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Hi - I need some advice regarding a HP car loan. A loan was taken out by my husband in January 2005 to purchase a car. The loan was for 5 years but when he fell into arrears after nearly 3 years the finance company talked him into taking out another loan to repay the old loan over a 10 year period. This loan now takes him past his retirement age. The car is now 10 years old and well past its sell by date and is parked in the drive useless. I feel he was taken advantage of by his worry of paying off the first loan and that the finance company did not act in good faith and acted in detriment to him. They paid themselves back the first loan and signed him up to the second loan incurring a lot more interest. Does anyone have any advice on how we could deal with this? I know there is now a provision called "The Unfair relationships provisions". Does anyone know how this works and what we could do? Any help would be greatly appreciated.
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Last edited by shents; 18 June 2012, 19:04. -
Re: Unfair Relatiosnhips - HP Agreement
I'm sorry but I'm not knowledgeable in this area but I'm sure someone who is will be along soon.Let your smile change the world but don't let the world change your smile
I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.
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Re: Unfair Relatiosnhips - HP Agreement
Hi Shents
This is a very tricky one to establish. First are you able to say who the lender is?
Second, was the loan a personal loan, or was the loan on a hire purchase agreement. I suspect the former, but worth checking as if on HP you have additional options.
Best
SnV"I fear all we have done is to awaken a sleeping giant and fill him with a terrible resolve."
The consumer is that sleeping giant.!!
I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.
If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.Comment
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Re: Unfair Relationships - HP Agreement
Hi SnV
Thanks for your response. The Lender is Welcome Finance and first and second agreements are both HP agreements with the car as security on both!
ThanksComment
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Re: Unfair Relationships - HP Agreement
Hi Shents
Ok, so has your husband paid back more than 50% of the total amount payable indicated in the agreement?
Was the loan amount more than 25k?
Is your husband in arrears with the current loan?
Best
SnV"I fear all we have done is to awaken a sleeping giant and fill him with a terrible resolve."
The consumer is that sleeping giant.!!
I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.
If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.Comment
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Re: Unfair Relationships - HP Agreement
... who are/were a bunch of shonky shits whose demise was mourned by none.Originally posted by shents View Post
That is impossible, as a motor-car on a hire purchase agreement remains the property of the hiree - the company who offered the agreement to the customer or hirer - until the agreement is satisfied. Only after the final payment does title to the motor-car pass to the customer.and first and second agreements are both HP agreements with the car as security on both!Comment
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Re: Unfair Relationships - HP Agreement
Hi
The loan originally was for around £13,000 and then the second loan was for around £9,000.
He is in arrears with the current loan although not by much.
We are awaiting payment schedules from the finance company to see exactly how much he has paid.
ThanksComment
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