HELP with VT

[IANJON]

Hi,@Rob
I am just about to VT my car purchased on a PCP deal through Barclays Partner Finance but am confused by the 50% termination figures!
I have checked my contract and the "Termination amount" is £7,516.70
But the credit amount is £11,598?
I paid £1300 upfront to the dealer which the finance company appears to have used in calculating the 50% figure!
I am 41 months into a 48 month contract but unless I add the £1300 deposit to the amount I have paid in installments, I am short of the 50% figure.
Is this correct?
Can anyone help please?
Thanks

[Amethyst]

Whats the cash price of the car ( beforre your deposit) plus all the interest and whatnot payable over the full term of the agreement ( guessing £15033.50 - should say TOTAL PAYABLE somewhere )

Your £1300 deposit has been paid so that should make part of your 50% - so leaving £6216 to pay via your installments to reach the halfway point. How much were your installments ? ( wld need to be around £152 a month to have reached VT at 41 months I think) then being PCP presumably there's some kind of balloon/back end payment ?

Best thing is to do a picture of your agreement ( cover over your name, address, DOB, CAR Reg etc ) and post it up.

[IANJON]

Hi,
Thanks
for the response.

Price of vehicle: £12,898.00
Deposit paid: £1,300.00
Total borrowed: £11,598.00
Completion fee: £299.00
Interest: £1,886.40
Final payment: £5,799.00
47 monthly x £165.30


I have paid 41X £165.30 =£6777.3 Plus £1300 deposit
Total ££8,077.30

However they appear to have added my £1300 deposit to the Total amount payable and have come up withh a figure of: £7516.70 as A 50% termination figure?
When I have read the guide provided here it just says to calculate the monthly payments made to calculate if you have paid 50%.
I hope my query is clear?
Thanks again

[R0b]

Hi IANJON,

The calculation is correct, the total amount payable is to include any deposit made and this is set out in the Consumer Credit (Agreements) Regulations 2010 which says that the total amount payable shall be "... the sum of the total amount of credit and the total charge for credit payable under the agreement as well as any advance payment."

But if you have already paid £6,777.30 and made a deposit of £1,300 then you are over the 50% mark and should be able to VT. The deposit is seen as an advance payment towards the total amount payable and therefore has to be included in what you have paid to date.

[IANJON]

Thank you very much for your help. I will get onto it now and let you know how I progress.

[IANJON]

Hi, @Rob
Update:

I am currently having a similar problem with BPF. I have followed all of the steps as advised on here. On 3 separate occasions I have told them that I will not be paying any collection charges. I then received a phone call informing me they were arranging collection of the vehicle. The vehicle was collected on 23/04/18. Out of the blue a couple of days ago I was contacted by a debt collection agency by text. apparently I owe BFT £186 for collection and valeting of the vehicle which by the way was valeted before it was collected! I have spoken to a number of people at Barclays and must say they are adamant that they will not remove the charge for collection. I have escalated my complaint to level2 Whatever that is? I have told them I will not be paying and that I am appaled that they would send this straight to Debt collectors without even presenting me with a bill etc! Any help appreciated Thanks

[IANJON]

Hi rob Amethyst UPDATE:
I have just heard from BPF and after the level 2 coplaint they have informed me that they have not upheld my complaint about paying a collection fee of that they passed my details to debt collectors without any correspondance or even a bill for their so called outstanding amount. Beginning to feel that I have dug myself a big hole and that I shouls just pay them. Things appear to have gone very quiet on here with regards to help/advice so dont really know where I stand anymore. Any help would be appreciated.
Thanks

[R0b]

I already responded IANJON http://legalbeagles.info/forums/foru...e-vt-nightmare

[IANJON]

I know R0b , Thanks,
I was just moving that post to this thread to tidy things up a bit. Sorry for any confusion!

[IANJON]

R0b

[R0b]

Have a read of Section 173 of the CCA, it tells you everything you need to know: https://www.legislation.gov.uk/ukpga...39/section/173

Any term in a regulated agreement is deemed void if it is inconsistent with any provision in the CCA for the protection of the hirer. Section 100 is a provision which protects you, as the hirer, since it limits your liability to the circumstances set out in that section. Subsection 2 of 173 further clarifies that if any term imposes additional liability whether directly or indirectly e.g. by imposing a collection fee or by suggesting that you need to return the car to an auction house free of charge is an additional financial burden.

In my view, their continued pursuit of the collection fee which by Section 173 is not recoverable, could amount to harassment. Also, by disclosing your information to a third party to pursue you for the money may also be considered as unlawful and/or unfair processing of your data.

You are clearly not going to get through to anyone at the first level or second level of complaints.All they will say to you is that its in the terms and conditions but ignore any relevant provisions in the CCA which governs that agreement. That's just how things go and BPF will not really sit up and take notice until you (or perhaps someone else) starts to make noises about taking legal action - I would also check your credit file too and see if there are any adverse entries from them.

Otherwise, you can either sit back and do nothing, or pay them the collection fee.