Volutary termination of our HP agreement

David Hill69

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Joined: Mar 2018

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#1

Volutary termination of our HP agreement

5th March 2018, 19:01:PM

Hi, we have sent a standard VT letter to our lender and today they replied stating there was a shortfall to pay. I don't quite understand this especially how they work it out?
We have a car on PCP/HP. The contract was for 36 months. We have had it for 20 months. Am I right to believe that we are past the 50% stage? Do you need the figures to assist?
Could you give advice regarding why they are requesting money to cover the 'shortfall'?
Thanks

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R0b

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Joined: Sep 2015

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#2

5th March 2018, 22:36:PM

Hello

Voluntary termination is not based 50% of the period but 50% of the total amount payable under the agreement. There will be a box in your agreement that says "Termination: Your Rights" that is the sum of money you need to pay to extinguish your liability.

I would suggest you take a read of the following thread for background information.

http://legalbeagles.info/forums/foru...on-your-rights

If you have a question about the voluntary termination process, please read this guide first, as it should have all the answers you need. Please do not hijack another person's thread as I will not respond to you
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Volutary termination of our HP agreement

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