Voluntary Termination: Marsh Finance

[Brizoh71]

Took out car finance with Marsh last October, which was my fourth agreement with them. To date I haven't missed a payment with them, but I was made redundant in May and I can no longer afford to maintain the payments.

I have two active agreements, one of which will be settled outright with my redundancy as it only has just over one year to run and is much cheaper than settling the second agreement hich would take up 90% of my redundancy payment in one go so it isn't an option. I'm only 8 months into the second agreement and VT seems the way to go.

How hard are Marsh likely to make it to voluntarily terminate given the agreement is still relatively new? I haven't given them notice of VT yet, and I'd like the matter resolved quickly.

[Brizoh71]

Sending this to them today via email, and will pop a copy in the post...

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I am writing to notify you that I wish to invoke my statutory right under section 99 of the Consumer Credit Act 1974 and hereby give you notice that the agreement is terminated effective immediately from the date of this letter. Please confirm by return acknowledgement of this letter and to make arrangements for collection of the vehicle.

The condition of the car is noted as being in a reasonable condition for its age and photographic evidence has been taken in the event of any future dispute as to the condition of the vehicle.

You will be aware that the Consumer Credit Act limits my liability to half of the total amount payable under the agreement but excludes any sum payable as a penalty, compensation or damages for a breach of the terms of the agreement. Such terms imposed are inconsistent with my rights under the Act and are therefore deemed void and unenforceable.

The vehicle is now available for collection, and I request that it be collected within the next ten working days. Please be advised that all correspondence relating to this matter should now be made in writing to this email address, and I would appreciate if you could contact me to arrange a suitable time within the stated window.

If you do not contact me within the window specified to arrange collection of the vehicle, I will then consider the vehicle as abandoned in accordance with section 12 of the Torts (Interference with Goods) Act 1977. As a consequence, arrangements will be made for the vehicle to be sold at the nearest auction.

I am lawfully entitled to deduct any associated costs in the sale of the vehicle including but not limited to, storage costs, auction fees, insurance and tax coverage. Furthermore, I cannot be held liable for any losses suffered as a result of the vehicle’s sale. Once the vehicle has been sold, I will contact you further to arrange for the remaining proceeds to be transferred to a bank account of your choosing.

The vehicle is available for collection from my address at the head of this email and I would suggest that you contact me on this email address to arrange a suitable time for collection of the vehicle.

A hard copy of this correspondence has also been sent to you via Recorded Delivery.
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Cheers.

[Brizoh71]

Any feedback? Guess not..

[Joshy H]

How did you get on woth VT’in? Did you set up a payment plan to pay off the rest of the amount you was liable for?