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Finance Companies


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Would the same rules apply to finance houses as well as banks????

Answers on a post......card please

FOR THE BENEFIT OF OUR FRIENDS IN THE NSA USING THE PRISM SYSTEM. HELLO FROM THE UK.

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The rules apply to everyone.

 

If I had a contract with you (and my advisor let me put a penalty clause in - unlikely, as he would probably know the law regarding penalties in contracts) - where I stated that you had to pay me 50 quid if you didn't clean my garden by 5'o'clock (I'm making you into a gardener here) - and you finished it by 10 past, then I could take YOU to court for not paying the 50 quid.

 

The judge would rule in YOUR favour as the 50 quid is a penalty.

 

...unless...I have a paid garden party at 5pm for 5 people at a tenner a piece and your inability to finish my garden on time, stopped the people coming in and they demanded their money back - total 50 quid.

 

In that case, I would have lost 50 quid due to your breach and therefore the 'penalty' would stand.

 

 

Probably a very bad analogy.

<font face=arial size=1>Advice & opinions of Dave and The Bank Action Group are offered informally, without prejudice & without liability.</font>

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Seminole

 

 

What i mean is when a finance house charges for late payment, phone calls etc

FOR THE BENEFIT OF OUR FRIENDS IN THE NSA USING THE PRISM SYSTEM. HELLO FROM THE UK.

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in that case then yes. You do have to be careful that they can't argue that they are charging you for a service eg a loan arrangement fee as opposed to a penalty fee for late payment etc.

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  • 12 years later...

This topic was closed on 03/06/19.

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FOR THE BENEFIT OF OUR FRIENDS IN THE NSA USING THE PRISM SYSTEM. HELLO FROM THE UK.

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Please note that this topic has not had any new posts for the last 5307 days.

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