Commercial Hire Purchase Agreement Query

A

alaw

Guest
Hope im in the right forum! Does anyone have any information regarding law surrounding commercial hp agreements? Apparently they are not covered within the scope of the laws governing HP agreements in that the one-half rule does not apply, is this correct? sounds ludicrous! basically bought a new commercial vehicle 2 years ago, paid almost half the value of the vehicle when it was purchased and took out finance for the balance. Havent been able to keep up repayments and even though I have paid more than half the bank are telling me they can repossess the vehicle and I will still be liable to pay any balance due after they sell the vehicle as my agreement is an unregulated agreement! is this correct? and why so? never heard of unregulated agreements until now and was unaware that that was what i was entering into at the time, any help appreciated, thank you
 
Consumer agreements are governed under the Consumer Credit Act (which the half rule falls under). Non Consumer (Business) agreements are not covered under this Act so the half rule does not apply.

Its as simple as that I'm afraid.
 
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