Interest & Early settlement fee.

[-PiE-]

when one wants to settle the installments early, the shops usually charges an "early settlement fee" right? but do they waiver off the remaining years of interest?

 

lets say i still have 3years to go but i want to settle full, do they re-calculate the total amount and than charge me the early settlement fee?

 

cause i see no truth in charging us the 3years interest left on top of the early settlement fee. cause i don't owe them for the rest of the 3 years.

 

Hire-purchase agreements which are not enforceable

5. —(1) A hire-purchase agreement that is not in writing shall not be enforceable by the owner.

 

from what is quoted above form the Hire-purchase act, if my agreement letter doesn't state me paying the rest of the 3 years interest, means i don't have to pay right?

[natgw]

when one wants to settle the installments early, the shops usually charges an "early settlement fee" right? but do they waiver off the remaining years of interest?

 

lets say i still have 3years to go but i want to settle full, do they re-calculate the total amount and than charge me the early settlement fee?

 

cause i see no truth in charging us the 3years interest left on top of the early settlement fee. cause i don't owe them for the rest of the 3 years.

 

Hire-purchase agreements which are not enforceable

5. —(1) A hire-purchase agreement that is not in writing shall not be enforceable by the owner.

 

from what is quoted above form the Hire-purchase act, if my agreement letter doesn't state me paying the rest of the 3 years interest, means i don't have to pay right?

 

of course no waiver.

 

u already sign on the line which you u agree to pay X amt of years of installments + interest.

 

u either pay early in full with early settlement fees + remaining interest, or just continue to pay monthly.

[rmnoor]

when one wants to settle the installments early, the shops usually charges an "early settlement fee" right? but do they waiver off the remaining years of interest?

 

lets say i still have 3years to go but i want to settle full, do they re-calculate the total amount and than charge me the early settlement fee?

 

cause i see no truth in charging us the 3years interest left on top of the early settlement fee. cause i don't owe them for the rest of the 3 years.

 

Hire-purchase agreements which are not enforceable

5. —(1) A hire-purchase agreement that is not in writing shall not be enforceable by the owner.

 

from what is quoted above form the Hire-purchase act, if my agreement letter doesn't state me paying the rest of the 3 years interest, means i don't have to pay right?

 

PIE, you are right. No such HP act. They can only charge a penalty of 20% on the 3 years interest you have. If they insist, bring the matter to CASE!!

 

Natgw, do you own a bike or bicycle?

[gutripper]

Natgw probably works at the bike shop lol.

[qwedefrf]

does bike productions has early settlement feE?

[mfaisalby]

eh how about albert motors ar? got early settlement or not?