unregulated credit agreements - help!

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Thu 27 Mar 2008 08:56
unregulated credit agreements - help! - bibismama
I bought a black cab in 2005 on hire purchase and have since made half the payments. I want to hand the cab back as I am leaving the cab trade and moving abroad. After writing to the finance company, I have since found out that this is an unregulated agreement as the cost of the cab amounted to over £25,000. They are refusing to let me terminate this agreement without paying the outstanding money owed (I,e, the other half). Where do I stand on this and how can I get them to come and collect the cab whilst making no further payments. I know the new consumer credit act 2006 comes into force on 6th April 2008 abolishing the £25,000 limit so that ALL HP agreements are covered under it but will this cover current agreements or just new ones set up after this date?
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Thu 27 Mar 2008 09:03
unregulated credit agreements - help! - Armitage Shanks {p}
Beter wait for the comments of the learned DVD, our legal expert. I think 'agreement' is a soft name for a contract and I think what you have is a contract. Also, I would think it unlikely that any new regulation would or could be applied to a contract in place before the date of the new legislation.
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Thu 27 Mar 2008 13:44
unregulated credit agreements - help! - Bill Payer
>>consumer credit act

Is this a consumer deal anyway? I would have expected that a cab would be bought as a business purchase?

There must be some other way of disposing of the vehicle - I know nothing about cabs, but bearing in mind you some pretty old ones I wouldn't have expected one to lose half its value in 3yrs.

Edited by Bill Payer on 27/03/2008 at 13:45

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Thu 27 Mar 2008 14:21
unregulated credit agreements - help! - v8man
Just to play devils advocate here:
Why should you be able to hand it back? You agreed to buy it so why should the finance company want it back? They would then have the task of off-loading it.
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Thu 27 Mar 2008 15:33
unregulated credit agreements - help! - martint123
CAB - Citizens Advice Bureaux is one of the best places to get proper advice on this.
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Thu 27 Mar 2008 16:28
unregulated credit agreements - help! - bibismama
unfortunately, they lose most of their value in 3 years as the new version TX4 has now been brought out which effectively means earlier versions are valueless (if that's even a word!) Good old Ken keeps on bringing out new requirements on emissions etc which makes the old versions obsolete quickly and a newer version gets churned out until he finds something wrong with that too and so it goes on...
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