where should finance documents be signed?

foreb4 | 09:15 Fri 19th Sep 2008 | Personal Finance

5 Answers

i have bought a car on finance and i signed the documents at a fast food retailer in a motorway service station,is this legal?i have been to that it isnt

Savings with the "Halifax"

Where to deposit my money.

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mccfluff

where you sign the documents isn't relevant, its the documents themselves that are. can you give a bit more info?

foreb4

Question Author

they are normal hp finace docs with the normal 1/3 1/2 and 2/3 settelment figures ive been told that they needed to be signed on registerd premises and im in dispute on the settelment figure theyve given me ans i wanted to know how i stand if it goes to court any help with this would be great
thanks

Ethel

Financial documents can be signed anywhere - it is very common for them to be signed in a person's home, for example.

Who told you it was illegal? Did he give reasons or examples?

Ethel

Maybe this is what he was thinking of:

You have a statutory right to a cancellation period if you signed your credit agreement away from the trader�s premises, e.g. you signed at home and you talked to the seller about the deal face-to-face (rather than only on the telephone). The agreement should contain a notice of
your cancellation rights.

The cancellation period runs from the date you signed the agreement and ends five days after you received
either the second copy signed by the creditor or a separate notice of your cancellation rights.

moomintroll1

Ethel is as always correct. Where you sign the agreement affects what (if any) cooling off period you receive, but would not in itself render an agreement void.

The way settlement figures are calculated is laid down in law, and is now based on an actuarial calculation, which is far more accurate than the old "rule of 78" approximation. I would be very surprised if they were not correctly calculating the rebates due, as this would be a clear breach of their Consumer Credit Licence.

Assuming your repayments are monthly, they are entitled to charge you an additional month's interest as an early termination penalty.

What exactly is your dispute?

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