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Is there a point where if a finance company have failed to take any money for an HP agreement?

3 years ago I purchased an item of furniture from a high street retailer on 12 months interest free credit. After several problems with the item they replaced it and I had to set up a new HP agreement (due to the delay in resolution).

Now I’ve had this item for 2 years now and they haven’t taken any money. It is however sitting on my credit reference as a open account.

Now I plan to just do nothing for now as I prefer the money in my account rather than a credit company, but does anyone know if I can get out of paying it altogether or is there a point where thay can’t persue payments?

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4 Responses to “Is there a point where if a finance company have failed to take any money for an HP agreement?”

  1. puffy said :

    Sounds like it has been “lost” in the system or the original agreement was cancelled and the new one not set up. I would not say a word! sssshhhhhhhhhhhhh

  2. joseph_mahal said :

    You’re responsible to pay for the furniture because you’re using it.

    You may also find that you’re responsible to pay for an absorbitant interest rate for delaying payment, they’re allowed to do that.

    I would suggest you pay it off per agreement. Get both of them settled, that way you’ll have no one putting their hands in your pockets against your will.

  3. Louise said :

    I would pay it off. If they find you on the computer at some point they will charge you interest on the unpaid instalments and if I remember rightly they can ask for the debt in full as long as its within the limitation period which I believe is 6 years.

    I think 6 years is right, could possibly be 7 years.

  4. Chadders said :

    Louise is right. 6 years is the maximum period in which they can make you pay. Fingers crossed.


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