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Hi everyone
I have had some conflicting advice as to what should be written on a regulated credit agreement. Does anyone know if it must state whether the agreement is a HP/CS agreement or can it just say regulated credit agreement. Also does it have to state your termination rights? Also, do the lenders have to give you regular statements of your account? The reason I ask is I bought a car 2 years ago over a 4 year period on a regulated credit agreement. I was told I could trade the car in after 2 years. I have just paid my 25th installment, never missed a payment, and phoned to say I wanted to trade the car in and was told I couldn't. I dont know if it is a HP or CS or what type of credit agreement it is as it doesnt state it on the contract, so I dont know if I can hand the car back and terminate the agreement as I have paid over 50% of the total price. Appreciate any help, thanks
Jaz
I have had some conflicting advice as to what should be written on a regulated credit agreement. Does anyone know if it must state whether the agreement is a HP/CS agreement or can it just say regulated credit agreement. Also does it have to state your termination rights? Also, do the lenders have to give you regular statements of your account? The reason I ask is I bought a car 2 years ago over a 4 year period on a regulated credit agreement. I was told I could trade the car in after 2 years. I have just paid my 25th installment, never missed a payment, and phoned to say I wanted to trade the car in and was told I couldn't. I dont know if it is a HP or CS or what type of credit agreement it is as it doesnt state it on the contract, so I dont know if I can hand the car back and terminate the agreement as I have paid over 50% of the total price. Appreciate any help, thanks
Jaz
