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In May 2007, I took out a HP agreement with Freeway (Bank of Scotland-BOS).
This was my 2nd car with them, the previous being handed back "early" as I wanted to get a new car.
I did not notice, nor was I told, that the new agreement was "non-regulated" (total cost of credit&car £37k).
2 years later, I have a new job and a company car- but have been told by BOS that I cannot hand the car back (unless I pay the balance of £21k- the car is worth £15k max).
I am up to date on payments and if I have to keep the car I will- although my mileage will go above the agreement of 15,000 miles a year so I potentially will be penalised by £5-6k anyway!
Question- the agreement does not specify what rights I have (or do not have) nor is there any mention of the CCA. It just says "Hire Purchase Agreement Non Regulated" .
Are there any options at all in being able to hand the car back and walk away- other than selling and paying the difference?
Thanks!
This was my 2nd car with them, the previous being handed back "early" as I wanted to get a new car.
I did not notice, nor was I told, that the new agreement was "non-regulated" (total cost of credit&car £37k).
2 years later, I have a new job and a company car- but have been told by BOS that I cannot hand the car back (unless I pay the balance of £21k- the car is worth £15k max).
I am up to date on payments and if I have to keep the car I will- although my mileage will go above the agreement of 15,000 miles a year so I potentially will be penalised by £5-6k anyway!
Question- the agreement does not specify what rights I have (or do not have) nor is there any mention of the CCA. It just says "Hire Purchase Agreement Non Regulated" .
Are there any options at all in being able to hand the car back and walk away- other than selling and paying the difference?
Thanks!
