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Car Finance help

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  • Car Finance help

    hi guys,
    not sure if this in right forum section, but the finance agreement I am taking out is vague.
    Its a HP agreement on motor, I had finance problems in past, so high APR.
    Total amount of credit is £9800 and interest is £6000 over 5 years, total £15800.

    I need a car for new job so unavoidable.
    When I start to save again in job, and I want to pay off in full in 12 months, can they enforce the total £15,800.....or will be a sum of around £9800 - (part of 12 months capital repayment)

    I know the law changed regarding this that they must give fair settlement values.
    I do intend to get out of the HP before end of term, so trying to make sure I am familair with the terms,
    Any ideas?
    thanks
    Tags: None

  • #2
    I'm not exactly sure what you are asking for but in relation to early settlement offers , the remainder of the interest is generally removed to take account of the fact your paying in full earlier than expected.

    Early settlement offers only last for a short period of time and then you will need to request a further settlement offer.
    If you have a question about the voluntary termination process, please read this guide first, as it should have all the answers you need. Please do not hijack another person's thread as I will not respond to you
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    LEGAL DISCLAIMER
    Please be aware that this is a public forum and is therefore accessible to anyone. The content I post on this forum is not intended to be legal advice nor does it establish any client-lawyer type relationship between you and me. Therefore any use of my content is at your own risk and I cannot be held responsible in any way. It is always recommended that you seek independent legal advice.

    Comment


    • #3
      Originally posted by R0b View Post
      I'm not exactly sure what you are asking for but in relation to early settlement offers , the remainder of the interest is generally removed to take account of the fact your paying in full earlier than expected.

      Early settlement offers only last for a short period of time and then you will need to request a further settlement offer.
      ok,
      Let assume I sign agreement today, £9800 credit, £6000 interest. total amount £15800 over 5 years.
      tommorrow I win lottery and want to settle.
      Can they force me to pay the £15800 (credit + all interest due during the HP length), or only the amount of credit.(9800)
      thanks

      Comment


      • #4
        hi guys.
        thanks, think this calculator helps me out a lot
        https://www.magnitudefinance.com/abo...nt-calculator/

        Comment

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