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Overpaying HP
darwins_mum
Posts: 455 Forumite
Not sure if this is the right place to ask this question.
I bought a car on HP last year and want to make intermittent overpayments to reduce the life of the term. Mercedes won't give me their bank details so I can make deposits, nor will they amend my direct debit.
I can ring them and make a payment over the phone, but they state they will then reduce my monthly direct debit.
I am going round in circles.
Any way around this? Thanks
I bought a car on HP last year and want to make intermittent overpayments to reduce the life of the term. Mercedes won't give me their bank details so I can make deposits, nor will they amend my direct debit.
I can ring them and make a payment over the phone, but they state they will then reduce my monthly direct debit.
I am going round in circles.
Any way around this? Thanks
Nothing is so fatiguing as the eternal hanging on of an uncompleted task
Crazy Clothing Challenge 2015 £48.58/£200 :eek:
Crazy Clothing Challenge 2015 £48.58/£200 :eek:
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Comments
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Does your contract with them say that you can do this? I thought HP was a fixed term option of paying.Aiming to make £7,500 online in 20220
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Not sure, I will check.
I am wondering if I can reduce the term? Hoping to leave the UK in a couple of years and would like this out of the way before then.Nothing is so fatiguing as the eternal hanging on of an uncompleted task
Crazy Clothing Challenge 2015 £48.58/£200 :eek:0 -
Who is the finance contract actually with? It's reasonably likely that Mercedes have a finance company handling these contracts and are not taking that risk themselves. If this is the case it would be the finance company you owe, not Mercedes.
Check your contract for the finance company and overpayment clauses. That should give you a clear way forward either way. If you don't have your contract you should ensure Mercedes get a written letter requesting a copy of the contract that you personally signed.
You could also see if head office have a finance team that are more helpful.MFW date 2nd Jan 2024 - task complete YAY!1 -
If they reduce your direct debit every time you make an overpayment then just overpay a bit more the following month to make up for the reduction.
Does your contract with them say that you can do this? I thought HP was a fixed term option of paying.
Its just another loan secured on the vehicle.Mama read so much about the dangers of drinking alcohol and eating chocolate that she immediately gave up reading.1 -
I need to scrutinise the contract. What I really want to do is reduce the term of the agreement. Thanks for your input.gizmo111 said:If they reduce your direct debit every time you make an overpayment then just overpay a bit more the following month to make up for the reduction.
Does your contract with them say that you can do this? I thought HP was a fixed term option of paying.
Its just another loan secured on the vehicle.Nothing is so fatiguing as the eternal hanging on of an uncompleted task
Crazy Clothing Challenge 2015 £48.58/£200 :eek:1
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