Mis-Sold Hire Purchase?

jonesMUFCforever

What did you think you were signing for then?

alisha2010

Hi
I believe I was miss sold hire purchase agreements for 2000 up until 2007 . I was a customer with a slot meter tv company on a rent to buy terms ,on each agreement a charge was added for maintenance vouchers some totallying up to £300 on 1 agreement . I believed at the time it was compulsory to take out the maintenance to be able to have the goods . However I have since learnt this was not so . I was never asked if I wanted them ,never asked if I had alternative home insurance that would cover this and was never told the terms and conditions . These vouchers were added to credit for goods at 40 - 46 % interest .

Can i reclaim these miss sold warranties back ,if so how many years could I claim back . Any advise would be greatful .thanks

WTTM

alisha2010 wrote: »

Hi
I believe I was miss sold hire purchase agreements for 2000 up until 2007 . I was a customer with a slot meter tv company on a rent to buy terms ,on each agreement a charge was added for maintenance vouchers some totallying up to £300 on 1 agreement . I believed at the time it was compulsory to take out the maintenance to be able to have the goods . However I have since learnt this was not so . I was never asked if I wanted them ,never asked if I had alternative home insurance that would cover this and was never told the terms and conditions . These vouchers were added to credit for goods at 40 - 46 % interest .

Can i reclaim these miss sold warranties back ,if so how many years could I claim back . Any advise would be greatful .thanks

None.


MOMENT

nomoneytoday

Jamesf81 wrote: »

I believe you have 7 days or could be 14 to return the car under the sales of goods act.

AFAIK you don't have this choice if you buy in their store...

nomoneytoday

brightonman123 wrote: »

i think ypu coud still sell the car yourself. but the loan has to be repaid or the new 'owner' could lose out when the lenders come to repossess THEIR car!

The idea is that the buyer pays of the loan and buys the car free of debt.

jon_paul

black horse hire purchase agreement: not regulated: fixed rate

dear sir/madam,

I have been making regular payments to black horse for my car and it is near the end of my contract 37 months.
After the date of the agreement there is a final sum of £41000.
Due to my circumstances, I am unable to pay the £41000 and wish to surrender the car at the end with no liability. will this affect my credit scoring?

I mentioned this to the dealer before i signed up for agreement 3 years ago and he mentioned there would be no liability all i need is to surrender the car to the loans people. I am confused now.
Is this correct.

I hope you can help
I await your early reply

Kind regards
Jon Paul

redpete

jon_paul wrote: »

black horse hire purchase agreement: not regulated: fixed rate

I have been making regular payments to black horse for my car and it is near the end of my contract 37 months.
After the date of the agreement there is a final sum of £41000.
Due to my circumstances, I am unable to pay the £41000 and wish to surrender the car at the end with no liability. will this affect my credit scoring?

I mentioned this to the dealer before i signed up for agreement 3 years ago and he mentioned there would be no liability all i need is to surrender the car to the loans people. I am confused now.
Is this correct.

How much was the original loan for? How much have you paid so far? Do you really mean £41000, not £4100?

jon_paul

original loan was for £63k i have paid to date £32,000, final payment 41k

redpete

Going from buying a £63k car to not being able to pay for it is some change in circumstances!

As I understand it you can Voluntarily Terminate an HP agreement once you have paid 50% of the amount owing. It looks like you haven't got there yet so if you stop paying now it will affect your credit rating.

~Brock~

redpete wrote: »

As I understand it you can Voluntarily Terminate an HP agreement once you have paid 50% of the amount owing. It looks like you haven't got there yet so if you stop paying now it will affect your credit rating.

Not a 63k one you can't - unregulated. CCA74 won't apply.