From October 2008, your lender must send you an annual declaration on your agreement. You should also send yourself a notification of arrears if you miss two payments, as well as a “debt advice and information package” that tells you where you can get help. If your lender doesn`t follow these rules, they can`t take any further action against you or add interest and fees until they do. Contact us for a consultation. A consumer (the tenant) can terminate the contract at any time by written notification to the owner of the goods (the financial house). Consumers should be aware that breaching a rental agreement before the normal end date usually comes with penalties. You can either: In addition, you also owe damage if you have failed to properly maintain the goods (beyond normal wear and tear). The creditor could argue that an additional tax is provided for unusual damage or wear and tear. It is important to look at all the fees to see if they are appropriate. See the example agreement at the end of this factsheet.
This information explains what lease purchase agreements (HP) and conditional sales agreements are. It informs you of your rights if you wish to terminate the agreement and the rights of the lender if you do not pay. If you have not paid a third of the total amount to be paid under the agreement and you wish to keep the goods, ask the creditor to accept a payment agreement with you. The creditor will be most likely to accept if you can afford the full monthly payments plus something for arrears. Most of the car loans offered by garages are rental purchase loans. Consumers may also be offered rental credits when purchasing furniture, computer appliances or electrical appliances. Some HP vehicle deals end up having a big “balloon” payment. Balloon payment means that regular monthly payments are lower. to terminate and terminate the contract and voluntarily return the goods; or, in the case of specific consumer complaints against a financial undertaking under a tempe purchase agreement, consumers should address their complaint first to the finance company. If they are not satisfied with the outcome, a formal complaint may be lodged with the Ombudsman for Financial Services and Pensions. The Ombudsman has the power to compensate the consumer in cases where his rights have been violated or where there is evidence of unfair treatment.
If you are having trouble paying for your HP agreement, please contact us. We can advise you on the best way to manage your debts. You can use our online debt counselling tool or call us to speak to a consultant. A tempe purchase contract is drawn up and signed by the tenant (consumer) and on behalf of the owner (the lending institution). If a trader is involved, for example a workshop, he also signs the contract and delivers the goods in question. 8. A customer has signed a personal (not commercial) rental agreement for a car. The customer then declared it as a commercial vehicle for a private rental. Does such a car fall under the law? If you do not yet reach an agreement and need protection from legal proceedings, you can send a notice of discharge to your finance company, which is then prohibited from taking any of the measures mentioned in the FAQ (3). You will thus benefit from temporary protection until 19 November 2020 (for agreements with banks or financial companies regulated by the MAS) and (ii) until 31 January 2021 (for agreements concluded with other finance companies).
The default notification tells you which payments to make and gives you a date by which you can clear arrears…