Business to business HP agreements

[Stuart2022]

Hello

Does anyone know, please, what the position is for an unregulated b2b HP agreement is in terms of repossession when the company has already paid over 50%? For domestic HP they can't repo without a Court order if you've already paid 30%.

As some- but not everyone- know small and micro businesses have certain rights to treat unregulated deals as if they were regulated as per the consumer credit act, but this does not apply to all agreements.

Can anyone please tell me if I can tell them to get stuffed? We had a good business that hit hard times and now they want to come and take a couple of our workshop machines back, despite previously agreeing to give us some time. We're now back making profit but not fast enough to settle arrears.

TIA.
Stuart

 

[Mark T Jones]

I belive you are refering to sole traders and partnerships who are treated as consumers under the CCA.

Are you a limited company?
Was the deal (borrowing) less than £25k?

The document itself will state if the deal is regulated or not.

If you need the kit and sum sum owing is relatively small, it's likely that the lender will negotiate terms or a settlement- telling anyone to 'get stuffed' won't help the negotiation process.