Dodgy Car HP agreement? Advice needed.

TarnyBobbins

Hi All. THis is my first post on here

I took out a hire purchase agreement in 2008 to get a car. I was young, naive, desperate for transport to get to work (had just separated from partner and used to drive his car) and I took out this agreement knowing I was paying a higher rate because I probably wouldn't have got credit at another garage but the very nice man did his best to get me credit.

I came home with a piece of A4 paper which was my agreement. It was unreadable due to blurred print (imagine like a document photocopied from something that had been photocopied a thousand times since the original was used - totally not clear to read!) and it was 3 years before I realised that I had never even received terms and conditions for the HP loan and so emailed the company and had them emailed to me.

I later realised that for a car that cost £2995 I had taken out an HP loan for approximately £8000 (I've misplaced the document - the original has been sent off to a PPI claims company and I don't know where I've put the photocopy). Several people have told me that I should see if I'm entitled to any claim for unacceptable interest rates. I admit that I've been very stupid in the past and was the type of person who'd pay more to get something on credit rather than pay up front, but surely even I wasn't stupid enough to take out credit at that kind of interest rate!??

What i'd like to know is, does anyone know where I stand? I'm currently facing a possible Debt Relief Order soon and the company have told me that if I voluntarily surrender the car, I'll still have to pay monthly until whatever's left owing is paid up. Due to having several repairs needed, that i've not had the money to get fixed, I I doubt even after selling it at street value it'd wipe off what I owe. They reckon I still owe nearly £2000. I had to give up my job last Summer due to anxiety problems and since then have only been paying £50 reduced payment instead of the £176 they wanted. I'm working now but only on minimum wage.

Any advice appreciated! Unfortunately our local CAB is not easy for me to access due to the hours I work, and i've emailed an enquiry to the consumer standards people but not had a reply yet.

Thanks! :A

chanz4

If you agreed to the apr, nothing can be done

dealer_wins

1000s of people take out loans at over 2000% every week, I bet your car loan was under 30% lol

iolanthe07

Several people have told me that I should see if I'm entitled to any claim for unacceptable interest rates.

Sadly, in this country there is no such thing as an unacceptable interest rate. Desperate people pay stupid rates (see all the Pay Day loans posts here). You really do need to see the CAB. Ask if they're open on weekends or evenings. The CAB might be able to pursuade them that £50 a month is as good as they'll get.

TarnyBobbins

Thanks for your replies. I guess I put this down to my own stupidity. I have found the copy of the HP Agreement that i got with the car, and the APR figure is not clearly readible, neither are the figures for what exactly I have borrowed. I was clearly stupid enough to sign for anything, and I guess you just have to live with the consequences!

vax2002

If you signed it, you signed to say you had accepted and understood everything on it.
Sorry, but thats the law.

TarnyBobbins

That's fair enough. Certainly a very expensive lesson I learnt from that one!! :eek:

Apples2

We did have a young guy on here a while ago. His £3,000 Corsa was costing him over £13,000.

No use to you but at least you know you aren't the only one.

TarnyBobbins

Wow, I guess I should consider myself lucky then. I just realised that in this day and age where everyone's trying to reclaim things and sue people etc nobody really wants to take responsibility for things anyway. I think I was just trying to blame someone for my own stupidity. I've learnt massive lessons about being responsible with money in this last year so I think I'll just forget this now and realise that I only have myself to blame. Lesson learnt! Thanks for your replies

geoffky

what a bloody nice change!!!!!
You are one of the very very few who understands that you have to stand up for your own actions....most on here think that its the loan companys fault especially when they have given out their bank card details to strangers on the phone,, a refreshing change

TarnyBobbins

:rotfl: pleased to make your day, geoffky!!