Advice before starting vt procedure

[Damodamodamo]

Hi I'm afraid I've been a little stupid and ive bought a new car before I've sold my old one. I thought it would sell easily for the amount I owed but sadly this isn't the case and it appears going off current offers I'm in over 2grand in negative equity. So it appears my only real option is VT (something I was hoping to avoid) my finance was taken out over 60 months and I've paid 27 installments. Im obviously more than happy to pay to the halfway point. So now my question is how do I go about things? Do I phone them (Motonova) and explain or do I send them one of your draft letters and wait for a bill? I'm really nervous about all this I've messed up big time and I just want rid if it so I'm not paying tax and insurance on top of the and second car payment. It's getting me down a little and the new car buzz I should be feeling just isn't there. Im normally very sensible and I've got a excellent credit rating, I did all this after having a tough year with a family illness and it seems I took my eye off the ball in an effort to cheer myself up. Your help and advice would be really really appreciated. I can provide a lot more details tomorrow but I wanted to get the ball rolling

Thank you very much in advance

Damian

[Amethyst]

Re: Advice before starting vt procedure

Oops.

Have you bought the new car on finance too ?

With VT the contract you have should say the amount in £ that you need to pay to VT - it's not usually the same as paying for half the time period. If you haven't got the contract then how much have you paid ( advance payment/deposit + all installments ) and how much was the total payable (ie car cost plus interest )?

[Damodamodamo]

Re: Advice before starting vt procedure

Yes I've financed the new car but I've done it through the Ford privilege scheme which seems a very good deal and suits my needs and pocket, but thanks for the oops comment lol. Ok so I've dug around and found my contract. I've also phoned my bank who told me I've made 28 payments (yeahhhhhh bonus, ithought I'd made 27! So on my contract it says the under the termination your rights section I have to have paid £5,750.90. According to my banks and my calculations I've paid £5274.64 which by my reckoning I'm short by £476.26 (more than happy to pay this to get me out of this hole I've dug myself). The cars in good shape, been service regular and has 12 months mot. What do I do now please? Do I attempt to pay the £476.26 then drop the letter on them. Or do I just send a letter and expect a bill? Do I phone them first or what. Im anxious to get this right I don't want this to become a big stressful situation I've had enough of that this year!!!! Thanks in advance again. And again I know I've been really stupid

[seduraed]

Re: Advice before starting vt procedure

Check on the hire purchase agreement what the 50% amount is . If you can afford this pay it or you could sell and clear the account. How much are getting in offers for the car ?
The VT rules will e gone into by more knowledgable members but youneed tomake sure you have paid the correct amount and thenuse the VT template.