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Here's a good one, i need a little advice on before i make my decision of how best to go about things.
I have a HP agreement, which is in the company name, and not guaranteed by myself or any other persons for a company vehicle.
Due to an error in the paperwork from day one, the payments have always come out my personal bank account, and i have had to claim the money back from the company account.
the company who provided the vehicle and agreement have gone bankrupt, and both directors have been persued by banks and lenders for supplying misleading, wrong and falsified finance agreements. they have been sentenced for this.
Now the situation- my company i have been forced to liquidate. I have had to continue making payments for a vehicle, which i deam to be unnecessary as the vehicle is in the company name, and there is no guarantee signed by me.
I have been told by several other company owners, that there is a clause where if you have paid over 2/3 of the finance agreement off, you can keep the vehicle without makeing any further payments, as the finance company will opt not to take the vehicle back.
Is this correct and if so, how can i do it?
If not, i guess i have the option to hand the vehicle back to the finance company, but will this go against me personally?
the agreement started in feb 2007, and has been paid in full every month as requested without fail up until now. we also placed a £8000 deposit on the vehicle, so have paid back 35 months of payments, plus the deposit, on a 48 month term agreement.
any help much appreciated, i did read the forums, but the difference with this is the vehicle is in the company name, not mine.
I have a HP agreement, which is in the company name, and not guaranteed by myself or any other persons for a company vehicle.
Due to an error in the paperwork from day one, the payments have always come out my personal bank account, and i have had to claim the money back from the company account.
the company who provided the vehicle and agreement have gone bankrupt, and both directors have been persued by banks and lenders for supplying misleading, wrong and falsified finance agreements. they have been sentenced for this.
Now the situation- my company i have been forced to liquidate. I have had to continue making payments for a vehicle, which i deam to be unnecessary as the vehicle is in the company name, and there is no guarantee signed by me.
I have been told by several other company owners, that there is a clause where if you have paid over 2/3 of the finance agreement off, you can keep the vehicle without makeing any further payments, as the finance company will opt not to take the vehicle back.
Is this correct and if so, how can i do it?
If not, i guess i have the option to hand the vehicle back to the finance company, but will this go against me personally?
the agreement started in feb 2007, and has been paid in full every month as requested without fail up until now. we also placed a £8000 deposit on the vehicle, so have paid back 35 months of payments, plus the deposit, on a 48 month term agreement.
any help much appreciated, i did read the forums, but the difference with this is the vehicle is in the company name, not mine.
