Unregulated HP Lease Agreement PCP

eletzroy

Help

Can anyone give me info on unregualted HP AGreement for Car Finance.

I took aout one of these agreements in Dec 06 for a vehicle. Yhe total finance was £36k. Now my partner has been laid off and I am struggling with the repayments.

I have been informed by the finance dept that i dont have an early termination aggreement and would have to either sell the vehicle privately, ask the dealer to buy back the vehicle or let the finance company sell it at auction then I would have to pay the remainder direct to the finance co.

Has anyone dealt with this situation and if so can they give any advice.

Yours

Z

standupguy

They seem to be giving you the correct information.

As it is an unregulated agreement there is no half clause which allows you to return the car (which there is on regulated agreements)

You should ask the lender for a settlement figure and then compare that to the current value of the car to see exactly where you stand.

armitageshanks_2

I am in one of these Unregulated agreements which i undertook when I Bought a Franchise. I am no longer with that franchise, but still trade independantly. I am stuck with the vehicle for another 3 yrs which is expensive, and is falling apart. Of course, the vehicle brokers will have nothing to do with the problems, and claim that it is not their responsibility, and it seems there is no way out of these agreements. I have contatacted the office of fair trading, who are also powerless in these matters and whose advice was to consult a Solicitor.

How can these companies get away with this? Unregulated, and unreasonable. Isnt this another example of the Financial Services misbehaving?