Does anyone know how Bank of Scotland Ireland works out a settlement of hire purchase for a car?
I have 22 months left @ €311.50 plus €75.00 completion fee and was quoted €6920 to settle (ie a tenner off).
My hire purchase agreement mentions an refund due in accordance with sections 52/53 of the consumer credit act 1995
if I terminate the agreement,but the act does not specify how such a refund(of front loaded interest) is calculated.
Is there a standard formula or does each institution have its own method?
I have 22 months left @ €311.50 plus €75.00 completion fee and was quoted €6920 to settle (ie a tenner off).
My hire purchase agreement mentions an refund due in accordance with sections 52/53 of the consumer credit act 1995
if I terminate the agreement,but the act does not specify how such a refund(of front loaded interest) is calculated.
Is there a standard formula or does each institution have its own method?
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