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Hire Purchase Half Rule

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  • 25-07-2011 4:05pm
    #1
    purpleheather
    Closed Accounts Posts: 4 ✭


    I realise this has been discussed a few times but I have a new twist on the story I could do with some advice on.

    - Agreement started in May 08 totalling c.24k
    - Half rule stated on same as c.e12k
    - Trade in of e1,200 leaving total of e22.8k to pay
    - Installments paid so far c.e6,700
    - Total Paid so far towards value - e7,900

    Now in theory this means that I only have another e4,100 to pay before I get to the half way point of the original agreement. However, I have renegotiated with the provider a number of times since the original agreement to restructure the payments due to financial difficulties. This has obviously meant an increase in the amount of interest allocated to the account - a total of about e3.5k. Each time I renegotiated I had to sign a one pager agreeing the new monthly payment figure but the only reference to Ts & Cs is that 'all other terms and conditions are as per the original agreement'.

    Question: Does my half rule of c.e12k still stand or will the bank be looking to recoup the extra interest accrued as a result of the renotiated payment plans?

    Thanks in advance!
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    #2
    tube you
    Closed Accounts Posts: 1 ✭tube you


    hi all,just a question regarding hire purchase,i got car in 2008 with b.o.scotland,fell behind on payments,some dude would call to my home requesting payment etc,most times i would ask for a week or so ,to get funds up,he would call back & i would pay,last i heard from him was january,no calls,no letters,there is still the guts of a year outstanding ,please help.anyone.many thks...


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