Voluntary Termination - cancel DD?

[cmartin1605]

Hi there,

I'm new to this and looking for a bit of advice.

I have a Hire Purchase contract with Billing Finance, I am looking at voluntarily terminating my contract. Billing Finance have confirmed I am able to do this with no fee as I am 2 thirds through my agreement.

I have emailed them (with a template found on here) and advised I would like to terminate and would like the car collected immediately.

I know they're going to ask for the £100 collection fee - do I HAVE to pay this? I thought that I was liable for the car payments and nothing more?
Also, should I cancel the direct debit for next months payment as I have provided the correct notice period?
I'm not sure on the next steps now I have informed them of the termination - can I change the legal owner of the vehicle and what should I do with the tax and insurance?

Any help would be much appreciated.

R0b can you help at all?

[Laticsforlife]

So I'm guessing you had a PCP deal?

If you are 2/3rds through (and have paid 50% of the total cost financed) then you can cancel, and you say they have accepted this and you've written to them telling them so. Have they acknowledged this yet or are you second-guessing their response?

They may well send you a cancellation pack with a form to sign, and you will have read on here many peoples advice about signing such a document, and the issues it causes by not doing so, in so much as they tend not to start the process until you kick up a fuss. My own method would be to sign the cancellation form but redact anything in that form that is not according with the legislation (like any fees for collection, or mileage charges etc) - initial those crossings-out and send it back.

£100 collection fee is not something you have to pay - give them details of where and when to collect and leave it at that.

As for the DD - I do wonder why people keep paying after cancelling; what stirs a Company into action more than not getting paid! Once you've written to cancel, then it's cancelled. It's up to them if they allow you to drive it up to collection (RCI said it was fine to me).

I would wait for collection until doing the slip to DVLA (can be done online now on the day).

I guess it's up to you when you insure it to, did they say it was OK to drive it up to collection or are you intending to take it off the road?