Lease contracts and legalities
Discussion
This isn't a problem i am facing however i said i would ask.
A friend of mine that owns a garage took out a lease on some machinery 3 years ago.
Recently the lease had ended, however shortly after the lease company contacted him asking for a balloon payment or they would take back the goods.
My friend insists he took out the option to pay the total over the 3 years in order to avoid the balloon payment, after scanning the contract i can not find this clause and neither can he, However the lease company say its plastered all over the contract.
To avoid any action he has paid the remainder but is pretty annoyed over this considering he was sure he opted for the HP style agreement.
Is there anything he can do about this, he has requested a copy of the contract they hold to compare with his, however they have ignored these requests making it even more fishy.
Any advice would be brilliant.
A friend of mine that owns a garage took out a lease on some machinery 3 years ago.
Recently the lease had ended, however shortly after the lease company contacted him asking for a balloon payment or they would take back the goods.
My friend insists he took out the option to pay the total over the 3 years in order to avoid the balloon payment, after scanning the contract i can not find this clause and neither can he, However the lease company say its plastered all over the contract.
To avoid any action he has paid the remainder but is pretty annoyed over this considering he was sure he opted for the HP style agreement.
Is there anything he can do about this, he has requested a copy of the contract they hold to compare with his, however they have ignored these requests making it even more fishy.
Any advice would be brilliant.
It states the monthly repayment and the time scale of repayment, its your standard Hp contract as far as i can see.
I myself and three other people have gone over this contract and neither one of us can find any clause relating to this "balloon payment". Its simply not there.
When he first raised this with them, they reduced the amount from £800 odd to £400 straight away, which seemed a little odd. Since requesting a copy of the documents there has been nothing but demands for the outstanding amount they claim to be due.
I myself and three other people have gone over this contract and neither one of us can find any clause relating to this "balloon payment". Its simply not there.
When he first raised this with them, they reduced the amount from £800 odd to £400 straight away, which seemed a little odd. Since requesting a copy of the documents there has been nothing but demands for the outstanding amount they claim to be due.
Mc lovin said:
It states the monthly repayment and the time scale of repayment, its your standard Hp contract as far as i can see.
I myself and three other people have gone over this contract and neither one of us can find any clause relating to this "balloon payment". Its simply not there.
When he first raised this with them, they reduced the amount from £800 odd to £400 straight away, which seemed a little odd. Since requesting a copy of the documents there has been nothing but demands for the outstanding amount they claim to be due.
Sounds like an admin fee??I myself and three other people have gone over this contract and neither one of us can find any clause relating to this "balloon payment". Its simply not there.
When he first raised this with them, they reduced the amount from £800 odd to £400 straight away, which seemed a little odd. Since requesting a copy of the documents there has been nothing but demands for the outstanding amount they claim to be due.
Soovy said:
Mc lovin said:
It states the monthly repayment and the time scale of repayment, its your standard Hp contract as far as i can see.
I myself and three other people have gone over this contract and neither one of us can find any clause relating to this "balloon payment". Its simply not there.
When he first raised this with them, they reduced the amount from £800 odd to £400 straight away, which seemed a little odd. Since requesting a copy of the documents there has been nothing but demands for the outstanding amount they claim to be due.
Sounds like an admin fee??I myself and three other people have gone over this contract and neither one of us can find any clause relating to this "balloon payment". Its simply not there.
When he first raised this with them, they reduced the amount from £800 odd to £400 straight away, which seemed a little odd. Since requesting a copy of the documents there has been nothing but demands for the outstanding amount they claim to be due.
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