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Help with Rentsmart cancellation

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Hi guys,

Our Ltd company took out a Rentsmart agreement when we went to buy a new imac and Macbook for our business in 2016.

 

We were talked into it and told it would save us money etc etc so my husband signed the agreement under our Ltd company name.

 

The business hasn't worked out as we planned and we may now have to dissolve the company...

.we contacted Rentsmart today and were told we are unable to cancel and would have to pay the full term of the agreement and return the goods (agreement cost includes their insurance charge).

 

When my husband asked about it being in the company name they told him he had signed a 'Directors guarantee agreement' on behalf of the company and so is personally liable???

 

The hirer on the agreement is our Ltd company.

..yet when I have checked the small print today it states that the agreement is subject to the consumer credit act which does not apply to a Ltd company!!

 

Any ideas how we can cancel this agreement without then chasing us for another £2550 for 2 items we have to return??

Thanks in advance

Lisa

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If the hirer is a limited company then I don't see how it could be subject to the consumer credit act. Presumably the agreement you are looking at is a standard form agreement and in my view this means that the fact it claims to be a consumer credit act agreement is vitiated by the fact that they have gone ahead and signed up with a limited liability company. On that basis I don't see that they have a tenable position.

 

What about this directors guarantee? Have you had sight of that?

 

Also, you refer to an insurance charge. What is that about? Is it simply intended to cover loss or damage of the item? Or does it refer to an inability to carry on payments such as a PPI agreement?

 

Also, on what basis do they say that you have to pay all money due under the agreement and also return the computer? This sounds like complete nonsense to me.


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Incidentally, why are you contacting the company in advance and discussing cancellation, when you know that you are on the verge of dissolving your business? Surely if you wind up your business then they should stand in line with any other creditors by giving them advanced notice, you have put them in a position where they might decide to take some pre-emptive action against you.

 

If you feel that you have some assets to settle with smaller and more vulnerable creditors then this would be a very decent thing to do. But if there is not enough money to go round then I would have thought that larger creditors such as finance companies should get into the queue and talk to your administrators


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so, do you have a copy of the directors agreement? If hubby is removed as a company director he can still be liable if he acted irresponsibly and didnt do his best to protect creditors interests. You would need someone to read the agreement carefully to see if they have a claim.

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