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HP v Loan
muddypaws2807
Posts: 43 Forumite
in Loans
Hi
A friend of mine called today to say that they had bought a car yesterday on HP with a baloon payment at the end of it. The HP is with Black Horse and today they panicked about the interest that they are paying back. As the document stated that under the Financial Credit Act they were not entitled to cancel the agreement once signed. So the old grey matter when into overdrive.
Is it possible that they can call up the HP company and ask how much is outstanding on the debt, then get a bank loan for the equivalent and pay the HP off and repay the bank loan instead?
I thought I would ask you guys and then can pass on the advice back. (Oh and honestly its not for me I am fianlly debt free!)
Thanks
A friend of mine called today to say that they had bought a car yesterday on HP with a baloon payment at the end of it. The HP is with Black Horse and today they panicked about the interest that they are paying back. As the document stated that under the Financial Credit Act they were not entitled to cancel the agreement once signed. So the old grey matter when into overdrive.
Is it possible that they can call up the HP company and ask how much is outstanding on the debt, then get a bank loan for the equivalent and pay the HP off and repay the bank loan instead?
I thought I would ask you guys and then can pass on the advice back. (Oh and honestly its not for me I am fianlly debt free!)
Thanks
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