cancelling finance agreement

ricstanden

Hi everyone.

I have been given 1 months notice as the company I work for is cutting back its jobs..

I have a car on finance (company called Billing) and a PC from HFC bank.

I have informed the car finance company and they have agreed to take the car back and I will owe them nothing.

I have had the PC for 1 and a 1/2 years, on a 4 year contract with HFC.

If I was to ring them up and inform them of what has happend can I cancel the agreement and they collect the pc?

Would I get any kind of charge or fine for terminating?

All I am trying to do is cust back on no essential things, so things like sky have been removed, mobile contracts changed to pay as you go (contract is due to be renewed in august but asked to change to pay as you go)

Do I need to rign HFC or put it in writing or do both?

Regards
Ric

PNPSUKNET

Its not going to happen Im afraid, its now second hand and with the price been sky high to start with. Sell it on ebay

ricstanden

I am trying to find my T&C's for the pc I have however found one from an old agreement which I paid off 3 years ago (was a 1 year agreement) and it says I can cancel the agreement at anytime. So I take it this part is not true then?

fozmcfc

Firstly, sorry you are being made redundant. Secondly if you need advice on your redundancy don't forget to post on the redundancy boards on the site where people will be able to give you support and advice.

Did you take out any payment protection insurance with them. I.E. if you are made redundant you can make a claim and they will pay your monthly payments for a certain amount of time, until you get sufficient money to be able to afford the payments again.

If not, as regards to the finance agreement, if it is on 4 years interest, you can end the agreement at any time, by giving them whatever money is required.

For instance a few years ago, when struggling for money, I stupidly signed up to such agreement when I bought a TV for £749 off dabs to pay over 4 years, now with the interest it works out something like £1250 or thereabouts if I pay over 4 years.

On my agreement it states I can end the agreement at any time and lists examples of sums I must pay if I want to end the agreement a quarter, half or three-quarters of the way. I can't just say here's the TV I've had for nearly 2 years, so I owe you nothing.

When you took out the agreement it would have meant that you are getting the PC for an initial deposit and then paying towards it accuring probably something like 29.9% APR interest a year. 18 months into a 4 year agreement, the chances are you probably haven't even paid them what the original price without interest was.

Apples2

ricstanden wrote: »

it says I can cancel the agreement at anytime. So I take it this part is not true then?

It is true, but it doesn't mean you can simply stop paying, keep the goods and not owe anything.

Nor does it mean you can simply walk back into PC World and drop the old PC on the counter and walk away owing nothing.

As Fonz said, the PC you bought was massively overpriced so after nearly 2 years it is very unlikely you have made much of a dent into the overall cost, and after nearly 2 years, the PC will only be worth a couple of hundred quid on the open market.

CLAPTON

in general HP agreements allow you to return the goods after half the finance has been paid (i.e. typically after half the payments have been made) and nothing is then owed
however, normal finance agreements do not; its unlikely that a PC would be sold on HP
what sort of loan was it?