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hirer purchase £39,950


dotty
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I signed up to a hirer purchase agreement. Not Regulated - at that time had no idea what that meant.

Background:

Cost - £29,950

Interest Charged - £10,000

Total £39,950 to pay over 7 years. £470.90 per month

I've had 2 payments added to the back end of the loan & think I have £1000 - £1500 in charges floating about.

I've been told that each day my payment is late I'm incurring a daily charge. Can they take the van back even though I'm paying every month but payments are 10 days late?

Problem:

I can't get from Black Horse a real breakdown of charges, the payments that were put on the back end & these daily charges. I've asked for this detailed information on three occasions but all I get is a list of my payments. Any ideas? Can I demand this information?

Another Problem:

The following comes in to effect from April 2007, meaning, I think, that all agreements are regulated, but I don't clearly understand what I can do with this? I'm really struggling to find out but also wonder if this is not retrospective & is only applicable to new agreements once this chapter comes in to force.

Consumer Credit Act 2006

2006 Chapter 14

2

Removal of financial limits etc.

 

(1) In section 8 of the 1974 Act (which defines consumer credit agreements)-

 

(a) in subsection (1) for "personal" substitute "consumer";

 

(b) subsection (2) shall cease to have effect.

 

(2) In section 15(1) of that Act (which defines consumer hire agreements) paragraph © and the "and" immediately preceding it shall cease to have effect.

 

(3) In section 43(3) of that Act (financial and other limits relating to regulation of advertisements) paragraph (a) and the "or" immediately after it shall cease to have effect.

 

Another Problem:

If I fire off letters demanding info & disputing charges is it likely Black Horse would just come & take the van back?

 

Any advice would be fantastic.

dotty

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Yikes! My brain hurts, sorry. I'd like to help but have had a few glasses of wine and am not sure how much use I'd be :p

 

"Not regulated" as I am sure you now know, means that your agreement isn't regulated in terms of the Consumer Credit Act 1974 - I guess in this case, because the amount exceeds the CCA limit? Or possibly, because it's not a consumer contract (I see it relates to a van, so I'm guessing it's for business).

 

If you can wait till over the weekend, I'll try and have a google to see what if any law I can see over taking the van back. Under regulated agreements once you pay a certain amount/for a certain time they can't repossess the goods, but obviously it's different here.

 

And as for the legislation you've found, no generally legislation isn't retrospective in it's effect. I would guess that the piece of legislation referred to will at some point make clear that it refers to agreements entered into after a certain date.

 

MM x

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Quote=Dotty/ I've been told that each day my payment is late I'm incurring a daily charge. Can they take the van back even though I'm paying every month but payments are 10 days late?=Quote

 

I'd be surprised if they did take the van back since you are still paying every

month, which is what they want.

 

Can you not ring them and ask to have the payment date put back by 10

days as that fits in better with your cash flow budget and it would save them chasing you every month as well.

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Hello

Thank you for your replies. Yes it is unregulated because it exceeds the CCA limit. I'll look at the administration of justice act 1970, thank you.

 

I just don't know where to go with this. I don't want to have the van sold at auction for peanuts (I've been told I'd be lucky to get £12,000 at auction - that Black Horse will just take what they can get) & I'll end up with no van but still owing £20,000!

National Debt Line say that Black Horse will go after me for the remaining balance, will take it through the High Court so thay can add 8% per day. And my only option is to go bankrupt.

 

I REALLY don't want to go bankrupt. I'm trying to sort out my credit & hopefully get a mortgage next year.

 

If I pursue a charges claim with Black Horse will they simply take the van back?

 

Thanks - I'll keep you posted.

dotty

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Hi Dotty,

 

They will also add £575 to your account for the privelage of selling it on your behalf, I know it's not much compared to the overall debt, but still something you shouldn't have to pay.

 

Lees.

HSBC - S.A.R - (Subject Access Request) 30/10/06

 

07/11/06 - Letter refunding cheque and informing statements will be along shortly.

08/11/06 - Statements from Jan-2001 to Jan-2004 rec'd. Requested more but am waiting.

09/11/06 - Sending of prelim request for refund! £913.50

27/11/06 - Letter from Royal Mail, original prelim lost in post!!

06/12/06 - Another prelim sent :(

19/12/06 - Reply from Mr Langdale saying complaint received and that I'll have a proper response by 5th January 07....

 

Capital One - S.A.R - (Subject Access Request) 31/10/06

 

Sent off prelim for £392.00 - All adds up I suppose! 06-12-06

Partial Offer received 19/12/06 - £152, offer accepted as part settlement only......

 

GE Capital Bank - S.A.R - (Subject Access Request) 31/10/06

 

Store card account. Charges approx £200, prelim being sent off in the new year!

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Hi sequenci - yes there is the option to return the vehicle within the T&C's - but the amount I would get from a sale is far below the amount I owe.

I don't want to owe £20,000 & have no van. I can't believe that other people who have hire purchase agreements over the CCA limit have to go bankrupt.

I'm trying to find out the level of charges Black Horse have put on the account, however, they are extremely reluctant to provide this written data. I'm considering sending a DPA letter but am worried it will simply mean they'll take the van back. I know if they take it (as opposed to me giving it back) I'll incur an additional £1,500 fee.

dotty

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Send a sar off to black horse. see what happens. You will need to take a gamble one way or the other. Also if after you have sent off your sar they cause you any problems then you can easily come back to this forum. if you do not do anything now you may be to late.

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