Advice black horse hire purchase

[AK786]

Hi guys

just joined, must say what a great helpfull forum this is

right need some advice please, basically i bought a vehicle in march 2009
which was on hire purchase financed by black horse, total amount including interest
was 34,610.60 over 5 years, 575.26 per month

problem is because ive been off work etc i fell in arrears, & now black horse have raised
my montly repayments to 987 each month, which i cant afford due to other bills/mortgage etc

so considering intial amount was 34,610.60 i have so far payed atleast 17k back
outstanding balance is around 16k. i have 17 x 987 remaining until 03/14

As ive paid half amount would i be able to VT vehicle back to black horse or would i have to pay complete amount ? on my agreement it says non regulated fixed rate
also no pp included

thanks in advance

[miliitant]

Re: Advice black horse hire purchase

well for a start as its 2009 then its a regulated agreement as all credit agreements became regulated on or after 6th april 2008

their should be a termination figure on the agreement stating what the half way point and the option to do a voluntary termination

please dont confuse with voluntary surrender

[AK786]

Re: Advice black horse hire purchase

well for a start as its 2009 then its a regulated agreement as all credit agreements became regulated on or after 6th april 2008

their should be a termination figure on the agreement stating what the half way point and the option to do a voluntary termination

please dont confuse with voluntary surrender

Hi

there is no mention of termination figure at half point
all it says is if i decide to end agreement at anytime i would have to pay
the whole amount which is 58 x 575 according to the agreement copy i have

also there is no signature at all, agreement is reg by cc act 1974 if that makes any difference
all i want to do is return vehicle as long as i dont have to pay remaining balance of 17k
taking in account i have paid half amount already of 17k

all help appreciated in advance

[miliitant]

Re: Advice black horse hire purchase

what does it say at the top of the agreement something like

hire purchase agreement regulated by the consumer credit act 1974

[AK786]

Re: Advice black horse hire purchase

what does it say at the top of the agreement something like

hire purchase agreement regulated by the consumer credit act 1974

have attached pic

[miliitant]

Re: Advice black horse hire purchase

this realy is your lucky day

you may even get to keep the car as in a sense their is no agreement

that agreement states its a hire purchase agreement, NOT REGULATED BY THE CCA 1974

as long as you signed the agreement after april 2008, its game over for black horse

[alham]

Re: Advice black horse hire purchase

Is it a business agreement?

[AK786]

Re: Advice black horse hire purchase

this realy is your lucky day

you may even get to keep the car as in a sense their is no agreement

that agreement states its a hire purchase agreement, NOT REGULATED BY THE CCA 1974

as long as you signed the agreement after april 2008, its game over for black horse

agreement started in march 2009 so what do you recommend i do next ?
as the vehicle is a taxi london cab which i use for work, however i still cant afford 987 repayment a month plus other bills, id rather return cab & buy cheaper one cash

Is it a business agreement?

not sure to be honest doesnt mention business anywhere on agreement
but vehicle is a london cab which i use to work

[miliitant]

Re: Advice black horse hire purchase

for a start and to begin with i would be sending black horse a letter asking for an explanation as to why it states its a non regulated agreement under the cca 1974 in that all agreements became regulated after april 2008 with the protection that entails

i think the dealer where you bought the vehicle from made a mistake and used an old agreement form, black horse should have picked this up or chose to ignore it

[alham]

Re: Advice black horse hire purchase

yup, looks like an old form

[AK786]

Re: Advice black horse hire purchase

for a start and to begin with i would be sending black horse a letter asking for an explanation as to why it states its a non regulated agreement under the cca 1974 in that all agreements became regulated after april 2008 with the protection that entails

i think the dealer where you bought the vehicle from made a mistake and used an old agreement form, black horse should have picked this up or chose to ignore it

so would this work in my favour returning vehicle without paying remaining balance

also when you say there is no agreement can you elaborate please
thanks, really apreciate all the advice/help.

[labman]

Re: Advice black horse hire purchase

Deleted

[miliitant]

Re: Advice black horse hire purchase

is it a business loan though (sole trader)

i am sure there must be some sort of caveat in the t&c

there is no mention though on it being a busines loan or am i missing something ???

[AK786]

Re: Advice black horse hire purchase

please see another pic attached below
thats only part where agreement mentions business, even though i purchased as a indivisual
may be thats classed as a sole trader ?

[labman]

Re: Advice black horse hire purchase

Deleted