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Hi,
I'm looking for some advice, back in July I decided to do the right thing and VT my £14,246.40 hire purchase agreement with moneyway as the car's current value is a lot less than this. To date I have paid a total of £7215, which is more than half of the agreement. I have missed payments in the past about 12 months ago but my account has been up to date since November 2016.
I sent the first letter for a VT to moneyway in July 2017 I did not get a reply to my letter so I decided to call them to see whats up. At first the lady on the phone said moneyway could not accept my VT because "your signature was not on the letter." I was then asked to hold and after a short pause she came back and said "because your account had been previously terminated we are unable to give you a voluntary termination" - excuse me what!?
Apparently during the time I had missed some payments, moneyway terminated the agreement but cancelled this termination when I had got back up to date with the payments, is the explanation she gave and because of this I had lost the right to a voluntary termination. - Is this true?
She then went on to offer me a voluntary surrender option. - No thank you.
So I ended the conversation and decided to write another letter on the 1st of august 2017 and a few more after that ensuring I had signed them, the letters looked like this:
Dear Sir/Madam
Account name:
Reference:
Notice of Voluntary Termination
I hereby give you notice that I wish to terminate the above Hire Purchase agreement with immediate effect. I understand I have the right to do this at any time before the final payment is due, under s.99 (1) of the Consumer Credit Act. I also understand that my liability following termination will be calculated in accordance with s.100 of that Act. Please let me know the arrangements for returning the goods.
This is now the fourth time I am writing to Moneyway regarding this matter, and I expect it to be resolved with urgency now, as all previous contact has been ignored. I will be cancelling my Direct Debit within 7 days of sending this letter. I have also attached a copy of section 99 of the Consumer Credit Act, just in case you were unaware of it.
By denying me my right to voluntary termination you are in breach of our agreement no. and section 99 of the consumer credit act.
Please send me details of how the vehicle can be returned to you.
Please confirm receipt of this request by email or letter to me at
Yours faithfully,
Signature
I finally get a response by letter today from the collections and recoveries manager at moneyway that said "your letter was insufficient for us to proceed with your request. In order for us to deal with this matter, please provide us with a written letter to include:
-Your signature
-Date of request
-How you wish to end your motor finance agreement with money ie voluntary surrender or voluntary termination.
All these things are in my letters that I've sent to moneyway first class signed for. They are clearly messing around.
I have already made a complaint with moneyway and contacted the financial ombudsman regarding this matter, but I just want to know is there anything else I can do to end this nightmare?
Many Thanks
I know its a long post but any advice is gratefully accepted.
I'm looking for some advice, back in July I decided to do the right thing and VT my £14,246.40 hire purchase agreement with moneyway as the car's current value is a lot less than this. To date I have paid a total of £7215, which is more than half of the agreement. I have missed payments in the past about 12 months ago but my account has been up to date since November 2016.
I sent the first letter for a VT to moneyway in July 2017 I did not get a reply to my letter so I decided to call them to see whats up. At first the lady on the phone said moneyway could not accept my VT because "your signature was not on the letter." I was then asked to hold and after a short pause she came back and said "because your account had been previously terminated we are unable to give you a voluntary termination" - excuse me what!?
Apparently during the time I had missed some payments, moneyway terminated the agreement but cancelled this termination when I had got back up to date with the payments, is the explanation she gave and because of this I had lost the right to a voluntary termination. - Is this true?
She then went on to offer me a voluntary surrender option. - No thank you.
So I ended the conversation and decided to write another letter on the 1st of august 2017 and a few more after that ensuring I had signed them, the letters looked like this:
Dear Sir/Madam
Account name:
Reference:
Notice of Voluntary Termination
I hereby give you notice that I wish to terminate the above Hire Purchase agreement with immediate effect. I understand I have the right to do this at any time before the final payment is due, under s.99 (1) of the Consumer Credit Act. I also understand that my liability following termination will be calculated in accordance with s.100 of that Act. Please let me know the arrangements for returning the goods.
This is now the fourth time I am writing to Moneyway regarding this matter, and I expect it to be resolved with urgency now, as all previous contact has been ignored. I will be cancelling my Direct Debit within 7 days of sending this letter. I have also attached a copy of section 99 of the Consumer Credit Act, just in case you were unaware of it.
By denying me my right to voluntary termination you are in breach of our agreement no. and section 99 of the consumer credit act.
Please send me details of how the vehicle can be returned to you.
Please confirm receipt of this request by email or letter to me at
Yours faithfully,
Signature
I finally get a response by letter today from the collections and recoveries manager at moneyway that said "your letter was insufficient for us to proceed with your request. In order for us to deal with this matter, please provide us with a written letter to include:
-Your signature
-Date of request
-How you wish to end your motor finance agreement with money ie voluntary surrender or voluntary termination.
All these things are in my letters that I've sent to moneyway first class signed for. They are clearly messing around.
I have already made a complaint with moneyway and contacted the financial ombudsman regarding this matter, but I just want to know is there anything else I can do to end this nightmare?
Many Thanks
I know its a long post but any advice is gratefully accepted.
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