Paying off HP early and section 75 protection

Jenni_D

born_again said:

Jenni_D said:

Makes no difference ... it's still finance directly attributable to the purchase.  

Unless it is paid off in the 14 day cooling off period. Then the agreement is cancelled.

Well, yes ... but we'd already covered that point.  

lokowy

Am I paying interest from the amount owed? If I pay tomorrow, on the last day of cooling off period, 8995£ and leave a fiver on - then technically I will have not cancelled the agreement and retained section 75 protection? Will the interest be calculated from that 5£ I still owe?

lokowy

Jenni_D said:

born_again said:

Jenni_D said:

Makes no difference ... it's still finance directly attributable to the purchase.  

Unless it is paid off in the 14 day cooling off period. Then the agreement is cancelled.

Well, yes ... but we'd already covered that point.  

I forgot to mention that I do accrue interest during cooling off period already albeit it's slightly lower

DrEskimo

You haven't picked the car up yet, so I'm guessing you haven't finalised the finance?

When you go to collect tomorrow, just say you've changed your mind and don't want the finance. Ask to pay £X amount on a credit card, and then the rest via your debit card.

Jenni_D

Did you get a discount for taking the finance? If yes then they'll likely renegotiate to remove the discount.

DrEskimo

Jenni_D said:

Did you get a discount for taking the finance? If yes then they'll likely renegotiate to remove the discount.

I thought that originally, but the OP clarified that this wasn't the case I think.

lokowy said:

The only reason for finance was that the dealer wouldn't have accepted credit card payment over 500£. Car was 9000£. I stupidly accepted that the whole amount will be covered by the HP instead of using my credit card for an initial 500£. I assumed that I'd just pay off the HP deal right after getting the car but since it was bought with a credit I'd be protected by section 75.

 

lokowy

No, I didn't get a discount. And to clarify the other reason I took finance was because I was 4k short of cash that day and I wanted to cover the shortfall with a credit card which they wouldn't accept at that amount. Now I've got this remaining 4k and I'm able to clear the finance anytime hence the question regarding section 75.

DrEskimo

lokowy said:

No, I didn't get a discount. And to clarify the other reason I took finance was because I was 4k short of cash that day and I wanted to cover the shortfall with a credit card which they wouldn't accept at that amount. Now I've got this remaining 4k and I'm able to clear the finance anytime hence the question regarding section 75.

Why have you paid for the car in full before you've even got it?

Has the finance been running since 12days ago?

lokowy

DrEskimo said:

lokowy said

No, I didn't get a discount. And to clarify the other reason I took finance was because I was 4k short of cash that day and I wanted to cover the shortfall with a credit card which they wouldn't accept at that amount. Now I've got this remaining 4k and I'm able to clear the finance anytime hence the question regarding section 75.

Why have you paid for the car in full before you've even got it?

Has the finance been running since 12days ago?

Yes, since 13th - bank forwarded money to the dealer that day. I test drove the car and I'm happy everything is fine but... Car had to be prepared, that was a couple of things needed done although it clearly has taken longer than I thought (I think lots of people on holiday). We'll b calling the bank today and see what they say if we pay everything bar a wee fiver to keep section 75 protection.

Jenni_D

That's why I asked about the early redemption T&Cs ... you should be able to read what they are before you call the bank. Did you receive a full copy of the T&Cs?