Regulated -vs- Non regulated Hire Purchase

GKWsailing

My question is firstly whether a Hire Purchase Agreement in the name of a limited company is excluded from being regulated by the Consumer Credit Act, as the lender's solicitor insists.

I bought a car in 2004 with a loan from Black Horse Finance.
The loan amount was £17,250 in the name of my limited company with a personal indemnity given by me.
I signed a "Non-regulated Hire Purchase agreement" but the next day I was contacted by Black Horse and told that it was not the correct agreement and they would send me a "Regulated" agreement in the post. I have the unsigned copy of this regulated agreement.
I have paid £18,600 but fell into arrears last year. The car was repossessed without a court order and Black Horse are sueing for the balance of £6,000.
Of course Black Horse now denies the existence of the second "regulated" agreement and produces only their copy of the signed non-regulated agreement.

I believe that if "regulated" then they had no right to reposess without a court order and that I may be due refund of my repayments.

iolanthe07

I bought a car in 2004

You've had the car for 8 years? Surely the loan will be paid off long before now. Are you claiming that you might be entitled to have had the use of a £17 grand car free for 8 years because of confusion over the type of loan agreement? I think you need to consult your own solicitor.

GKWsailing

The question was whether this should or could have been a regulated agreement.

I was not asking for your judgement, but thank you for your prompt reply.

poppasmurf_bewdley

Regulated loans are loans below £25k. You took your loan out in 2004.

Now I know that the level for regulated loans used to be £15k in 1991, but when it increased to £25k I have been unable to find out. I think you need to do some investigative work and find out when it changed.

SeanG79

It was written in the name of the limited company so it is ALWAYS unregulated.

So no it could never have been an CCA regulated deal.

~Brock~

It's called the Consumer Credit Act for a reason.

Limited companies are not protected under it.

See this rather useful piece for more info.

iolanthe07

I may be due refund of my repayments.

Well, (and at the risk of sounding judgemental), in your dreams!

rtho782

Yup, dereg as it was signed with a limited company.