Can I get out of my existing photocopier contract early?
Although copier providers ask you to sign up to 3 to 5 year contracts, most people still don’t realise that you can end them early. How early and how much it’ll cost varies dramatically from supplier to supplier, but this video gives you the knowledge to identify those costs yourself.
Here’s the transcript from the video:
Hi! It’s Ed Barnett of Copier Mate here. And in this video I’m gonna be answering the question: can I get out my existing photocopier contract early?
The answer to that question is most commonly yes, but a better question at this point is: how much will it cost you?
Where do we start?
Well, there are two elements to most photocopier agreements. There’s a lease, where you’re paying for your equipment on a monthly or quarterly basis, and that’s usually an agreement that’s in place with a bank, broker, or a finance house.
Then you have a service agreement that should include toners, spare parts, labour, and maintenance on the equipment you have, and you’ll have that directly with your photocopier provide.
Both will have a cost associated with them for ending early, so we’ll tackle one at a time.
Let’s start with the easy bit: the lease.
A lease is a financial arrangement where you are committed to pay it in full. There’s no forfeit for paying early, and there’s the possibility of even a very small discount in doing so.
You can find out how much remains to be paid in one of two ways: you can either ask your lease provided for a “settlement figure”, or you can ask them for a copy of your agreement, and you can calculate how much is remaining yourself, by multiplying how much you pay by how many payments are remaining.
Just be warned, though, if you ask for a “settlement figure”, this will usually trigger an alert between your lease provider and your photocopier providers. Simply asking for a copy of your agreement shouldn’t do so. But don’t worry. If you choose to work with us, we’ll do all of that for you.
This is where things get a little bit more complicated, and there’s much more scope for variety.
In service agreements, it’s very uncommon for customers to be able to end them early with no termination fee. What’s sadly much more common is the fact that you’d be expected to pay the remainder of the contract in full using your existing supplier’s own calculations.
This will all be in the terms and conditions of the agreement that you’ve signed, and if you don’t have a copy, you’ll need to ask your provider for a copy of your *signed* agreement. Not just any old copy. That’s simply because their terms conditions may have changed since you signed the document originally.
You won’t need a solicitor to look over them necessarily, as long as you give it a thorough read before taking any action. And, of course, if you choose to work with us, we’ll do all of this for you. In most circumstances we can prevent you from paying anything at all.
So, what’s next?
Now that you know how much it will cost you to end your existing photocopy agreement early, you may be thinking, “I just can’t justify paying that sort of money in one go”.
Don’t worry, we’re able to help. We can consolidate whatever figures you have into a new agreement, which means that we can pay off your existing agreement without you having to pay a lump-sum in advance. This process is easy for us, so the decision is yours.
In summary, can I get out of my existing photocopier contract early? More often than not, yes you can. How much would it cost you? Now, that depends on your lease agreement and your service agreement.
Hopefully that was useful. If you have another question, please visit the website and fill in the form “Ask Ed a Question“.
I’m a Ed Barnett of Copier Mate. See you again soon.