Advice black horse hire purchase

[miliitant]

Re: Advice black horse hire purchase

but does the agreement not have to state its a business agreement and has the exemption of being non regulated

to me it is just a normal hire purchase agreement as stipulated at the top of the agreement, be it does state non regulated but that could be just the wrong style of agreement used

[ezzzy]

Re: Advice black horse hire purchase

Hi there just to add to this post... I have the same vehicle..lti london cab Bought through black horse in 2010 and I am coming up the half way mark.. And I am sure my agreement says unregulated will check later

[ezzzy]

Re: Advice black horse hire purchase

Hi there just to add to this post... I have the same vehicle..lti london cab Bought through black horse in 2010 and I am coming up the half way mark.. And I am sure my agreement says unregulated will check later

right just had a look at my agreement:

hire purchase:not regulated:fixed rate
consumer credit act 1974 is mentioned--- i took mine out 2010
goods return option---is blank
plan at the top of the page says----hire purchase
in the term and conditions section there says nothing about returning half way through the agreement
i am thinking about sending my back so i would be gratfull if anyones in the no..

also mine says declaration for exemption relating to businesses cca 1974???
thanks

[ezzzy]

Re: Advice black horse hire purchase

Loans for business purposes oh dear... looks like i am stook with it!!!!

If a loan is "wholly or predominantly" for business purposes, then the loan will be exempt if it exceeds £25,000. In other words, this exemption re-imposes a financial limit for business lending. In order for the exemption to apply, the agreement must contain a prescribed form of declaration which the customer signs indicating that the loan is for business purposes. The form of declaration is set out in schedule 3 of the Consumer Credit (Exempt Agreements) Order 2007 (the Exemption Order). Where the declaration is given, there will be a presumption that the loan is indeed for those purposes unless the lender knew or should have known that they were not to be so used. In the consultation process, concern was expressed about the need for obtaining two signatures (one for the agreement and one for the business declaration). The DTI has responded by suggesting that the declaration is placed in close proximity to the agreement signature to help ensure that the requirement to sign the document twice is not overlooked.
Industry has expressed concerns to the DTI as to how the business exemption will apply to buy-to-let lending as the policy intention of the Act was that lending over £25,000 for the purpose of buy to let would fall within the business exemption but the way that the Act has been drafted means that it is exempt only for buy to let that is wholly or predominantly for business purposes and not for investment purposes. The DTI has indicated that it intends to address this unintended consequence of the Act before the Exemption Order is brought into force.

[miliitant]

Re: Advice black horse hire purchase

what you need to do now is try and find this exemption on the credit agreement, if it is not on the agreement then its a normal hp agreement. that's how I see it, that exemption to regulated/non regulated would be a contractual term on the agreement. that's for the informative post ezzzy

[ezzzy]

Re: Advice black horse hire purchase

please see another pic attached below
thats only part where agreement mentions business, even though i purchased as a indivisual
may be thats classed as a sole trader ?

This is on mine. This is the exemption I believe, and as I signed on the dotted line I have exempted my self.. And that means the half way rule doesn't apply.. And the only way out is to clear the balance..

Sorry if you have a look at AK786 above that's the same as mine..exemption agreement.. Which we have both signed.. Correct yes or not.
I believe I the agreement I signed exempts me from the cca1974.. If you read the other guys attachment that's what it says.. The only thing I can think of is the CCA was updated 2006/2007 correct if I am wrong.. I am going to ring black horse tomorrow anyhow for address change, so I will ask them aswell to see where I stand.. thx again