Will do! A 963? Now thats a proper porsche

Cayman S.. You know when your heart says just do it and your head says, don't? Well this is turning out to be one of those times. I think I'll call them again Monday and plead my case. I had an agreement with them for a previous car and it was regulated so more fool me for not realising what was going on.

Thanks for the clarification!

A couple of questions if i may? I'm not a business so how is by signing a business exemption declaration make me into a business? I haven't declared to PCF that i am in any way using this for business purposes either? From 2008 the consumer credit act was amended so that all credit was regulated, is this correct? If so then how can this be legal? I have found out that the lender in question no longer hold a valid CCA license. Their company number remains unchanged but they have never held a CCA in the name of PCF Business Finance. The former company held one until 2007. Does this affect it in any way?

Hi, They would be aware that I was a company director as it would have gone through on the credit form in regards to employer. It doesn't mention the LTD company anywhere on the credit forms though? Just me and home address.

Thank you, I'l get on it

So here is the credit agreement front page, there's nothing in there that says anything about early redemption penalties?

High Net Worth Exemption Where the creditor/hirer is a natural person of "high net worth" the regulations under the Act will not apply. "High net worth" Individuals are defined as persons whose income after tax and national insurance is not less than £150,000 per year or as persons who have net assets of no less than £500,000 excluding their primary residence, any redundancy payments or any pension or other retirement benefit payments. I do not fall into this category in regards to high net worth

Business Lending Exemption If a credit or hire agreement exceeding £25,000 of credit is "wholly or predominantly" for the purpose of a business carried on by the creditor, that agreement will not be regulated by the Act. So in regards to this I am not a business although it does say on the front of the agreement: Declarations for exemption relating to businesses** (sections 16B and 189 (1) and (2) Consumer Credit Act 1974) ** References in this declaration to ''I/We'' are you, the Customer(s)

I can't post it up yet as I have less than 10 posts.. Apologies but i'm going to have to post some 'crap' to get the count up

Hi, I am setup as a limited company however this is not in an way done through that business? I will post the front page letter and the credit agreement as it is addressed to me, at my home and the DD is coming out of my personal account. Appreciate your help.

Ps.. The vehicle was for my personal use, nothing to do with a business

From what the broker has told me today he said that they are a commercial lender, primarily to businesses and that anything over £26k is unregulated? From what you are saying this is no longer the case? I've found the agreement (happy to post this here). The front page states that there is a deceleration for exemption relating to businesses (sections 16b and 189(1) and (2) Consumer Act 1974) which states various terms, however like an idiot i skimmed over that as it said ''For Businesses'' I've been through it over and over and there is no mention of early repayment penalties in any of the sections?

Hi, I have somehow got myself into a mess with a sub-prime car finance lender called PCF (Private & Commercial Finance Group). I have had a poor credit rating for a couple of years due to two CCJ's that have been present on my record. Due to this, when looking for car finance this year I used a car finance broker to get me a HP agreement for £22k on a vehicle of which he selected PCF. After 3 months I had to buy another car due to major issues wth the current one. i asked for a redemption figure and everything was in order. The next car I bought was also financed through them, this time on a 5 year HP agreement. Due to my circumstances the rate was high (20% APR) but I accepted that this was the best i was likely to get and agreed to it after asking the broker if there was possibilities to make overpayment's, no massive early redemption etc. It seemed just like the previous agreement I had, which had only charged my 1 months interest to get out of it early. I trade in my car, put £6k in cash down and take the HP for a further £26k. Ok, so fast forward 6 months. The reason I mentioned the CCJ's was that I have been pursing the claimant for over two years to get them to agree to the judgments being set aside. Finally they agree and I ask the judge to make an order. The order comes through on the 20/0/12 in my favor. Set aside and case dismissed. I speak to the broker and say look can we get off this high APR now that my credit score has been fixed? he says yes, no problem, just get a settlement figure and we can start looking at it. I call PCF yesterday and ask for a settlement figure, they tell me that it's is £37,516.71 That's over £10,000 more than I borrowed. I call the broker back immediately and he says don't worry there is a mistake and that he'll call them and sort it out. I get a phonecall back today saying, ''sorry! you signed an unregulated agreement and they are charging you 5 years interest''. I am shocked, seriously just dumbfounded that this can happen? I know i am partly to blame here for not picking this up when i looked through the paperwork but it just seems illegal to be able to do this? Even If I keep the car, it's a depreciating asset so i'll be left with that £11.5k to pay on trade in?? Is there anything I can do? I feel like i've just got my life straight with the CCJ's and now this has smashed me in the face. Any advice would be appreciated!