Tweet
Hi , I am new here and would a bit of advice,
firstly, I am a painter and decorator so have no idea over legal systems andhow they work, I was looking for a new van for the business as my current vanagreement was coming to an end I had this for four years and a balloon paymentwas coming up, at the beginning of this agreement I was told that the balloonpayment would be less than what the van would be worth and i could sell it andstill have enough to put down about one thousand on a new van, but at the endof the agreement I had found out that this was not the case and I had beengiven false information , the new person I was looking to get a van from toldme after sending him a copy of the old agreement that it was ok though as theagreement would let me hand back the van without paying the four thousand sevenhundred plus vat under the consumer credit act 1974 without any problems, greatI thought, duped again because I was concerned that although the last balloonpayment was not due for another three weeks it was ok and the new van would besorted before then.
Week after week went by and the final date got closer then came and went, even thoughi gave my concerns to the new company about the balloon payment I was constantlytold don’t worry you can just hand it back.
After the finance company contacted me a few days after the balloon paymentdate I told them that I just wanted to hand back the van under the credit actand was told no you can’t after the final balloon payment date has passed.
i was told I had to pay the amount outstanding or I could end up getting ablack mark against my credit report, so i had to pay it.
I then went back to the new company and told them what had happened and theyjust brushed it under the carpet as if it was not their fault.
That a side I am now getting a new van but don’t want to make the same mistakeagain, the credit company have said yes to the loan for the new van but want meto type out the following paragraph and email it to them.
I would like someone who knows about this stuff to tell me in lemans terms whatit actually means
this is what they have told me to write back with
The waiver wording is as follows
I/we understand that under the consumer credit act 1974 that I/we have no rightto cancel the agreement and that I am/we are entitled to a cooling off period beforethe agreement is executed. I/we wish to waive my right to cancel this agreementand do not wish to wait for the cooling off period before the agreement is executed.I/we also confirm that (name of their company) can execute the agreement usingscanned /faxed copies of the agreement. I/we also confirm that i/we have noright of termination under s101 of the act by reason of one of the exemptionsunder that section, once the agreement is executed.
It is mainly the last part about s101 I don’t understand
any help would be greatly appreciated
thank you
firstly, I am a painter and decorator so have no idea over legal systems andhow they work, I was looking for a new van for the business as my current vanagreement was coming to an end I had this for four years and a balloon paymentwas coming up, at the beginning of this agreement I was told that the balloonpayment would be less than what the van would be worth and i could sell it andstill have enough to put down about one thousand on a new van, but at the endof the agreement I had found out that this was not the case and I had beengiven false information , the new person I was looking to get a van from toldme after sending him a copy of the old agreement that it was ok though as theagreement would let me hand back the van without paying the four thousand sevenhundred plus vat under the consumer credit act 1974 without any problems, greatI thought, duped again because I was concerned that although the last balloonpayment was not due for another three weeks it was ok and the new van would besorted before then.
Week after week went by and the final date got closer then came and went, even thoughi gave my concerns to the new company about the balloon payment I was constantlytold don’t worry you can just hand it back.
After the finance company contacted me a few days after the balloon paymentdate I told them that I just wanted to hand back the van under the credit actand was told no you can’t after the final balloon payment date has passed.
i was told I had to pay the amount outstanding or I could end up getting ablack mark against my credit report, so i had to pay it.
I then went back to the new company and told them what had happened and theyjust brushed it under the carpet as if it was not their fault.
That a side I am now getting a new van but don’t want to make the same mistakeagain, the credit company have said yes to the loan for the new van but want meto type out the following paragraph and email it to them.
I would like someone who knows about this stuff to tell me in lemans terms whatit actually means
this is what they have told me to write back with
The waiver wording is as follows
I/we understand that under the consumer credit act 1974 that I/we have no rightto cancel the agreement and that I am/we are entitled to a cooling off period beforethe agreement is executed. I/we wish to waive my right to cancel this agreementand do not wish to wait for the cooling off period before the agreement is executed.I/we also confirm that (name of their company) can execute the agreement usingscanned /faxed copies of the agreement. I/we also confirm that i/we have noright of termination under s101 of the act by reason of one of the exemptionsunder that section, once the agreement is executed.
It is mainly the last part about s101 I don’t understand
any help would be greatly appreciated
thank you
Comment