Voluntary termination.

[Jt1878]

Hi, I'm having a bit of a problem with my lender. I've told them I want to voluntary terminate the contract and there response was, as I have previously defaulted they have withdrawn my right to voluntary terminate (Although I'm fully up to date with payments now.) I've ran through my figures multiple times and I am over the 50% mark. I'm thinking of sending them a template that I've seen posted, but I'm just curious as to whether they are in their rights to decline my attempts or not. Many thanks.

[Jt1878]

R0b Could you let me know what you think my next steps should be please.

[Snapples]

Out of interest who is your lender?

[R0b]

Hi, I'm having a bit of a problem with my lender. I've told them I want to voluntary terminate the contract and there response was, as I have previously defaulted they have withdrawn my right to voluntary terminate (Although I'm fully up to date with payments now.) I've ran through my figures multiple times and I am over the 50% mark. I'm thinking of sending them a template that I've seen posted, but I'm just curious as to whether they are in their rights to decline my attempts or not. Many thanks.

First of all, who is the lender? Sounds like a from someone like Moneyway or GMAC.

Just because you have defaulted does not take away your right to VT - your right to VT is lost when the contract is terminated by the lender. So if you defaulted but came to an arrangement before they they terminated the agreement then you still have the right to VT.

If they sent you a default notice and that notice stated that unless you paid up the default amount by X date otherwise they will terminate, and you failed to do that then technically it sounds like they have terminated the agreement. If they continued to let you have the vehicle then strictly speaking they are in breach because it would amount to a new hire purchase arrangement, just on the same terms and they would need to supply you with a new set of documentation etc.

However, if you came to an arrangement to repay that amount then I would say the time to repay the default amount is superceded by the new arrangement and the agreement continues as normal.

Its crucial you work out what exactly happened, and it might be a case that you need to subject a subject access request to the lender and find out what documentation they have about you and any account notes.