Graham Hill Explains Car Finance Issues
Monday, 26. September 2011
My blog continues to grow in stature, if you haven’t seen it you really should visit it sometime. It isn’t pretty but it contains more information than any other car finance blog in the world. As of this morning the site was number 1 on Google out of 200 million for the three word keyword expression Car Finance Blog . It has seen off it’s main rivals from Canada and Australia and I’m now being hailed as somewhat of an expert in the field of car finance. With this in mind I am launching an appeal to make credit in the UK more simple to understand and safer for people to take out.
The way that problems and arrears are handled is a disgrace and we need something to replace some of the archaic systems and methods currently in use.
The law is being flouted all over the place with legislation to protect consumers being totally ignored. Over simplifying the finance process is encouraging people to sign agreements that could easily lead to many unexpected charges and even the possibility of having property repossessed or being thrown out of their home.
We need more safeguards in place to protect the vulnerable, those unexpectedly out of work through redundancy for the first time in their life, through illness or family breakups, all need to be better protected whilst re-building their lives.
The new EU Consumer Credit Directive has been imposed upon us taking away some of the protection offered to consumers, known as Voluntary Termination, unique to the UK.
The UK finance companies have hated this legislation and tried, rather feebly, to have it removed as it is reported to cost the lenders around £100 million every year. However, the EU has now handed the lenders the opportunity to avoid this clause with some HP lenders reported to be removing the clause from HP agreements and being prepared to fight the case in court in order to set a precedent.
What sort of a Mickey Mouse system have we now got when a consumer signs a contract that may or may not be in breach of the law? The time for change has to be now if we are to improve the economy by providing the means of buying goods in a fair and simple way without the fear of retribution if we run into difficulties.
Do you have views on this matter? By Graham Hill
