (I have a standing order set up). A few months ago i recieved a letter from Bank of Scotland stating they have transferred this agreement to Lloyds but all payment details will stay the same. Fair enough i thought! Last week i recieved another letter stating that the agreement has now been transfered to Lex Autolease, which is also part of Lloyds telling me to set up a new standiing order with them.

 

I find all of this ridiclous as i do not feel it is my job to chase them to collect my money. This should have been done automatically without any problems. Now, i have recieved a letter from Bank of Scotland telling me that the account is overdue.

 

What i would like to know is what are my rights in this case? Are Lloyds and Bank of Scotland now one? I need to request my original signed agreement but as far as i am concerned i took this agreement out with Bank of Scotland, not Lloyds or Lloyds Lex Autolease.

 

Any suggestions? Could i potentially write this off and keep the car?

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Hi and welcome to CAG

 

As you are paying via standing order, it is down to you to reset it. The creditors cannot do it.

 

As for why your payments were refused, you would have to write to them to find out why. Your standing order should have gone but their systems may have rfused it so you could check with your own bank.

 

As for getting the debt written off and you keeping the car. Not an option

 

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Why is this not an option? I know people who have done exactly that.

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You state that this is a Hire Purchase Agreement in which case the vehicle belongs to the lender until the agreement is completely paid up or the vehicle is returned under the 50% payment clause written into the agreement.

 

I think you may be confusing the issue with loans that are not directly linked to the vehicle. For example, if you purchase a vehicle from you local garage and then pay for the goods with a loan provided by your bank then there is no direct link. Therefore, if you default on the loan you could technically keep the vehicle as the lender does not have the right of possesion. However that is not to say that they could not take action to sell the asset if they pursued the default through the courts.

 

Please not that the regulations on HP agreements vary slightly depending on whether it is Scottish or English Jurisdiction.

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No i understand the difference between the two. I atteneded a court case in which my friend took out a HP agreement and argued that it was unfair. He won the case, had the remaining balance written off, was paid compensation AND was able to keep the vehicle! Believe me i know this is possible! I just have to go through my agreement with a fine toothed comb.

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Ok I accept the point , but this situation is extremely rare and the courts are a lion's Den

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