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Half rule on commercial vehicle

  • 24-02-2011 10:52PM
    #1
    s ger
    Registered Users, Registered Users 2 Posts: 3 ✭


    I got a van on a business hire purchase agreement from boi finance ,i have well over the amount paid back to them. I wrote the letter to them telling them i wanted to return the van through the half rule ,got a phone call the next day from them telling me that a business hp agreement is not covered by the half rule. is this true i cant find any documentation to say it s true or not


Comments

  • #2
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    s ger wrote: »
    I got a van on a business hire purchase agreement from boi finance ,i have well over the amount paid back to them. I wrote the letter to them telling them i wanted to return the van through the half rule ,got a phone call the next day from them telling me that a business hp agreement is not covered by the half rule. is this true i cant find any documentation to say it s true or not

    thats correct. the half rule is for consumers as its part of the consumer credit act. You would have got a business lease/finance agreement which is not regulated under the consumer credit act as you are not a consumer. You are a business customer.

    The bank are correct on this one unfortunately for you.


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