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I took out a business contract which ran for 5 years and…

I took out a business...
I took out a business contract which ran for 5 years and included insurance via separate insurers. I received no insurance policy documents at the time of signing. Both companies are regulated by the FSA. I tried to cancel the entire policy in writing 3 months before the final payment was due but was told it would auto renew for 5 years as I hadn't cancelled at least 6 months before the contract ended. I am now being sued for 5 years payments to include insurance. Can they enforce a contract where no insurance documents were provided at the time of sale?
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Customer reply replied 6 months ago
The 5 year term was not a negotiated term. Does this fall into the Unfair Contracts legislation? At the time of signing the contract, I was advised the 5 year term was designed to spread the fee of £7,740 (this included the insurance element) over 60 monthly payments so as to ease cash flow. I was not advised that the insurance could be cancelled at anytime, rather that the insurance underpinned the whole basis of the business contract
Answered in 7 hours by:
7/30/2017
Infolawyer
Infolawyer, Attorney
Category: Business Law
Satisfied Customers: 59,607
Experience: Experienced lawyer
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Did you sign the agreement?
Were you misled?
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On review of your facts, you have a good case.You can void it where they misled or failed to perform including not providing the underlying documents.You want to prepare your case by creating a time line starting from the earliest event. For each event, write down key details and witnesses and if there is a document that relates to it, save it and refer to it. This timeline can be very valuable in narrating your case and presenting it later in a concrete and specific way.Please let me know if that is acceptable and feel free to reply back and follow up
Infolawyer
Infolawyer, Attorney
Category: Business Law
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Customer reply replied 6 months ago
I signed the agreement and made all the payments as I had been led to believe it was a finance agreement for insurance aswell as advice. I did not wish to renew the contract as the service was poor and I felt misled. Only upon receiving a claim against me have I discovered the claimant company misled me ahead of signing the contract. Further to that, they did not produce an insurance document. Also, there is nothing in the contract which states that my company is liable to meet all 5 years worth of payments in the event of alleged default
Joycelaw
Joycelaw, Attorney
Category: Business Law
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Customer reply replied 6 months ago
I have an alternative landline no - 01422 825412
Based on your facts you may cancel and also seek payments back. If company won't comply I would have a lawyer negotiate using threat of legal action!
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Customer reply replied 6 months ago
They have already issued a claim, so I have issued a counterclaim for the full value of the contract. I'm assuming you're not phoning me now? Thanks for your advice
I replied in chat and it looks like another expert sent a call dial in.
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