Lease payment for solar batteries

System

This discussion was created from comments split from: DMP mutual support thread part 13 !!.

smart_taunton_bloke

Thanks for all the content on this thread, it's been super helpful. 

I am on the verge of defaulting on my loans and cards and going down the DMP route as I'm finding my debts hard to manage.

On checking my credit file, I have an 'operating lease' from one of the banks. I assumed this was just a normal loan. I took this out when I had the solar batteries installed a few months ago. 

Should I treat this the same as the other creditors? 

sourcrates

@smart_taunton_bloke

Have moved your post to the general forum where it will get more traffic.

QrizB

smart_taunton_bloke said:

On checking my credit file, I have an 'operating lease' from one of the banks. I assumed this was just a normal loan. I took this out when I had the solar batteries installed a few months ago. 
Should I treat this the same as the other creditors? 

What does the paperwork for that loan/lease say? Is it a straightforward loan or is it more complicated?

(I've read your threads from 2023 regarding adding batteries to your solar PV system, it would be great if you could update one of them (maybe the Green & Ethical one) to say what you've had installed and how you're getting on - but that's an entirely separate conversation to the one about your finance arrangements.)

smart_taunton_bloke

@sourcrates - thank you for moving this! 

@QrizB - thank you. I have just checked. It looks like a normal loan. But on my file with 'checkmyfile' it says it's an operating lease, which is why it stood out as unusual.

I will go back and update the old threads. I haven't had them very long and still getting my head around using them correctly. 

ManyWays

You have checked the loan agreement and it starts off saying something like "Fixed Sum Loan Agreement regulated by the Consumer Credit Act 1974"?

smart_taunton_bloke

@ManyWays - thank you - it starts like this: 

This product is an interest-bearing unsecured loan, provided under a Credit Agreement regulated by the

Consumer Credit Act 1974,