HP "signed on trade premisis"

[sawm24]

I have a HP agreement signed in dec 2007 for £24,500 for a second hand BMW.

 

The finance was arranged seperately by me and the broker emailed the documents to me to print off sign and return.

 

Whilst reviewing the agreement today i have noticed for the first time that it says that i signed it on trade premisis?

 

What difference if any should this make to the agreement and why would the finance company put it in. I never visited the broker or the lender at any time.

[raydetinu]

If done on the premises; provided they are liscensed to do this by the council ( check with them, if the are not then illegal ) is you dont have cooling of period. if done by post or online you have 14 days in which to change your mind IIRC.

[sawm24]

thanks for the reply, what i am really wondering is what the possible implications (if any) could be of this section being incorrect?

 

Presumably if you sign off trade premisis you get notification in writing of your cooling off rights, the contract i have makes no reference to the right to cool off as it looks like one that is drawn up to be signed on trade.

 

Could the finance co have used the wrong agreement?

[postggj]

This Is Interesting

 

Signing On Trade Prem You Have No Cooling Off Rights

 

On The Figures On The Agreement, Does It Include Brokers Fee

 

Are You In Financial Dif

[sawm24]

there is no mention of payment to the broker fee that i can recall, i will check the small print to see if there is any commission mentioned.

 

I am not in any arrears at present however i have taken a large pay cut so my savings are subsidising my outgoings at the moment and the car is one expense i could do without, i dug the agreement out to see what my options are but unfortunately i wont hit the 50% VT stage until the end of 2010.

[postggj]

Any Broker Commission Must Be Shown And Disclosed

 

May I Ask Who Is The Finance Company

[sawm24]

the lender is fortis leasing and it was arranged by jigsaw finance, i was going to get the agreement looked over by one of those CCA compliance places but once the i told them it was made after april 07 they didnt seem interested.

[raydetinu]

Could be that the agreement is illegal and therefore unenforceable, however a solicitor or legal bod may need to look at it?

[smvtuser]

If the agreement was discussed face to face with the creditor or broker, and then signed away from trade premises, then it would be cancellable. The formalities for a cancellable agreement would have to be complied with, otherwise it would be improperly executed, and could only be enforced with a court order. If there were no face to face discussions, the agreement is not legally a cancellable one.

[raydetinu]

SMV; if the document is signed on the dealer or broker premises it is not cancellable, agreed; any credit agreement that is done through the post or on line is subject to a cooling of period usually 14 days and you can cancel it during that time.

[postggj]

Raydetinu

 

Quick Question Again

 

When An Agreements Is Being Signed On Trade Prem

Does The Salesman Have To Tell You That You Cant Cancel As There Is No Cooling Off Period

[raydetinu]

Its usually on the document, thet dont usually point it out though. So read it before you sign, true of everything really! Especially the small print bits.

Thats why its best say send me the forms so I can read them and get back to you; they will then have to send you differenr forms.

When you sign up on site you usually get a better rate, but is still subject to them doing a credit check etc.

The other thing to watch is that they have to be liscensed as a credit broker by the council. Some do not bother and just phone a broker on your behalf to arrange, and happen to have the forms on site. totally illegal.

[sawm24]

if they had used the correct agreement, one to be signed OFF premisis, should it have had confirmation within it of the cooling off period i was entitled to?

 

If so i may complain to them that i was mislead in relation to my right to cool off / cancel.

[raydetinu]

Yes it should be within the documents.