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HP PLUS

This Hire Purchase (HP) product is a variation on HP Fixed which combines the best features of both fixed and variable rates and offers the ability to take payment holidays with the Take a Break option.

HP Plus has fixed equal monthly repayments of capital and estimated interest.  Particularly appropriate if early settlement is expected or there is the possibility of lump sums being paid off during the agreement term. Both are possible and extra savings would become available because the interest is calculated daily on the remaining balance. Any lump sums paid during the agreement would consequently shorten the repayment period. The actual interest rate is based upon a negotiated percentage rate at the start of the agreement.

Take a Break – A feature unique to HP Plus giving you the option of taking an unplanned payment holiday by giving us as little as 15 days’ notice of the months (a single month or two consecutive months) where you would like to ‘Take a Break’ from your payments.

You can do this once in each year for a total of 6 months payment holidays during a three, four or five year agreement. If you take a payment holiday, we will simply extend the period of the agreement, calculating the cost of the holiday using the original interest rate.

The payment amounts will not change, but the period will be lengthened as appropriate and the final payment may need to be adjusted up or down slightly to balance the account.

Note: HP Plus is not available on regulated credit agreements (i.e. if you are not a Limited or Public Company, Limited Liability Partnership, a Partnership with 4 or more partners and are borrowing £25,000 or less.)

Benefits:

  • Take a Break feature as standard on eligible agreements
  • Interest calculated daily beneficial if lump sum or early settlement payments likely
  • Interest rate agreed and fixed at time of documentation
  • Fixed repayments of capital and interest
  • Accurate budgeting
  • Hedge against inflation and interest rate rises
  • VAT fully reclaimable
  • Tax writing down allowances available including the Annual Investment Allowance
  • Interest charges are tax allowable
  • The machine is yours after the last payment 


 

 

 

How it compares:

 

 

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