voluntary repossession of car

[debster300]

Please please someone help me!! Hi there.. So read thousands of posts re.voluntary repo and unfortunately I am unfit to work and need car to go. I filled template letter to ask to be repossessed, they called me back and said no way. I have to have at least paid half before they will repo or they will come take car now and I will be liable for all monies in full. I explained I cannot meet the payments at all or even the insurance anymore he told me I needed to get my information from somewhere other than a forum😈 even though I quoted the consumer act. I feel backed into a corner now and I font know wether to let them repo car and just let the ballifs call for all the amount in so sick of this please someone help I would appreciate u so much.
Thanks in advance x

[R0b]

Re: voluntary repossession of car

Be careful of using the word voluntary repo, that could be construed as something different such as surrendering your car. The term is voluntary termination and you have a right to do this before the final payment of the contract or before the creditor terminates the agreement. You don't need to have paid at least half you before you can terminate you can terminate before but you would need to make up the difference between the amoutn you paid and the amount up to the half way mark.

Do you have receipt or proof of the letter being sent

[debster300]

Re: voluntary repossession of car

Yes I have recorded everything inc. His phone call!! I offered this and said please I am aware I will have to make up the difference I just need you take the car back before its taken anyway and they flat refused and said they will send someone to tow car if payments are not made and I will be liable in court for all of the costs. I could cry! I've tried to be so honest with them I've never missed a payment and never been late. Could you please advise me what would be the next step please. One night of sleep would be brill! Thanks so much R0b

[R0b]

Re: voluntary repossession of car

So you have a receipt of sorts confirming the letter was sent to terminate? What date was this?

Do they have an email address and do you have the name of the person who has called you back. I can knock up a quick letter but will need to be later this evening, and suggest sending by both post and email so you cover both grounds. If they don't have an email then post will do fine.

[debster300]

Re: voluntary repossession of car

This has all been today. I used a template from here called a voluntary termination. I will try and post it below. And no I am an idiot the man didn't give his name nor did I ask! (Silly mistake I know) but I sent it via email and then in line with advice I have just printed and a daughter is in the process of sending that recorded delivery. I don't know how to blank personal info so below is the email I sent obviously with details of a personal nature not included.

My name
My address
Their address
Todays date

Dear Sir/Madam

VOLUNTARY TERMINATION OF AGREEMENT

Account No:
Vehicle make model and reg.

I am writing to notify you that I am exercising my right to terminate the above Agreement under Section 99 of the Consumer Credit Act 1974.
I understand that I shall be liable to you for the amount calculated under the formula in Section 100 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 telephone or by email on.

I do hope I haven't messed this up. I'm so grateful for your help. And yes any help you can provide would be so appreciated. Thank u so much.

- - - Updated - - -

Oh and yes they have an email am I allowed to post it on here

[R0b]

Re: voluntary repossession of car

The email you sent is fine, however usually to VT an agreement they usually require you to put it in writing. Check your agreement and there will be a clause on termination rights, or a box on the summary page which states you must pay £XXXX.XX before you can temrinate the agreement and to notify them you must put it in writing.

To be sure that you have complied you need to send them a letter of the same at the same time, who is the lender?

[debster300]

Re: voluntary repossession of car

It's car finance company is the lender

- - - Updated - - -

And thanks I will defiantly check those documents as soon as I get home

[debster300]

Re: voluntary repossession of car

Sorry R0b just an update they have called me back and asked why I am in financial difficulty so I told them at the moment I am sick and claiming benefits so he said he wants a copy of my sick note? I said that this is personal to me he said we need that or u cannot give up the car. I don't have my sick note the benefit office do and surely this isn't fair. I gave him the financial details over the phone as he asked and he still wasn't satisfied. This is what is written on my contract

Termination ypur rights.
States to end this put it in writing. They will then be entitled to the return of the goods and half the amount payable under this agreement which is £ XXXXX If you have already paid at least this amount plus any overdue instalments and have taken reasonable care of goods you wont have to pay any more.

So after all that he put my income in and told me quite rightly so I have more going out than coming in. I told him if you don't allow me to go this you are going to put me in a situation where you will be repossessing it anyway. He replied I know so just send your sick note. Surely I should not have to do this? Thanks again in advance

[R0b]

Re: voluntary repossession of car

Do not send them anything and do not discuss anything about your sick note or financial difficulties. If you have kept up to date with payments then it is one of their business to know about your difficulties or sick note or anything else outside of the agreement. Don't be pressured into saying doing or giving anything as you might make the situation worse. If he wants to know all of it tell him to put it in writing and send to your email address or by post. You should keep a paper trail of what has been said so if there's any dispute it's easier to prove where there isn't.

About the termination rights does it just state to end the agreement t you must put in writing only or does it state you must put in writing and send by post or anything else?

I'll post up later this evening after 9 something to work with. If you are not comfort ale in the phone don't speak to him.

[debster300]

Re: voluntary repossession of car

It says in writing it doesn't say anything else but he is so adamant I will be forced to keep the car until I have paid half. I'm incredibly nervous on the phone and I was just trying to be honest, however I will defiantly do as u have advised now as it makes sense. Problem is now they already know That I'm on the sick and financially broken. Thank you so very much for your help. For everything you have done so far you have no idea how grateful I am I so scared.

[R0b]

Re: voluntary repossession of car

@debster300

Don't be so scared about it, you have done what you have needed. I would suggest sending the following below both by email and letter to cover your back just in case - you don't need to pay recorded delivery for the letter just get proof of postage from the post office.


Dear Sir / Madam,

Agreement Number:
Re: Voluntary Termination of the Agreement

I am writing further to my previous email dated 28 January 2015, in which I gave notice to voluntarily terminate the agreement in accordance with section 99 of the Consumer Credit Act 1974.

Shortly after sending the email, I received a telephone call from an employee of the company stating that The Car Finance Company refuses to accept my notice to terminate. The reason given was that I cannot terminate the agreement until I have paid at least half the total amount payable, or alternatively if the car were to be collected, then I shall be liable for the remaining sums owed under the agreement. I then received a further telephone call from the same person who contacted me earlier asking why I am having financial difficulties. After explaining that I am in ill-health, the employee requested a copy of my sick note and suggested that the company will not accept my termination under section 99 until the sick note has been received.

First of all, it is inappropriate to ask for a sick note in any way as it has no bearing on the fact that I have given notice to terminate the agreement. I can also confirm that the employee I had spoken to is simply incorrect in asserting that I must have paid at least half the total amount payable before I can terminate. For reference, section 99 of the Consumer Credit Act 1974 says the following:

"At any time before the final payment by the debtor under a regulated hire-purchase or regulated conditional sale agreement agreement falls due the debtor shall be entitled to terminate the agreement by giving notice"

As you can see from the above, I am entitled to give notice at any time before the final payment is made and accordingly, my notice to terminate the agreement is valid and effective; refusal of such notice is illegal. Section 100 of the Act stipulates that my liability is restricted to half the total amount payable, which by my calculations have paid £XXXX.XX so far and I estimate that I would need to pay £XXXX.XX to meet half the total amount payable under the agreement. I would be grateful if you could confirm whether this amount is correct or if you disagree, provide an explanation why and a breakdown of the amount outstanding.

Please note that should you continue to reject my notice of termination under section 99 and fail to collect the vehicle, I shall, after 14 days from the date of this letter:

1. Cancel the road tax and insurance on the vehicle; and

2. Complete and return the V5C document to the DVLA notifying them that you are now the registered keeper and owner of the vehicle.

Therefore the vehicle shall be the sole responsibility of The Car Finance Company after the 14 day period has expired. In addition to the above, failure to acknowledge the termination notice and/or making arrangements to collect the vehicle will be construed as The Car Finance Company repudiating the contract by which you are indicating your intention to not perform your obligations under the agreement and shall accept your repudiation in which I am discharged from the contract. I also reserve the right to commence legal proceedings at a later date as a result of the repudiation.

In light of the circumstances above, please acknowledge that the agreement is hereby terminated and confirm the remaining balance owed which equates to one half of the total amount under the agreement.

Please note that any further responses are to made in writing to my email address above or alternatively by post to the address provided at the head of the agreement.

Yours faithfully,

-------------------------

You will need to complete the part where I have put £XXXX.XX as I don't know how much you've paid already and how much is left to make half the amount.

[debster300]

Re: voluntary repossession of car

Thank you with all my heart. God bless you. I will send first thing in a the morning

[R0b]

Re: voluntary repossession of car

If you do receive phone calls from the same person or another, then just politely inform them that you expressly stated replies are to be made in writing and do not wish to discuss over the phone. If they continue to call you then it will be considered harassment and you will consider taking further action against them. Don't engage any more than you need to.

[debster300]

Re: voluntary repossession of car

R0b just thought I would say a big thank you again I have sent all you suggests by email and recorded delivery. I have had no response at all from them but I will keep u updated. I just wanted to thank you from the bottom of my heart for all your help. The stress you have helped lift is unbelievable and whatever the outcome you were ace!! Thank u x

[R0b]

Re: voluntary repossession of car

R0b just thought I would say a big thank you again I have sent all you suggests by email and recorded delivery. I have had no response at all from them but I will keep u updated. I just wanted to thank you from the bottom of my heart for all your help. The stress you have helped lift is unbelievable and whatever the outcome you were ace!! Thank u x

Let us know how you get one, I would be courteous and send them a 7 day warning and possible a 3 day warning by email so they cannot complain they never got any pre-warning before you do what you said in your letter.