Click to return to Money Homepage
    C4 Forums    Life    Money    HP Finance - Help
Go
New
Find
Notify
Tools
Reply
  
  Login/Join 
New Member
Posted
I recently purchased a car in a rush as my other packed in and my boss would only allow me one day off work to sort the issue. In my haste I entered in a finance agreement with only a little shopping around. Now I have the facility to pay off the balance, however there is a £300 extra charge for doing so plus various interest payments. Does anyone know of anyway around this as I can just about afford the car. Your help would be very much appreciated.
 
Posts: 2Reply With QuoteEdit or Delete MessageReport This Post
Two Gold Stars
Posted Hide Post
How long ago did you enter into the finance agreement? Was there a cancellation period( normaly 14 days)? I think the only way you can avoid the charges is if you cancel the arrangement within this period. Sorry I caqnt be much help
 
Posts: 8687Reply With QuoteEdit or Delete MessageReport This Post
New Member
Posted Hide Post
Unfortunately there was no cancellation period, or so I was told. Thank you for your help anyway.

As you are the only one to offer any help thank you very much. You really are a lovely lady.
 
Posts: 2Reply With QuoteEdit or Delete MessageReport This Post
Three Silver Stars
Picture of dabbit
Posted Hide Post
Hi Mike, I think it is the norm on loans of any sort that they charge you a fee if you repay early, as they would otherwise lose the interest. However, I think new laws are*/have recently* been past which don't allow finance companies to charge a fee for early repayment.

I am no expert, but I would certainly check it out with C A B...After all if you can save yourself £300 you could use your new car to go on a break!


Everything has beauty but not everyone sees it
 
Posts: 205Reply With QuoteEdit or Delete MessageReport This Post
Four Gold Stars
Posted Hide Post
Mike,
as dabbit has helpfully suggested, nip down to your local CAB - youll find them in the phonebook. They can look through your contract and advise you.

However, there should be a 14 day "cooling off" period, where you can cancel any agreement, although there will more than likely be some hidden, unavoidable "admin" fee Mad

If you do cancel after the 14 days and into the contract, as standard, you will be charged a cancelation fee and a percentage of the lost interest to the finance company - hope that helps and you get it sorted Smile


im what willis was talking about
 
Posts: 2578Reply With QuoteEdit or Delete MessageReport This Post
One Silver Star
Picture of stateofplay
Posted Hide Post
quote:
Originally posted by chookisa:
Mike,
as dabbit has helpfully suggested, nip down to your local CAB - youll find them in the phonebook. They can look through your contract and advise you.

However, there should be a 14 day "cooling off" period, where you can cancel any agreement, although there will more than likely be some hidden, unavoidable "admin" fee Mad

If you do cancel after the 14 days and into the contract, as standard, you will be charged a cancelation fee and a percentage of the lost interest to the finance company - hope that helps and you get it sorted Smile


There are two types of CCA agreements. Cancellable and non-cancellable. It will be clearly titled at the beginning of your copy of the agreement.
 
Posts: 3853Reply With QuoteEdit or Delete MessageReport This Post
 Previous Topic | Next Topic powered by eve community  
 

    C4 Forums    Life    Money    HP Finance - Help