Today I was doing some research on the the Hire Purchase Act 1946 and came across the half rule agreement!
Looking at my credit agreement with PTSB finance.
Cash Price (A) = €12000
Deposit/Trade in = €3000
Total amount for finance (B) = €9000
Interest Charge (C) = €1656
Document fee (D) = €75
Hire Purchase Price = A+C+D+E = 13781
Then in the Statutory notices there is the following points:
1) The hirer may put an end to this agreement by given notice of termination in writing to any person who is entitled to collect or retrive the hire/rent
2)The hirer must then
A) i) Pay any installements which are in arrears at time he gives notice and
ii) if when the hirer has paid these installments the total amount under the agreement is less than €6890 the hirer must also pay enough to make up that sum or..
(it goes on to say purchase the goods in full etc..)
On my HP agreement as of next week I will have €5383 paid just over €1500 short of the required figure!!
Anyway my stupid stupid story!!!
In stupid misjudgment in Aug 2008 I purchased a car (04 Ford Mondeo) on HP for my then boyfriend ( he couldn't get any finance). We split up in October, one payment down 48 more to go !!
Well after alot of arguing he has been paying up, but problem is after arising, he is after getting caught for the bag , TWICE!!! God only knows what his punishment will be but certainly a driving ban for a few years!!
Anyway the payments are starting to cease again, and I need to do something urgently, I can barely keep my head above water with my own financial commitments!
So have to work something out, I'm thinking I will get the car back from him and park up my own (08 ford Focus) until I have reached the half way point and save on wear and tear, tyres, servicing, milage, etc on my own for a few months and then hand back his car? It will be a very tough few months but hopefully I will manage!!
Any advice, open to all suggestions.
Looking at my credit agreement with PTSB finance.
Cash Price (A) = €12000
Deposit/Trade in = €3000
Total amount for finance (B) = €9000
Interest Charge (C) = €1656
Document fee (D) = €75
Hire Purchase Price = A+C+D+E = 13781
Then in the Statutory notices there is the following points:
1) The hirer may put an end to this agreement by given notice of termination in writing to any person who is entitled to collect or retrive the hire/rent
2)The hirer must then
A) i) Pay any installements which are in arrears at time he gives notice and
ii) if when the hirer has paid these installments the total amount under the agreement is less than €6890 the hirer must also pay enough to make up that sum or..
(it goes on to say purchase the goods in full etc..)
On my HP agreement as of next week I will have €5383 paid just over €1500 short of the required figure!!
Anyway my stupid stupid story!!!
In stupid misjudgment in Aug 2008 I purchased a car (04 Ford Mondeo) on HP for my then boyfriend ( he couldn't get any finance). We split up in October, one payment down 48 more to go !!
Well after alot of arguing he has been paying up, but problem is after arising, he is after getting caught for the bag , TWICE!!! God only knows what his punishment will be but certainly a driving ban for a few years!!
Anyway the payments are starting to cease again, and I need to do something urgently, I can barely keep my head above water with my own financial commitments!
So have to work something out, I'm thinking I will get the car back from him and park up my own (08 ford Focus) until I have reached the half way point and save on wear and tear, tyres, servicing, milage, etc on my own for a few months and then hand back his car? It will be a very tough few months but hopefully I will manage!!
Any advice, open to all suggestions.