We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Hire purchase
Shellsblaydon
Posts: 1 Newbie
in Loans
Hi, I completed a hire purchase form in September which was calculated by the finance company.The goods were released to me and the work to install started in November.I paid the deposit as requested on the HP form and agreed the monthly payment,as far as I am aware that was the end of it.Last week our of the blue I got an email with a new hire purchase form attached which asked me for £1000 more deposit as an error had been made whilst they did the calculation and the deposit should be the value of the VAT. Ok I thought, however when reading through the form the monthly payment remained the same even though the deposit had increased by £1000 over the same term. I then compared the value in the interest payable box and this had increased by £1000. This therefore means that I will be paying £1000 more than I signed for before the goods were released.I refused to sign the revised form and they said but you agreed the monthly payment and if I didn't agree the goods would not be mine at the end of the term. I believe that my contract stands and they can not force me to sign a new agreement costing £1000 more after the fact. Also can they repossess the goods, I made an informed decision to purchase the goods taking into account the cost including interest.I may not have bought the goods if I had the corrected cost information.
0
Comments
-
All a little bit confusing.
What is the finance for?
Who arranged the finance?
Comparing the original and the new agreement.
What is the figure for the price of the goods shown on each agreement?
What is the deposit amount shown on each agreement?
What is the interest amount shown on each agreement?
What are the arrangement and option to purchase fees (if any) shown on each agreement?
What are the monthly payments and the term shown on each agreement?
What is the Total Amount Payable shown on each agreement?0 -
Hi,
You need to get legal advice on this matter, the best source of free legal advice on the net is at :
http://legalbeagles.info/forums/I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455K Spending & Discounts
- 246.6K Work, Benefits & Business
- 602.9K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards