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HP Agreement
elsappelle
Posts: 17 Forumite
Please can someone advise me on the best way of sorting this out?
My boyfriend bought a car in february this year, it was through British Credit Trust. i told him he was being silly but he didn't listen. Anyway he now has a company car and drives this not the car he bought.
He wants to give the car back and hence stop paying for it. his payments are around 250 a month for the car and another 200 on the insurance.
Can he do this? I think it is a hire purchase but not sure. i don't want him having to keep paying out for it as he has been doing. he has really only had his LBM to see he is wasting 450 a month.
What i really need to know can he give the car back and thats the end of it or is he going to be liable for the debt still? Is there a way to minimise his losses?
Any advice would be appreciated!!
My boyfriend bought a car in february this year, it was through British Credit Trust. i told him he was being silly but he didn't listen. Anyway he now has a company car and drives this not the car he bought.
He wants to give the car back and hence stop paying for it. his payments are around 250 a month for the car and another 200 on the insurance.
Can he do this? I think it is a hire purchase but not sure. i don't want him having to keep paying out for it as he has been doing. he has really only had his LBM to see he is wasting 450 a month.
What i really need to know can he give the car back and thats the end of it or is he going to be liable for the debt still? Is there a way to minimise his losses?
Any advice would be appreciated!!
0
Comments
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Its very important to know what sort of debt it is.
IF it is a HP loan then he can return it after half the repayments have been made.
If it was simply a loan then he already owns the car and so could sell it.
see about HP
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingDebt/DebtsAndArrears/DG_100132260 -
Thanks for the link!
I will find out what kind of debt it is, and get him to do something about it!!0
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