liketoknow
Registered User
- Messages
- 193
thanks moneyhoney,Read this:
http://www.itsyourmoney.ie/files/publications/p_20080128041858Car Finance Jan 08.pdf
Don't confuse the 'third rule' with the 'half rule'
Third rule: If you have paid off less than one-third of the
hire-purchase price, a lender can take back the car
without taking legal action against you. A lender can
only do this if you broke the terms of the agreement
– for example, if you missed any payments or
damaged the car. The lender must give you notice in
writing and must give you 21 days’ notice to fix the
problem. You would still be liable for the difference between what they sell the car for and what is owed.
Half rule: Half rule: To end an agreement, you must let your
lender know in writing that you are ending it under
the half rule. Having ended the agreement, you must
pay half the hire-purchase price, less any payments
you have made to date (including any deposit you
paid), and return the car.
We have discovered the hard way that this is only true if it's a personal hire purchase agreement.Once you have paid half the hire purchase price (HP price will be written on agreement) you can return the car & walk away with no further liability.
The half rule is a right under the Consumer Credit Act. Give free legal advice a call if you want further info on it.
i was told by my car company that i had hp but later found out it was personal loan can i vt my car
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