Black Horse VT with GAP

[R0b]

Well it would make sense if your refund is going to be more than the £35 cost and in turn will mean that you have less to pay out of your own pocket should you want to settle with Blackhorse. If the amount is going to be nominal like less than £100 to pay after your refund, then it would seem logical that paying off the insurance amount would be a sensible choice rather than quarraling over something quite small, especially if you have the means.

Always best to pick your battles wisely and some might not be worth the hassle.

[Guest]

Thanks Rob.

Would I be well within my rights to tell BH in my VT letter that I have spoken to the Asset Insurers who have told me I can cancel the policy, that being said, would BH still be able to say I'm liable for the insurance cost?

Thank you

[R0b]

Yes they can, but whether it is legally enforceable is another matter for the reasons I've already explained in my earlier posts.

I don't really have anything else to add to the situation.

[Guest]

Thanks - Im going to accept that this needs to be paid.

Here is my draft to send, does it seem ok? Thanks in advance.

Termination of hire-purchase agreement in accordance with section 99(1) of the Consumer Credit Act 1974 (“CCA 1974”)

I am writing to inform you that I am exercising my right to terminate the above hire-purchase agreement with immediate effect in accordance with Section 99 of the CCA 1974. The reason for terminating the agreement is because I am experiencing financial difficulties due to COVID-19 and it is no longer possible to keep up with the repayments. Under Section 100(1) of the CCA 1974, my liability is limited to one-half of the total price payable which, according to the terms of this agreement, is £11,451.30. As at today’s date, I have paid £14,389.03 and I am therefore no longer required to make any further payments.

I have also inspected the vehicle and I am of the opinion that it is in a reasonable condition given its age whilst accounting for fair wear and tear. Photographic evidence will be taken prior to delivery/collection, in the event of any future dispute as to the state of the vehicle. The vehicle is available to collect from the above address on giving reasonable notice, otherwise if you prefer to have it delivered to another location, I am willing to consider this provided that you agree to pay my reasonable costs and expenses. Please note the vehicle is insured up to 1st June 2020 only. Insuring the vehicle beyond this date is financially not possible due to having no income.

Please note that this termination letter is in respect of the hire purchase only. I am aware that I also took out GAP insurance (Assett Protection - Hire and Reward from Assett Protect who adminstrate on behalf of Motorpoint) at the same time of purchase, but I do not wish to terminate this arrangement. I will continue to pay the monthly instalments of £11.34, although I will need to set up a new direct debit because the existing one included the hire purchase and insurance instalments together as a single monthly payment.

I would appreciate if you could contact me on email above within the next 14 days to discuss the next steps.

[Guest]

VT letter sent.

Can i now cancel my DD?

[Guest]

Update.

VT letter sent and received.

Two days later a text from BH asking me to call them quoting my agreement number.

Should I call them or wait for a response by post or email?

Thanks in adv.