Legal advise on payment plan

I suspect I know who you're talking about.
I think you're seeing it from her perspective more because of her (very) unfortunate circumstances with horses in the past few years.

But it doesn't really change the fact that she can't pay and now the agreed date is very nearly here. I think if you look at it from the horse's owner's perspective, you'd see it differently.
 
It's a sad situation but firstly the owner of the horse is completely entitled to take the horse back as she has failed to keep to the contract, tbh she is not entitled to any money back, she has effectively had use of the horse for the last three years and now says she cannot pay for it - well sorry but tough the owner is well within her rights.

The horse was extremely valuable at the beginning of the contract and now is not so valuable so the owner has actually lost money too.

And yes I know both parties.
 
If you don't pay your mortgage then the bank will repossess your house, no if's, no but's, no debate. Same with a car loan, if you don't pay they come and take your car away - even if you really need it.

If you asked them for the repayments that you had made while living in the house (same as having had the horse to enjoy) they would laugh at you. Even if you'd decorated the house and fitted a new kitchen which cost loads.

She should be grateful that someone gave her a chance with instalments in the first place and if she really wants to keep then borrow from someone else, she has borrowed from the horse owner for long enough.
 
Amymay said:
Zombie thread, but the BHS might have something on line.

However, my advice would be DON’T DO IT!
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I’d second “Don’t do it”
If someone couldn’t find the money to buy the horse outright, I’d worry about their ability to pay an emergency vet bill. Why should you bear the uncertainty of them potentially not paying?
 
Kellylouisesunderland1 said:
Does anyone have a copy of the agreement I could look at or a template? I’m about to sell my pony with instalments and need to draw out a contract also! Would be much appreciated!
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Get the buyers to take a loan out. Becoming a credit agency because you are selling a horse is crazy.
If they can't get a loan, you have had a lucky escape because I bet you wouldn't of been paid!
 
Polos Mum said:
If you asked them for the repayments that you had made while living in the house (same as having had the horse to enjoy) they would laugh at you. Even if you'd decorated the house and fitted a new kitchen which cost loads.
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The mortgage/house analogy is not correct. When you buy a house you take out a loan from the bank to purchase the house. You buy the house outright and the bank takes security over house incase you cannot repay the loan. If you default on the loan then the bank has the right to foreclose and take the house in order to sell it to recoup the amount you still owe under the mortgage. You will get value for the mortgage repayments you did make (less amounts which are interest) because the bank is only entitled to keep the amount it is still owed plus costs etc. Similarly, you will get value for any improvements you made to the house which increase its selling price for the same reason. A mortgage is not buying a house in installments with title passing on payment of the final installment.

Buying a horse (or a car) in installments is different. Usually the seller retains title until the final installment is paid and only then would title pass. This is the usual terms in order to protect the seller. It would be possible for the contract to be different around the time that title passes if that were the terms of the contract so it all depends on the agreement. It would be possible to agree for example that each installment purchased a share in the horse. If that had been the agreement then the horse could be sold in these circumstances and the buyer would recoup the amount already paid (assuming the horse is worth the sames as when it was bought, or more or less depending on whether the horse was worth more or less). So it will all turn on exactly what the contract said. If she is set to lose all her money on a valuable horse then she would be best advised to borrow the money and pay for the horse and then sell it to repay the loan. She will still not have the horse but she will keep her installments already paid. Of course this has risk as does buying a horse by installments. Unfortunately, taking risks does not always pay off.
 
Kellylouisesunderland1 said:
Yea the bhs have a loan template I’ll use for the loan and maybe add in the payment plan, it’s actually her old owner buying her back over 3 months. So she’ll be on loan until she’s paid.
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Keep the pony, get them to pay your basic livery and maybe come and ride her. They can save during this time, to pay in full.
 
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