# Hire Purchase/Half Rule/Commercial Vehicle



## HappyTimes (14 Oct 2010)

Hi

Ive been searching online for details on the half rule regarding a commercial vehicle. I am half way through with PTSB finance on 08 commercial. I called them to see if I could start a new 5year term so I could reduce the payments. They said that was not possible. I then suggested the half rule and they said that was not possible as it is a HP agreement. Looking online it seems the half rule is valid on a HP agreement however it may not be on a commercial vehicle?

Im in a catch 22 as Im finding it difficult to pay the current 600pm but also cant afford to be without the vehicle for work. If they were to start the term over 4-5years again it would make things so much easier.. 
Any suggestions greatly appreciated


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## Brendan Burgess (15 Oct 2010)

The half rule does not apply to non personal customers. You are a business customer. 

I am surprised that Ptsb won't reschedule your agreement though. Don't take the initial no for an answer. Ask to speak to their supervisor and then write to the Chief Executive.


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## HappyTimes (15 Oct 2010)

Thanks Brendan will do that. Is there any point getting onto the Financial Regulator? Again I'd prefer to keep the vehicle but start a new 4-5 year period. The vehicle is only 2008. They are still lending on 5yr terms for 2008 vehicles.


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## Brendan Burgess (15 Oct 2010)

No. this has nothing to do with the Financial Regulator or the Financial Services Ombudsman as far as I can see.

Brendan


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## demoivre (15 Oct 2010)

HappyTimes said:


> Hi
> Im in a catch 22 as Im finding it difficult to pay the current 600pm but also cant afford to be without the vehicle for work. If they were to start the term over 4-5years again it would make things so much easier..
> Any suggestions greatly appreciated



Get a settlement figure first to see how much you owe. Can you get a term loan over 4 or 5 years from Perm/TSB to clear the finance ? Or a term loan from another financial institution?


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## HappyTimes (20 Oct 2010)

Thanks for your replies.

I spoke with a very helpful person in the National Consumer agency who recommended some steps to take. Some excellent info on their website itsyourmoney.ie


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