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Jamie-Law
Jamie-Law, Solicitor
Category: Law
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Experience:  Solicitor
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I purchased (as company with a personal guarantee) a piece

Resolved Question:

I purchased (as company with a personal guarantee) a piece equipment for the factory. The company has now ceased trading. Am I entitled to hand the equipment back as it was under a HP agreement if I have paid half of the outstanding balance, without any further liability?
Submitted: 9 months ago.
Category: Law
Expert:  Jamie-Law replied 9 months ago.

Hello my name is ***** ***** I will help you with this.

Is this agreement regulated by the Consumer Credit Act please?

Customer: replied 9 months ago.
Hi. It specifically says at the top of the agreement that it is not.
Expert:  Jamie-Law replied 9 months ago.

When did you sign for this and how much was the finance?

Customer: replied 9 months ago.
Signed on the 2nd November 2015, with the agreement total £17,940 with with £14,950 remaining.
Customer: replied 9 months ago.
I was also told by the company (reseller) who I bought the machine from that it would cost about £1,000 to fit the machine but has already cost me £1400 plus another £2200 plus vat on the way.
Expert:  Jamie-Law replied 9 months ago.

If its a business agreement then you wont have protection under the CCA. This means you can not cancel the agreement as you have paid half as it is a non regulated agreement.

However if they have ceased trading this is an asset of the company. They can claim it back - they may have appointed a liquidator. If not then you can just give it back.

But legally they are not obliged to accept it, as its a non regulated agreement.
Can I clarify anything for you about this today please?

Customer: replied 9 months ago.
No, you've been really helpful. Thank you.
Expert:  Jamie-Law replied 9 months ago.

If I could ask you to rate my answer before you go today, by clicking on the 5 stars or happy face, otherwise the site does not pay me for the time spent with you today. Thank you in advance and good luck!

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