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Liability question about Pay4Later
Comments
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I presume Pay4Later is some kind of hire purchase scheme?
The original purchaser would be liable to continue the repayments, I would (heavily) imagine.
What's the exact scenario?"Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0 -
You need to check the details of the agreement signed.
The 'purchaser' does not become liable for repayments.
However if it is a hire purchase agreement then possibly in theory the asset could be repossessed if the original person does not keep up with the repayments.A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
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hi -thanks for replying.
The scenario is a guy is selling a bike he has bought on finance (via Pay4Later) andhS not yet completed the payments. He tells me the credit agreement is between him and the credit agency with his house as collateral rather then on the bike i.e. Not like a car on HP. I'm checking to make sure I don't become liable before buying it.
Regards0 -
I wonder if this is a similar situation to buying a car on finance and you find out later on its still outstanding when it gets taken away.0
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I would ask to see a copy of the credit agreement to ensure that the debt is not secured on the bike. To ensure he has a right to sell it and so you don't risk losing it.
It may well be an unsecured credit agreement, I'd be very surprised if it was secured on his house.
Are you talking bicycle or motorbike?A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
Hi,
A bicycle.
His statement is "It was purchased on finance which I have not
yet settled. The loan is not secured on the bike, it is against me
personally, the credit agreement states that if I don't pay they will take
charge over my home, not the item the loan was used for. This is in line
with the consumer credit act laws over unsecured lending."
Regards0 -
If it is an unsecured agreement then yes he can sell it to you and there will be no come back on you.A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0
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