consumer credit act 1974

[bobg]

I have a finance agreement with Santander, my circumstances have changed and I want to return my car under section 100 of the consumer credit act, but my agreement states that I have no right to cancel the agreement under the consumer credit act 1974, does anyone know if this is correct and If I cant use voluntary termination ?

[charitynjw]

Re: consumer credit act 1974

Ho bobg, & welcome to Legal Beagles.

When was the agreement taken out?
How much was it for?
Was it a business-to-business contract?

[Guest]

Re: consumer credit act 1974

Perhaps I can help.

You can use section 99/100 if the agreement is a HP or conditional loan agreement for none business use, although the agreement may say it is not cancelable it does not mean that you cannot terminate, the two things refer to different actions on the agreement.

However if this is just a loan agreement which you then used the money to buy the car this option is not available.

[bobg]

Re: consumer credit act 1974

Hi Thanks for your respionse, the loan was for £15k taken out April 2010 for 60months, it was for finance on a car

[Guest]

Re: consumer credit act 1974

HI bobg

Was it a hire purchase agreement or was it just a fixed sum loan, it should say on the loan agreement ?

Andy

[bobg]

Re: consumer credit act 1974

Hi andy58,
Its a fixed sum loan

Bob

[Guest]

Re: consumer credit act 1974

Hi andy58,
Its a fixed sum loan

Bob

Hi bobg

In that case voluntary termination is not an option. However it does mean that the car should be** yours to do with as you wish, if you want to settle the debt you need to ask the finance company for a settlement figure(or put your figures on here and I will tell you what it works out to). You could then sell the car and put the proceeds towards it, if you wished.

**Provided that it does form part of some other security

Andy

[bobg]

Re: consumer credit act 1974

Hi Andy,
Thanks for your help, i called them as you suggested and have been given a settlement figure of just over £6k

Regards
Bob

[Guest]

Re: consumer credit act 1974

Hi bobg

I take it that your car is not the subject of a bill of sale or any other security instrument, if so you could sell it.

As for the figure, if you tell me your total credit price, your installments/ repayment schedule, the length of the loan and the number of payments you have paid, I will check it for you if you like.

They have to give you a credit calculated under the CCA early repayment regulations.

Andy