Lombard North Central /vehicle hire agreement/none regulated?

[jonyd]

In 2007 i guaranteed a limited company's hire agreement said on the face of the document to be none regulated. Total payable with interest was £26,903.

The finance company are now suing me under the guarantee

There is a dispute about how long the guarantee was for

But that is not why i am on here posting

The Company claims the Agreement was signed at a dealership - whereas it certainly was not.

Im just trying to find out if they are saying that because for it to be a genuine none regulated agreement the agreement needed to be signed on trade premises.

As it wasn't, does that change things and if so how?

Might it give me more of a defence

Might it mean the agreement is instead regulated

If so, is that fatal to the claim or does it just give me more options - like rights to cancel, which seems academic, some 7 years later..

Wonder if anybody out there can please help.

Thanks in advance.

[AndyOrch]

Hi jon and welcome to CAG

 

Your post is little confusing...being a mix of guarantor and whether its lease purchase or Hire only...and was it your company? Was the agreement not signed on their premises or do you mean the Guarantee ?

 

As the amount was over 25K then it will be an unregulated agreement....as it would anyway as you was a Ltd Company

 

Useful links

 

http://www.specialistautomotivefinance.co.uk/saf/alphatest/FLA_V10_final.pdf

 

http://www.tradingstandards.gov.uk/cgi-bin/glos/bus1item.cgi?file=*badv710-1001.txt

 

Regards

 

Andy

[jonyd]

Sorry: hire agreement. Not hp. It was my company. Nothing was signed on the premises, neither the hire agreement nor the guarantee. Hope this is now clearer.

[dx100uk]

Its plus 25k so unregulated

 

Nothing at all to with where it was signed

 

So why are they bringing this bit up for?

 

Or are you thinking its a get out?

[SeanG79]

The agreement was non-regulated, because it was in the name of the limited company. It did not need to be signed on trade premises. Only regulated finance agreements needed to be signed on trade premises.

[AndyOrch]

And because it was over the 25 k threshold along with the Ltd Company