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Reading the latest round of posts on Finance, this may be of use/interest to some of you:

Changes to finance regs means the end of Balanced Payment schemes in their current form, as of 1st April AFAIK.

So unless I am the subject of an April fools joke, if you are about to organise your deal, then don't hang about.

It won't affect current arrangements, but may be an issue for those about to purchase. My understanding is that it's linked to the removal of the £25k limit on regulated loans.

Perhaps one of the finance chappies would be kind enough to provide a bit more detail?

I have PM'd Gareth who should be able to provide more info.
 

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FinFerNan said:
Reading the latest round of posts on Finance, this may be of use/interest to some of you:

Changes to finance regs means the end of Balanced Payment schemes in their current form, as of 1st April AFAIK.

So unless I am the subject of an April fools joke, if you are about to organise your deal, then don't hang about.

It won't affect current arrangements, but may be an issue for those about to purchase. My understanding is that it's linked to the removal of the £25k limit on regulated loans.

Perhaps one of the finance chappies would be kind enough to provide a bit more detail?

I have PM'd Gareth who should be able to provide more info.
yes mate your right....

however, while balanced payment options with Variable interest are no longer available the fixed interest option still is... so bottom line is that you may pay a few £ extra per month (like £5-£10) and of course there will be no extra payment to make should rates go up (which they may well do soon anyway)

so its not the end for these plans and the fixed interest option is still better for some people than leasing or a pcp might be
 

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This change has just taken effect for agreements in the process of being paid out and the new FSA/Government directives will apply from 6/4/08.

For the most part it is to protect consumers borrowing more than £25k as they didn't have the same level of regulation/protection as those borrowing less than £25k.

Every year for the last 3 this change has been proposed, but not implemented for a number of regulatory (dull!!) reasons. But it is now and shouldn't affect people wanting to finance their cars by any large degree.

Hope that helps and feel free to ask any questions :)

Cheers,
Gareth
 
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