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On 12th April 2009 I signed an unregulated asset purchase agreement for a minibus for a total of £48,000. The agreement was for 5 years ending April 2014, but in 2011 things got a little difficult and I missed the odd payment, I dont think I was ever more than 2 months behind. At that point the company sent me a default notice and a Termination letter. However, I continued to pay, and they happily accepted my payments. In May of this year I anticipated that things would get a bit tight during the summer, so I asked them for a 'settlement' figure, and was told it was 'market value'! I asked a further three times once getting the same reply, the other two were ignored. I continued to make payments, they continued to accept. However, yesterday, two burley bouncer types turned up to the private yard where I keep the vehicle, gave the yard lad a piece of headed paper that said they were repossessing the vehicle and promptly drove away! No court papers or any such legal notices. Bear in mind that now the vehicle is probably worth £30,000 +, and has just 6 months of 5 years due, and I have paid £58,000 of an agreement total of £70,000, almost 85%. I called them and asked for a settlement figure because I will pay it all off to get my vehicle back! They emailed me at 19.30 this evening to say the balance due was £14,000 but they had sold it to a third party! Can they do this? Should they have a court order to repossess? Should they give me first offer to buy it back? Have I just been had?
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Re: Unregulated vehicle finance.
Indubitably, yes.Originally posted by redsinrome View Post
What is the name of the spivs with whom you had the agreement? -
Re: Unregulated vehicle finance.
Close Asset Finance, now known as Close Brothers!Originally posted by CleverClogs View PostComment
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Re: Unregulated vehicle finance.
From April 2008 ....I am of the understanding that there is no such thing as an unreguated CCA agreement........the limit of £25,000 was lifted ....no limit from April 2008......I would ask pt or Celstine to agree or confirm that your ageement could be totally unenforceable.
Sparkie.
Only my unqualified opinion I am not a legal trained personComment
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Re: Unregulated vehicle finance.
Thanks for that, I will do. My only concern is that other threads I have read suggest that if the 'loan' was for business purposes, it could still be in effect 'unregulated', and my vehicle was predominently for business purposes. However, I think they had to insert a clause in the paperwork stating that it was for business purposes, there is no such clause in my paperwork, in fact the paperwork has a printed date on it of 03/08!Comment
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Re: Unregulated vehicle finance.
I think that if this was for business purposes the agreement would still be unregulated.Originally posted by Sparkie1723 View PostComment
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Re: Unregulated vehicle finance.
Crossed posts. Yes the raising of the financial limit does not apply to busuness agreementsComment
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Re: Unregulated vehicle finance.
Could you post your agreement up leaving out all your personal details that would assist to advise you better.
SparkieComment
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Re: Unregulated vehicle finance.
Hi Sparkie. Ive attached a PDF file with all 6 pages. I hope its clear enough to read, the document is dark blue in colour so it isn't the best. As a seperate point, I have been told that the repossession is possibly illegal. Two blokes walk onto private land, give someone a photocopied letter dated 29th March saying the vehicle is to be repossessed, get in and drive off. No baliffs letter, no court letter?Comment
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Re: Unregulated vehicle finance.
Page 6 is utterly illegible.Originally posted by redsinrome View PostComment
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Re: Unregulated vehicle finance.
I honestly would get legal advice on this because the way I read this ........it is a HIre Agreement...Close Finace have purchased the " Assett" ......the Vehicle ........and have hired it out to you ......it is not a Hire Purchase agreement within the meaning of .........." A Hire Purchase Agreement"..........As I understand it because it is a Hire Agreement they can repossess it if you dont keep up the HIRE payments ...............as it belongs to them......but the agreement itself is an absolute misrepresenation as to what it really is..............Answer honestly ...DID you really believe that one day the vehilce would become yours if you had kept the payments up??
Can't read the last page can you post it up again .....the answer on this could be on that page.
Also was it Hired under your name or your business name?? this is an important point
SparkieComment
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Re: Unregulated vehicle finance.
This is page 6 scanned straight from the doc as a PDF. Is this better, I could scan pages 4 & 5 this way also if it helps?
Originally posted by CleverClogs View PostComment
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Re: Unregulated vehicle finance.
THats better .......first Term 6 3.1 has been deemed an unfair term by the OFT as it contains the word indemnify.......now did you take the agreement out in your own name??? or yiour business name?Originally posted by redsinrome View PostComment
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Re: Unregulated vehicle finance.
In the particulars of hirer it says 'My name t/a business name'.Comment
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Re: Unregulated vehicle finance.
Just noticed I missed a bit of your 16.30 post. Answer is yes I did believe this was a 'hire purchase' type agreement. I obviously thought that when April 2014 arrived, and everything had been paid then yes, in line with a normal HP agreement the vehicle would be mine. If I thought anything other than that, there is absolutely no way I would enter into! I would not pay £70,002 over five years to hand something back! I was banking on having an asset worth about £30,000 at the end!Comment
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