Hire Purchase - is my lender in breach?

skyblue1987

Hi - when signing a hire purchase agreement I advised that the a/c from which the money was to be taken was different to that on the agreement (i.e it should come from a joint a/c rather than my personal a/c)
Since then the lender has continued to take money out of the wrong a/c.
Is the lender subsequently in breach of the agreement? Does an agreement actually exist ?

Any advise gratefully received, I am trying to get out of the agreement due to a change in my circumstances, but the lender is determined to make it difficult & costly

[Deleted User]

Provide them with the details of the account you want the money to come out of again and ask they change it.

Failing that, you can always transfer the required sum from your account into the other one before the date the payment is taken.

skyblue1987

Thanks for your reply
The transfer of money between accounts isn't the problem - it's the legal status of "the agreement" that concerns me more.

I am in a situation whereby the lender is saying that if I want to end "the agreement" they have the ultimate say in how and when my vehicle is re-sold. I believe that this will mean that the vehicle will be resold for less than its market value.

If I can prove that they are in breach, or that no agreement legally exists it gives me more power in my negotiations.

[Deleted User]

They're not in breach, just because the payment is coming from a different account. That just sounds like a mix up that would be easily sorted.

McKneff

Deleted_User wrote: »

They're not in breach, just because the payment is coming from a different account. That just sounds like a mix up that would be easily sorted.

Exactly..................

nelly12

skyblue1987 wrote: »

Thanks for your reply
The transfer of money between accounts isn't the problem - it's the legal status of "the agreement" that concerns me more.

I am in a situation whereby the lender is saying that if I want to end "the agreement" they have the ultimate say in how and when my vehicle is re-sold. I believe that this will mean that the vehicle will be resold for less than its market value.

If I can prove that they are in breach, or that no agreement legally exists it gives me more power in my negotiations.

Ha ha, this is laughable. They are not in breach of anything, the status of the agreement will remain valid. You at some time must have provided them with the bank details so how can they be in the wrong? Did they just guess what your other bank details were?

If you need them to take the money from a diffrent account then tell them and they'll do that. Now if you can't afford to maintain the monthly payments then you need to discuss what options you have with them. If this is the case don't get drawn by anything you read on here or in the presss about unenforceable agreements, in terms of the HP agreements you have about a 0.001% (yes that's 1 in 100'000) chance of it being unenforceable, these agreements are water-tight unless there is fraud involved.

if you want true facts and advice you only have to ask in the right way, there are a few on here who work in the the motor/motor finance industry.

Apples2

Why didn't you just state the account number the payments were due to come from?

What else did you think you were stating them for??

Your distant hope of a free car is unlikely to happen.