gaurenteed caravan finance HELP PLEASE!

[wilard999]

last year we took the plunge and bought a £17000 static caravan on "guarenteed finance terms"

this finance was done "in house " by the caravan site,and not through a finance company such as black horse,

no credit checks was ever carried out,we did'nt even show any i'd or proof of income or address.

 

we agreed with sales staff on deposit amount and monthly payments we could afford then was told that they would run these fiqures by park owner and see what he says,

on the terms discussed we ended up buying the caravan

 

after falling on bad times recently we can no longer afford this luxury (£464 per month)

what would be the repacussions of handing this back to caravan site as we are not dealing with finance company,

 

are they any rules that caravan sites have to follow regarding giving

finance this easy and is it in there responsibllity to check criteria of

potential buyers to see if they can afford re-payments.

 

 

any info would be great, thanks in advance

Edited March 2, 2012 by wilard999

[honeybee13]

Hello and welcome to CAG.

 

Do you have any paperwork from when you set this up please?

 

My best, HB

[wilard999]

desperatly trying to dig it out, we have moved recently and its packed away somewhere,

 

if i remember correctly it shows deposit we paid (£3000) monthly repayments amount and other site policy such as if ground rent isnt paid then they will remove caravan and charges added for late payment but nothing i regarding handing caravan back

[sequenci]

Hello there. Would it be possible for you to take a copy of the credit agreement and post it up - once you've removed personal information, We would be quite keen to check the agreement's legitimacy.

[honeybee13]

I'll move this to the general consumer forum for you and send you a link.

 

HB

[wilard999]

yeah will do as soon as

poss

[sequenci]

Maybe, best thing to do is to either sell the caravan to another person, or sell it back to Park. If you sell to another person they may have to pay the Park a percentage. Either way, you will still (I assume) have to pay off your finance agreement.

 

Before considering anything of this nature it's important to find out if the caravan financed via a fixed-sum loan or via a hire-pruchase agreement. If it is the latter then permission would need to be sought from the finance company to sell the caravan to another person as it's their asset.

If you simply stopped paying your finance agreement then who has first rights to your caravan? Probably the company you took out the financing with, but it may be the Park. Or are they both the same company? Either way, if they repossess it and sell it, you would still have to pay the difference and possibly other fees or costs aswell.

 

If it's HP there could well be the possibility of exercising a voluntary termination clause, this may save a significant amount of money for the original poster.

[ninak]

Hi

 

 

which site was this on please