While it’s not new, there is a way in which people with HP agreements can get some reprieve… In an announcement today, Keane Finance Brokers expose loophole to assist people struggling with excessive repayments…
Says Kevin Keane from Keane Finance Brokers “If you are one of the many thousands of drivers, paying for a vehicle that you do not want and cannot afford any longer, there may be a way out. It’s called the Half Rule. Here’s the deal. If you have a Hire Purchase Agreement on your car right now and have paid back more than half the car’s value, you are entitled to hand the car back to the Hire Purchase Company with no repercussions”
According to Keane, “This suits the group of people out there that have high repayments on vehicles that have dropped hugely in value over the past 2-3 years. You could also include some of the high mileage vehicles whose value plummets once they exceed 75,000 miles.”
“People feel trapped and confused. Here they are paying off money on a vehicle that they cannot afford to keep. It a real feeling of throwing good money after bad. The situation has been exacerbated by the turmoil in the motor industry but the private driver is suffering” added Kevin.
“People are afraid that their credit rating will be affected and that the HO companies will hunt them down – They won’t, the rule is there to protect and if implemented following the correct procedures, every person can emerge in a much better financial situation.”
Keane offers this service to clients as part of his wider portfiolio of services including debt restructuring, insurance, mortgage brokering.
For more information from Keane Finance Brokers091 395888 or visit our site at http://www.KeaneFinanceBrokers.com
