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Bill of Sale

Lenders are developing ways of securing loans on societies most vulnerable, via Bills of Sale. If you are one of the many consumers living on a low income and experiencing financial difficulty, then the following on unenforceability issues maybe of relevance to you.

Often than not there is a price to pay and more of than not it is a higher price. There is an increase expansion in this un-reputable sector of sub-prime lending. A sector that will offer you loans with inextricably high APRís, administration fees and excessive default charges.

More often than not, lenders operating in this sector do not follow correct procedures in accordance with the Bill of Sale Act 1878 and The Bill of Sales Amendment Act 1882.

We are aware that defects have been found in the Bill of Sale on log book loan agreements relating to:

If the bill of sale is void for not being in the statutory form, it means that the credit agreement is unsecured.

When clients approach Bournes for debt help, one of the first things we will check is that the loan agreements, or in this case, the Bill of Sale is a valid agreement. Where unenforceable credit agreements are identified, we will pursue a declaration through the courts to clear the debts. This could well prevent repossession where the agreement is secured on goods, such as cars or furniture. Creditors trying to terminate a Bill of Sale agreement for non-payment to recover goods are required to serve a default notice in the prescribed form. This allows seven days in which to remedy the default.

There are a number of technical checks that a Bournes advisor could carry out to help prevent repossession, such as:

We cannot stress how important it is to get debt help if you are under threat of losing your goods as a result of a non-payment on a Bill of Sale.

There may be a number of solutions available to you if it is the case that there not argument on unenforceable credit agreements, one of which would be to apply for a Time Order.

Bournes has been successful in helping people reduce debts by challenging unenforceable credit agreements and identifying potential claims for Time Orders.