Voluntary Termination - Advantage Finance

[nefikan]

Hi everyone.

I've had a car on finance with Advantage Finance for 23 months and today I've sent them (via email) notification of voluntary termination.

I've read lots of forums on here which have been really helpful and I'm confident that I've paid well over the 50% due against the agreement.

I'd just like some assistance in case I have problems with this, knowing what Advantage Finance can be like - hopefully I won't encounter any problems.

I'm going to post the contents of my email to them and their reply as I'd like some opinions if possible - I have a couple of questions around their response specifically.

Many thanks in advance

Stephen

- - - Updated - - -

My email to them:



11th February 2016

Dear Sir/Madam

VOLUNTARY TERMINATION OF AGREEMENT

Account No: A61945 (Volkswagen Passat / AG58 XXX)

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. You will
understand that the aforementioned section permits the debtor to terminate
the agreement at any time before the last payment is due. There is no
restriction regarding the exercising of this statutory right, particularly
none in respect of any perceived arrears or monies due on termination

I understand that I shall be liable to you for the amount calculated under
the formula in Section 100 of the Consumer Credit Act 1974. Please forward
notice of any sums lawfully due for consideration and payment.

Please send me details of how the vehicle can be returned to you.
You will be aware that statute prevents you from levying a charge for the
recovery of this vehicle; guidelines also state that if you require me to
deliver this vehicle it must be no more than a short (reasonable distance)
from my registered address.

Please confirm receipt of this request by email or post.

Yours faithfully

Stephen Blundell

[nefikan]

Re: Voluntary Termination - Advantage Finance

Their response an hour and a half later:


Dear Stephen

Thank you for your email, the contents of which are noted.

With regards to your request to Voluntary Terminate your Hire Purchase
Agreement, we will shortly send you full details of this procedure in the
post.

Once received you should read this letter carefully as it will include
details of any obligations you need to fulfil in order to complete your
Voluntary Termination.

It will also give further instructions to enable you to complete this
process.

If you have any further enquires relating to this please do not hesitate to
contact us on 01472 586 360.

Kind regards



So my initial questions...


we will shortly send you full details of this procedure in the
post. - haven't I completed the procedure by sending them the notification of my wish to terminate?

any obligations you need to fulfil in order to complete your
Voluntary Termination. - What could they be?

It will also give further instructions to enable you to complete this
process. - Apart from handing over the vehicle, what else could I possibly need to do?




Thanks again in advance.

[R0b]

Re: Voluntary Termination - Advantage Finance

they will send you documents, a letter might say sign to agree you pay collection fees, they will inspect the vehicle and want you to sign the damage condition report (do so at your own risk but i suggest not to) and maybe a few other things.

Legally, there are only 2 things you are required to do. Hand the vehicle back and make sure it is in a reasonable condition. Prior to handing i back you should take photographs both inside and out in case they start charging for things that may not be there when you handed it over.

[nefikan]

Re: Voluntary Termination - Advantage Finance

Thanks for your swift response R0b - that's what I thought.

The vehicle is 7½ years old with quite low mileage and still in very good condition for it's age - certainly no damage that wasn't already there when I got it.

I certainly won't be signing anything else - as far as I'm concerned they have acknowledged my termination request so that's that.

The agreement only says that I need to "write to the person you make your payments to" - it doesn't specify email / letter etc so as far as I'm concerned I've done everything I need to do bar hand the car over.

Thanks again.

[nefikan]

Re: Voluntary Termination - Advantage Finance

Hi everyone - need some further advice on this.

I did VT and everything was fine - dropped the car off at my local center on the 21st Feb. Took around 30 photos of it with that day's newspaper.

I didn't owe anything on the car finance, but I had to pay £28 remaining on the AA warranty. It would have disputed it but with it being such a small amount I just paid it.

I wasn't asked to sign anything when I dropped the vehicle off, just to give the relevant part of the V5 document.

Then I hear nothing...for 5 weeks until they send me a letter telling me that I owe them £150 for repairs to the vehicle.

No information what needed to be repaired or when it had been done etc and of course, it was a nice round figure...£150.

I smiled to myself and thought "nice try" then totally forgot about it. My partner's Nan was with us at the time and wasn't well so I didn't have time to deal with it and I just put it in a drawer.

My payment date used to be the 21st of the month - the letter they sent me telling me there was a repair bill of £150 was at the very end of March, about a week after this.

However I've just learned this morning that they marked my credit file with a missing payment in March and yes...you've guessed it, they've now marked the account in default!

The agreement was VTd on the 21st February.

I was under the impression that regardless of whether there were any repairs done to the vehicle, the agreement had been terminated and should be marked so on my credit file?

If anyone could advise on this I'd be grateful and what to do next.

Thanks


Stephen

[R0b]

Re: Voluntary Termination - Advantage Finance

Hi Nefikan, you need to write to them and request a breakdown of the charges which they feel is owed and explain that there is nothing that is owed as the vehicle was taken away without issue and you have complied with your obligations.
Failing that you can then formally complain if the refuse to do anything.

[KateB11]

Hi everyone,

i have been reading the letters and replies you have all for VT with advantage and I have had my car for 2 1/2 years and I pretty sure I’ve paid just over half what I owe. So I am entitled to do the VT. I would like to ask some advice, as when I bought the car, it was due a service that I had to get done. Now it is due one again. Do I get a device done before I send it back to avoid charges or is it fair and square ?

regards

kate