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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 70200
Experience:  Over 5 years in practice
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I signed an HP agreement with a reputable finance company and

Customer Question

I signed an HP agreement with a reputable finance company and at the time explained that I wanted to settle it within 6 to 12 months. When I wanted to settle I was informed I owed more than I originally borrowed because the interest charges were up front. It was a 36 month agreement. Is this normal?
Submitted: 4 years ago.
Category: Law
Expert:  Jo C. replied 4 years ago.
HI.

Thank you for your question . My name is Jo and I will try to help with this.

I know this isn’t going to be the answer you want to hear, and it’s certainly not what I want to tell you. However, I wish to be completely honest with you, so I feel obligated to not give you false hope.

I'm afraid that is fairly common. Otherwise, unfortunately, HP companies cannot make money. The only reason they provide loans is to charge people interest.

Normally interest is front nosed otherwise it would make no sense.

I'm afraid there is no loan available to you on the commercial market where you can only pay back the capital sum. There will always be interest added. That is not just normal but the only way that business can operate.

I'm sorry this isn't the answer you wanted but it is the position that you face and I have a duty to inform you truthfully.

Hope this helps. Please remember to rate my service either OK SERVICE or above and then I will give you related information for free.