Voluntary Termination - Barclays Partner Finance - 6 weeks from start to finish

[Daisy007]

Hello Everyone
I thought I'd share my experience of VT with Barclays Partner Finance.

I sent VT letter on 14th Dec 2018, everything is closed off as of 24th January - 6 weeks.

This website and especially the posts by R0b were a great resource, so thank you.

I read so many posts prior to sending the initial letter and literally worried myself silly, and ended up losing many hours sleep.

Once I sent the first letter from the template by Rob and got the 'signed for' proof of delivery off the Royal Mail website I felt relief.

I decided after reading many people's posts that alot of frustration came from phone calls with the Finance Companies so I decided to avoid going down that route and added a line in the first letter to remind them of the new GDPR legislation and to update my records to reflect I wanted contacting by email or post only, no calls (go me!). I also wanted a trail of documents.

They did call me from a Private number 10 days after receiving my VT letter and left a really bossy voicemail. I did call back and was told I had to sign forms etc, but i refused as advised on here, and also told them it was a Barclays requirement to get signed paperwork, not a legal one. I was threatened with a default if i didn't continue to pay, court action, and vehicle repossession. I put the phone down, and blocked all call from Private numbers. Sounds trivial, but it really does help if you are in control with things like this and stop letting them ring you when they feel like it. They say what they want, they make you angry, and you have no proof of what they say (i think requests for the transcript of calls are often ignored)

The form turned up for me to sign along with a letter confirming I owed £0.00, and another form to complete for the cars wear and tear. I washed it and hoovered it out, took loads of photos, and refused to pay for Barclays to collect it (or pursue me for £150) - I used a local guy who charged me £60. I was honest on the car form, wrote loads of notes which probably gave someone a right nightmare - and took photos of all service history, and forms I'd completed.

The car went through the auction at the start of this week, I saw they graded it a 2 - which was a shock as it wasn't that great! Maybe my valeting skills paid off!

They did put a late payment on my credit file for January and also a balance of £6880 - both are incorrect. I owe £0 and if i still had the agreement payments were on the 28th of the month. I did call Barclays this week about it, I had written a week ago making a complaint but again no response.

I was assured it will be coming off this week. Today I checked Clearscore which now shows upcoming changes and it says a Finance Agreement has ended, that the balance is £0, and nothing adverse on my file.Today I've had 4 rejected calls from a Private Number, so I am guessing they are trying to get hold of me about my formal complaint. I'll wait for them to write!
Sorry for the long winded post but i would just say to anyone about to do a VT:

1 - Hold your nerve. Stay in control, don't let them boss you around.

2 - Take copies of EVERYTHING, get letters signed for, and take lots of photos.

3 - Clearscore is free and it was great to see everything is coming off my otherwise historically excellent report.

4 - Resend letters 2 or 3 times if that's what it takes to get a written response. Keep a timeline of what you sent and when, they are so slow to respond it makes them look worse.

5 - If you do have to call in, i found literally killing them with kindness and being sarcastically nice completely threw them!


Thank you Rob, and for everyone that has contributed - this forum is fab.

Rachel

[R0b]

Hi Daisy,

Thank you for sharing your experience with BPF. Unfortunately, from what I've read on here it doesn't seem that they are consistent and what is worrying is that they record a default marker and only then choose to remove it when it is escalated either through their complaints process or if it is raised to the Financial Ombudsman.

Until there is a clear decision from the Ombudsman or someone takes it further by going to court, there is going to be uncertainty and further distress to those whose credit files are affected.

[shaunaox]

daisy rob (sorry if the tag is not done correct i am new to this)

PLEASE HELP ME.

I have got into some serious financial difficulties the last 6 months and in December i decided enough was enough i needed to hand my car back. I also knew I was relocating abroad for my job and needed to do this. I wrote a letter and sent via email end of December for a VT. When i called them to let them know i was doing this, i was transferred through to the department and a lady told me word for word what i had to put in the letter. (give me a min).

I pay 309/monthly over 4 years and had the car for 1.5 years. so I have paid 1/3. the amount owed over the 3 years is 15k. However, settlement figure is 10k as of today.

They told me in this letter i had to say that I confirmed the liability of 5.5k plus damages plus recovery. This was before the car is auctioned. I wrote the letter and stated everything but the fact i am liable for that amount. It made me feel very uncomfortable putting that in writing when I am already in loads of arears with other creditors. I am working with step change to get back on my feet.

Surprise surprise they have rejected it, and told me i have to put it in writing. I said i didn't feel comfortable and im vulnerable to more debt right now, I told them i want to terminate the agreement, told them where it was. gave them all my contact info and asked them to collect within 14 days. It's now 1 month since i sent the letter, they are still not accepting it. They said if I do not put it in writing I owe 5.5k then they will have to repossess the car and I will be liable for the full amount as if i was keeping the car over the next nearly 3 years. which is 15k. They told me I am already liable for that amount when I signed when i bought the car. If that's true, why am i being made to put in writing again i am liable?

They have tried to scare me saying i shouldn't let it get repossessed i will owe the 15k. but how can they reject a VT?

I really need advice as to whether i am better off letting them repossess the car or having to confirm the 5.5k liability in my VT. I need advice ASAP. The car is currently sat outside my home un-insured and i am out of the country.

I sent the letter 27th Dec, 5th Jan and 17th Jan. They rejected this week (22nd Jan). What do I do?? Surely if they repossess it they can't charge me the full amount of the contract agreement?

Or if VT - surely i am only paying the settlement figure minus what the car is sold for?


This is Barclays car finance.

[Daisy007]

Hello Shaun
I'm by far an expert but I do have a Barclays agreement.
There is a clause in the agreement which will give you the amount to VT-its 50% of original loan.
It will state the amount to the penny.
If you can't see it let me know and I'll dig mine out to give you more specific details where to find it.

[Daisy007]

Hello Rob
I agree it is very worrying.
I had a letter from Barclays yesterday which is a generic one saying I'll have a response within 28 days.
My credit report now states that it is being updated to positive, so I will keep checking.
In any case I've written another strongly worded letter to Barclays which I will post tomorrow.
This should be a very simple process which Barclays and others make very difficult.

[Daisy007]

Apologies but another update.
I've just got home to a Barclays letter which is very long and agreeing with my complaint. Very apologetic and £50 compensation has gone into my bank.
Again they say my credit file is being updated. New credit report due in 14 days so fingers crossed it will now return back to how it was prior to this.

[R0b]

That good news daisy, glad they've decided to come to their senses although the compensation seems a little low (would think 100 at least).

I would be interested to read Barcalys response if you would be minded to post up a redacted copy? It might also help others who use BPF and could use it as part of their complaint to the Financial Ombudsman. They cant just admit their errors in one instance and then reject it the same error in another.

[Hotseecee]

Hello Everyone
I thought I'd share my experience of VT with Barclays Partner Finance.

I sent VT letter on 14th Dec 2018, everything is closed off as of 24th January - 6 weeks.

This website and especially the posts by R0b were a great resource, so thank you.

I read so many posts prior to sending the initial letter and literally worried myself silly, and ended up losing many hours sleep.

Once I sent the first letter from the template by Rob and got the 'signed for' proof of delivery off the Royal Mail website I felt relief.

I decided after reading many people's posts that alot of frustration came from phone calls with the Finance Companies so I decided to avoid going down that route and added a line in the first letter to remind them of the new GDPR legislation and to update my records to reflect I wanted contacting by email or post only, no calls (go me!). I also wanted a trail of documents.

They did call me from a Private number 10 days after receiving my VT letter and left a really bossy voicemail. I did call back and was told I had to sign forms etc, but i refused as advised on here, and also told them it was a Barclays requirement to get signed paperwork, not a legal one. I was threatened with a default if i didn't continue to pay, court action, and vehicle repossession. I put the phone down, and blocked all call from Private numbers. Sounds trivial, but it really does help if you are in control with things like this and stop letting them ring you when they feel like it. They say what they want, they make you angry, and you have no proof of what they say (i think requests for the transcript of calls are often ignored)

The form turned up for me to sign along with a letter confirming I owed £0.00, and another form to complete for the cars wear and tear. I washed it and hoovered it out, took loads of photos, and refused to pay for Barclays to collect it (or pursue me for £150) - I used a local guy who charged me £60. I was honest on the car form, wrote loads of notes which probably gave someone a right nightmare - and took photos of all service history, and forms I'd completed.

The car went through the auction at the start of this week, I saw they graded it a 2 - which was a shock as it wasn't that great! Maybe my valeting skills paid off!

They did put a late payment on my credit file for January and also a balance of £6880 - both are incorrect. I owe £0 and if i still had the agreement payments were on the 28th of the month. I did call Barclays this week about it, I had written a week ago making a complaint but again no response.

I was assured it will be coming off this week. Today I checked Clearscore which now shows upcoming changes and it says a Finance Agreement has ended, that the balance is £0, and nothing adverse on my file.Today I've had 4 rejected calls from a Private Number, so I am guessing they are trying to get hold of me about my formal complaint. I'll wait for them to write!
Sorry for the long winded post but i would just say to anyone about to do a VT:

1 - Hold your nerve. Stay in control, don't let them boss you around.

2 - Take copies of EVERYTHING, get letters signed for, and take lots of photos.

3 - Clearscore is free and it was great to see everything is coming off my otherwise historically excellent report.

4 - Resend letters 2 or 3 times if that's what it takes to get a written response. Keep a timeline of what you sent and when, they are so slow to respond it makes them look worse.

5 - If you do have to call in, i found literally killing them with kindness and being sarcastically nice completely threw them!


Thank you Rob, and for everyone that has contributed - this forum is fab.

Rachel

Hi daisy, thank you for sharing your experience, I am going through a similar experience and it is very hard to hold your nerve and not to worry, all my calls fell on deaf ears and they are adamant I have to sign the VT or they will not recognise it, I am not ringing them anymore they have all the information they need and a complaint has been raised, so I am waiting the outcome of this. I agree this site is tremendous with advice given.

[Hotseecee]

Hi Daisy, thank you for sharing your experience, I too am going through this experience, they are refusing to accept my VT because it was not signed, I am no longer going to ring them I have had enough sleepless nights and I am waiting the outcome of my complaint to them. I also agree this is a great forum.

[Daisy007]

Yesterday I received what looks like a generic printout from Barclays which says about ending your agreement early and my rights. Bit strange as I would have expected it at the start of the process.Also enclosed was a statement which lists my monthly payments along with 2 additional payments I sent to bring me to 50%. Under that there is a line which says:
Clear half rule balance with £6880 then £0.00
Under that is the £50 they sent as an apology. Than finally a closing balance of £0.00.

My credit report is due in a week or so but it does say that my agreement is changing to a positive. So hopefully that's it now.
Apologies for another post but wanted to update you as it might be helpful to others dealing with Barclays.

[Loupiner]

Hi Daisy & Rob,

I have declared VT with BPF and emailed & posted the letter as advised on the templates, my next payment is due next week. It wasn't clear on the forums but should I cancel my DD overthough they scared me with the 'black marker' then complain further along the line?

Thank you

[Loupiner]

Hi Daisy & Rob,

I have declared VT with BPF and emailed & posted the letter as advised on this forum with the templates. my next payment is due next week and I want to cancel as I am already over my 50%. It wasn't clear on the forums but can I cancel my DD overthough they scared me with the 'black marker' then complain further along the line? I really need them to cooperate with me ASAP but seem to get no communication back other then two letters confirming I owe £0.00 and asking me to sign!!