Welcome to CheckerBy completing a simple questionnaire you can find out whether your Credit Agreement complies with the law – It may be invalid and you might be entitled to compensation. |
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Reference Library > Bills of Sale |
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Bills of Sale A few lenders, mostly small businesses and trading only within a locality, provide credit secured on the debtor's goods but do not take possession of the goods or property. (The goods concerned are normally motor vehicles. The problem for the consumer is that any breach can lead to immediate repossession. This is of course what happens with a land mortgage, but these are not controlled because there is a presumption of legal advice being taken. Where the security is on goods however, the Bills of Sale Acts (1878, 1882 and 1890) require that the loan be registered at the High Court in London. The OFT has published guidance on Bills of Sale, and can assist with looking up the register at the High Court. The problem is that a consumer who defaults on a loan with an attached Bill of Sale may face immediate repossession of the goods, there being none of the protection provided for Hire Purchase and Conditional Sale agreements. |