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As a Newbie what would I face paying back Advantage Finance VT

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  • As a Newbie what would I face paying back Advantage Finance VT

    Hi Everyone

    I like to research to find answers to help with building up my online business. I love reading and music. I love studying and have interests in various subjects such as Law, English and being creative.

    Back in May 2018 I bought a car from Advantage Finance Ltd on a Hire Purchase Agreement, I found some complications. I never got the agreement to which I have now got after the advice from Legal Beagles. I found the car needed a new engine that got done under warranty of the 3 months. I face VT due to personal complications, now my account is on hold until the end of this week commencing 8th Oct; to cut a long story short this was all done by finding the advice in Legal Beagles.

    I managed to find the Value of the car 2010 model Renault Megane which now stands at £3,200.00 the loan of the car from Advantage Finance Ltd £3,950.00 with interest of £4,088.52 with other charges added on to the loan outstanding amount £8777.52; with a down payment of £239.00.

    I have also taken photographic evidence, and have noticed a couple of scratches down the rear end passenger side, also rear end down to the driver's side. The scratches appeared by another car parking next to mine I have not noticed it before, until I took the photos. However, there had been scratches before the day the car got purchased I had it re-sprayed.


    To-date I have only managed to pay 3 months of £154.88 and only just missed one payment due to personal complications.

    I do understand that I should have paid at least half of the value of the car, but now I face with what Advantage Finance Ltd expects from me. I did my own calculations to what I thought it could be by taking the value of the car the day it got first purchased, by subtracting the value of the car as it stands today. That amounts to £750.00 I know I will be wrong with this, as the car is in immaculate condition apart from the scratches. I just need to know please what I face to pay back Advantage Finance Ltd. Can you please help me to understand this? I got told there would about £500 to pay back if the car got returned.
    Last edited by Bazzarma; 9th October 2018, 12:22:PM.

  • #2
    Hello

    I'm not entirely sure what you are asking. When you VT you terminate the agreement agree to repay 50% of the total amount payable under the agreement. If that amount comes to £8777.52 then you pay half of that which is what you owe.

    Assuming Advantage haven't terminated the agreement or you failed to repay the amount they demanded if a default notice was issued, then you can VT the agreement.

    I'm curious what the other £4,000 or so in other charges are for because that seems to be pretty high.
    If you have a question about the voluntary termination process, please read this guide first, as it should have all the answers you need. Please do not hijack another person's thread as I will not respond to you
    - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
    LEGAL DISCLAIMER
    Please be aware that this is a public forum and is therefore accessible to anyone. The content I post on this forum is not intended to be legal advice nor does it establish any client-lawyer type relationship between you and me. Therefore any use of my content is at your own risk and I cannot be held responsible in any way. It is always recommended that you seek independent legal advice.

    Comment


    • #3
      Originally posted by Bazzarma View Post
      Hi Everyone

      I like to research to find answers to help with building up my online business. I love reading and music. I love studying and have interests in various subjects such as Law, English and being creative.

      Back in May 2018 I bought a car from Advantage Finance Ltd on a Hire Purchase Agreement, I found some complications. I never got the agreement to which I have now got after the advice from Legal Beagles. I found the car needed a new engine that got done under warranty of the 3 months. I face VT due to personal complications, now my account is on hold until the end of this week commencing 8th Oct; to cut a long story short this was all done by finding the advice in Legal Beagles.

      I managed to find the Value of the car 2010 model Renault Megane which now stands at £3,200.00 the loan of the car from Advantage Finance Ltd £3,950.00 with interest of £4,088.52 with other charges added on to the loan outstanding amount £8777.52; with a down payment of £239.00.

      I have also taken photographic evidence, and have noticed a couple of scratches down the rear end passenger side, also rear end down to the driver's side. The scratches appeared by another car parking next to mine I have not noticed it before, until I took the photos. However, there had been scratches before the day the car got purchased I had it re-sprayed.


      To-date I have only managed to pay 3 months of £154.88 and only just missed one payment due to personal complications.

      I do understand that I should have paid at least half of the value of the car, but now I face with what Advantage Finance Ltd expects from me. I did my own calculations to what I thought it could be by taking the value of the car the day it got first purchased, by subtracting the value of the car as it stands today. That amounts to £750.00 I know I will be wrong with this, as the car is in immaculate condition apart from the scratches. I just need to know please what I face to pay back Advantage Finance Ltd. Can you please help me to understand this? I got told there would about £500 to pay back if the car got returned.

      Hi Rob

      Thank you for answering back so quickly, I have not paid the 50% back, the 50% is £4388.76 in the agreement. I have only paid 3 months at £154.88 from 53 monthly payments and 1 final payment of £329.88. I have missed one payment to now due to personal circumstances and finances that has change. The other charges on the agreement: -
      Finance Charges of £4588.52,
      Interest charges of £4088.52,
      Acceptance fee £325.00.
      Option to purchase fee £175.00 bringing the total amount to £8777.52.
      On the 8 May 2018 I paid £239.00 in cash what they call part exchange on the day the agreement started.

      Having spoken to Advantage Finance Ltd because of my circumstances they accepted me to VT my agreement and need to write a letter to confirm this. They presently put my account on hold until 12 Oct 2018.

      I have looked after the car well when signing the agreement I found a few complications: -
      (a). I did not receive an agreement, that I have now,
      (b). The engine needed replacing; this did get done under the 3 months warranty from, when the car got purchased from.
      (c) A new built-in Sat-Nav got put in the screen of the old one cracked.

      The calculations done I made myself of the depreciation of the car from 8th May 2018 to now this amount to £724.12. The car valued on the day of the agreement £4189.00 less the 239.00 bringing the total I borrowed to 3950.00.

      I do understand I should have paid 50% at least. What I need to know financially what I will be facing on VT so early at this stage. Due to my personal circumstances I was not home for a week and during this week I found scratches on the car. The car had been re-sprayed in the past due to people parking next to me with undue care and attention, am I liable for these scratches. There is no photographic on my part evidence up until now with Advantage Finance Ltd accepting my VT when completed. The car came with 12 months tax and 12 months MOT.

      There is no termination by Advantage Finance; there is no default notice or demand to repay. My payments are due 20th of each month, there is only one payment missed that is September payment until the 20th October.


      Thank you
      Bazzarma

      Comment


      • #4
        Originally posted by Bazzarma View Post
        Hi Everyone

        I like to research to find answers to help with building up my online business. I love reading and music. I love studying and have interests in various subjects such as Law, English and being creative.

        Back in May 2018 I bought a car from Advantage Finance Ltd on a Hire Purchase Agreement, I found some complications. I never got the agreement to which I have now got after the advice from Legal Beagles. I found the car needed a new engine that got done under warranty of the 3 months. I face VT due to personal complications, now my account is on hold until the end of this week commencing 8th Oct; to cut a long story short this was all done by finding the advice in Legal Beagles.

        I managed to find the Value of the car 2010 model Renault Megane which now stands at £3,200.00 the loan of the car from Advantage Finance Ltd £3,950.00 with interest of £4,088.52 with other charges added on to the loan outstanding amount £8777.52; with a down payment of £239.00.

        I have also taken photographic evidence, and have noticed a couple of scratches down the rear end passenger side, also rear end down to the driver's side. The scratches appeared by another car parking next to mine I have not noticed it before, until I took the photos. However, there had been scratches before the day the car got purchased I had it re-sprayed.


        To-date I have only managed to pay 3 months of £154.88 and only just missed one payment due to personal complications.

        I do understand that I should have paid at least half of the value of the car, but now I face with what Advantage Finance Ltd expects from me. I did my own calculations to what I thought it could be by taking the value of the car the day it got first purchased, by subtracting the value of the car as it stands today. That amounts to £750.00 I know I will be wrong with this, as the car is in immaculate condition apart from the scratches. I just need to know please what I face to pay back Advantage Finance Ltd. Can you please help me to understand this? I got told there would about £500 to pay back if the car got returned.
        Hi Rob

        Thank you for answering back so quickly, I have not paid the 50% back, the 50% is £4388.76 in the agreement. I have only paid 3 months at £154.88 from 53 monthly payments and 1 final payment of £329.88. I have missed one payment to now due to personal circumstances and finances that has change. The other charges on the agreement: -
        Finance Charges of £4588.52,
        Interest charges of £4088.52,
        Acceptance fee £325.00.
        Option to purchase fee £175.00 bringing the total amount to £8777.52.
        On the 8 May 2018 I paid £239.00 in cash what they call part exchange on the day the agreement started.

        Having spoken to Advantage Finance Ltd because of my circumstances they accepted me to VT my agreement and need to write a letter to confirm this. They presently put my account on hold until 12 Oct 2018.

        I have looked after the car well when signing the agreement I found a few complications: -
        (a). I did not receive an agreement, that I have now,
        (b). The engine needed replacing; this did get done under the 3 months warranty from, when the car got purchased from.
        (c) A new built-in Sat-Nav got put in the screen of the old one cracked.

        The calculations done I made myself of the depreciation of the car from 8th May 2018 to now this amount to £724.12. The car valued on the day of the agreement £4189.00 less the 239.00 bringing the total I borrowed to 3950.00.

        I do understand I should have paid 50% at least. What I need to know financially what I will be facing on VT so early at this stage. Due to my personal circumstances I was not home for a week and during this week I found scratches on the car. The car had been re-sprayed in the past due to people parking next to me with undue care and attention, am I liable for these scratches. There is no photographic on my part evidence up until now with Advantage Finance Ltd accepting my VT when completed. The car came with 12 months tax and 12 months MOT.

        There is no termination by Advantage Finance; there is no default notice or demand to repay. My payments are due 20th of each month, there is only one payment missed that is September payment until the 20th October.

        Termination Of my rights.

        You have a right to end this agreement. To do so, you should write to the person you make your payments to. They will then be entitled to the return of the goods and half the total amount payable under this agreement, that is £4388.78 If you have already paid at least this amount plus any overdue instalments you have reasonable amounts care of the goods, you will not have to pay any more.


        My right to end this agreement

        A You can end this agreement as set out under the Heading Termination your rights on the second page of the agreement. If you do so, you must return the goods and related documents to us if you do not immediately pay all amounts you need to pay to end the agreement, we can charge interest on them 8% a year, both before and after court judgement.

        B If you end this agreement before you have made all the payments, you must pay us any payments which are over due on the day this agreement ended, plus any interest of late payments.

        C If you have not taken reasonable care of the goods, you must pay on demand enough to carry out any repairs or bring the goods back to their proper condition.

        I have put these clauses in for you Rob so you can see what I am talking about; I got told that it would be the difference the depreciation that would be paid back.



        Thank you
        Last edited by Bazzarma; 10th October 2018, 17:09:PM.

        Comment

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