Paying off Hire Purchase early

cajef

arcon5 wrote: »

. You clearly have other ideas despite it being discussed around here over and over again and near enough every poster who has checked their own policy finding such a term.

Not in my Direct Line policy.

Exactly the same terms as posted by MikeWhite above, no mention of the other car having to have it's own policy.

NewUserHere

By request of another poster I reiterate my previous comment which is factual and correct.

It is not legal to pay off a HP agreement early due to money laundering regulations. EU regulations forced this law upon the uk back in 2012, which is why you have a 14 day cooling off period from the outset

AdrianC

So that'd be the Money Laundering (Amendment) Regulations 2012, would it?
http://www.legislation.gov.uk/uksi/2012/2298/contents/made

Perhaps you'd be so kind as to point to exactly which of the amendments does that?

Fat_Walt

NewUserHere wrote: »

By request of another poster I reiterate my previous comment which is factual and correct.

It is not legal to pay off a HP agreement early due to money laundering regulations. EU regulations forced this law upon the uk back in 2012, which is why you have a 14 day cooling off period from the outset

Will that be the same eu regulations that give you a 6 month warranty on private purchases?

cajef

NewUserHere wrote: »

You'll find all the info you need at the following page

http://www.legislation.gov.uk/uksi/2012/2298/contents/made

So you have found out how to copy and paste, how about answering the question asked by AdrianC.

AdrianC

NewUserHere wrote: »

You'll find all the info you need at the following page

http://www.legislation.gov.uk/uksi/2012/2298/contents/made

No, that's the money laundering regs, the other foot in your mouth.

You must be thinking of http://www.legislation.gov.uk/ukpga/2015/15/contents/enacted

bazzyb

NewUserHere wrote: »

You'll find all the info you need at the following page

http://www.legislation.gov.uk/uksi/2012/2298/contents/made

There is absolutely nothing on that link which suggests that early settlement of hire purchase is illegal.

On the contrary, there is actually a legal right to settle the agreement early in full or in part under Section 94 of the Consumer Credit Act.