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HP different to Fixed Sum Loan Agreement?
PinkPanther82
Posts: 9 Forumite
Hi all
I have started a DMP as I have £32k of debt.
Most of it is my car loan which I assumed was on HP (that's what the dealer told me) but after reading through my agreement I see it is called a Fixed Sum Loan Agreement.
Am just wondering how different this is to HP and where I would stand with the creditor?
With HP, the creditor owns the car until the loan is paid - am I right in thinking it's different with a FSLA?
Do I own the car?
Can the creditors take the car off me if they refuse a reduced payment plan?
Can they force me to sell it ??
So confused
I have started a DMP as I have £32k of debt.
Most of it is my car loan which I assumed was on HP (that's what the dealer told me) but after reading through my agreement I see it is called a Fixed Sum Loan Agreement.
Am just wondering how different this is to HP and where I would stand with the creditor?
With HP, the creditor owns the car until the loan is paid - am I right in thinking it's different with a FSLA?
Do I own the car?
Can the creditors take the car off me if they refuse a reduced payment plan?
Can they force me to sell it ??
So confused
0
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