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Hello,
I have a Mercedes Vito taxi and I'm really struggling to make payments. It is used both as a work vehicle and personal. I'm approaching the 50% mark of total cost and wanted to terminate early and give the vehicle back. However I've this clause in my contract and it seems I foolishly signed away my right to do so;
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"Declaration for exemption relating to businesses
(articles 60C and 60O of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001)
I am/We are* entering this agreement wholly or predominantly for the purposes of a business carried on by me/us* or
intended to be carried on by me/us*.
I/We* understand that I/We* will not have the benefit of the protection and remedies that would be available to me/
us* under the Financial Services and Markets Act 2000 or under the Consumer Credit Act 1974 if this agreement were
a regulated agreement under those Acts.
I/We* understand that this declaration does not affect the powers of the court to make an order under section 140B of
the Consumer Credit Act 1974 in relation to a credit agreement where it determines that the relationship between the
lender and the borrower is unfair to the borrower.
I am/We* are aware that, if I am/we* are in any doubts as to the consequences of the agreement not being regulated
by the Financial Services and Markets Act 2000 or the Consumer Credit Act 1974, then I/we* should seek independent
legal advice.
*Delete as appropriate.
Signature of Customer(s)"
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I had no idea what the customer credit act was back then, nothing was explained or pointed out, but I did sign it.
What are my options here? Is there no way out of the HP contract?
Thanks in advance,
Joe.
I have a Mercedes Vito taxi and I'm really struggling to make payments. It is used both as a work vehicle and personal. I'm approaching the 50% mark of total cost and wanted to terminate early and give the vehicle back. However I've this clause in my contract and it seems I foolishly signed away my right to do so;
-----------------------
"Declaration for exemption relating to businesses
(articles 60C and 60O of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001)
I am/We are* entering this agreement wholly or predominantly for the purposes of a business carried on by me/us* or
intended to be carried on by me/us*.
I/We* understand that I/We* will not have the benefit of the protection and remedies that would be available to me/
us* under the Financial Services and Markets Act 2000 or under the Consumer Credit Act 1974 if this agreement were
a regulated agreement under those Acts.
I/We* understand that this declaration does not affect the powers of the court to make an order under section 140B of
the Consumer Credit Act 1974 in relation to a credit agreement where it determines that the relationship between the
lender and the borrower is unfair to the borrower.
I am/We* are aware that, if I am/we* are in any doubts as to the consequences of the agreement not being regulated
by the Financial Services and Markets Act 2000 or the Consumer Credit Act 1974, then I/we* should seek independent
legal advice.
*Delete as appropriate.
Signature of Customer(s)"
-------------
I had no idea what the customer credit act was back then, nothing was explained or pointed out, but I did sign it.
What are my options here? Is there no way out of the HP contract?
Thanks in advance,
Joe.
