Hire Purchase One-Third Rule Query

Does anyone know if the one-third rule applies to commercial hire purchase agreements? (one third rule being if you have paid over one-third of the hp price the finance company cannot repossess without court order)? Also, car was repossessed at home, is this legal?? I am aware that certain rules in relation to hp agreements do not apply to commercial vehicles, unfortunately half rule did not apply! have paid well over half but unfortunately bank could still repossess it, any information greatly appreciated.

already answered on your other thread:

http://www.askaboutmoney.com/showthread.php?t=149818

Actually I made an enquiry regarding the half rule in a previous thread, someone kindly replied and advised that it didnt apply in commercial agreements. My query now relates to the one-third rule whereby the bank must seek a court order to repossess a car if over one third of the hp price has been paid.

ps. thank you for your replies paddybloggit and quinerty, appreciate it, its just so frustrating that business customers do not seem to have any rights in this regard, I find i it quite unbelievable really!

It would have been a good idea to have put the two queries together as one seeing that both relate to commercial agreements - you'd get more discussion going on the thread rather than splitting up the advice.

Regardless, here goes:

A.A.M.

(The first link is a key post):

http://www.askaboutmoney.com/showthread.php?t=139384

http://www.askaboutmoney.com/showthread.php?t=142486

http://www.askaboutmoney.com/showthread.php?t=143419

On boards.ie

http://www.boards.ie/vbulletin/showthread.php?t=2056118785

http://www.boards.ie/vbulletin/showthread.php?t=2056107181

http://www.boards.ie/vbulletin/showthread.php?t=2055490126

http://www.boards.ie/vbulletin/showthread.php?t=2055689450

[broken link removed]

Hope it works out for you.

hi, thanks again for the reply, reason for 2 separate posts - at the time of the 1st post the bank were threatening repossession and I needed advice regarding half rule to check if we were entitled to return vehicle before it was repossessed. Second post regarding one-third rule because the vehicle has now been repossessed and I wanted advice as to whether the bank were within their rights to do this without a court order, under the consumer act if they breach the one-third rule then we can cancel the agreement and get a refund of any payments made. Also, the car was repossessed from our home and I wanted to find out if this was legal, no clear information regarding commercial hp agreements on net, all relate to private consumer agreements, thanks for taking the time to reply

mea culpa for jumping to conclusions alaw .... I hope things work out for you.