voluntary termination

[Autosec]

Hi i hope somebody can point me in the right direction.
My daughters has been furloughed and has frozen her car finance for 3 months. However she has been considering voluntary termination as she has paid more than 50%.
My questions are
1. would the frozen payments have to be made before she could Voluntary terminate as they could be classed as arrears and affect her credit score?
2. the car is 12 years old and it would be difficult to ascertain what would be reasonable damage at that age how does she stand?
3. Could the finance company charge her to take the car away?
4.If the car is sold at auction for less than the outstanding finance would she be chased for the difference.
5 after she sent the letter to voluntary terminate can she still drive the car or would she have to Sorn and cancel the insurance in order to drive/purchase another another car?

hope i havent asked too much in my first post but thank you in advance


Derek

[Autosec]

Just to add finance is with close brothers

[Autosec]

Close brothers agreed to freeze payments but they said if she received a default notice that she could ignore it.
she has today received the default notice dated 21/05/2020 10 days after payment was due will this make a difference even though she was told to ignore.

[Autosec]

sorry i keep thinking of questions
would it be better for my daughter to purchase a new car using finance before she voluntary terminates using a different finance company or even the same one

[Autosec]

does anybody have any answers please looking to do it very soon
*

[TINY TOTS]

Autosec hi there I have just done a vt with the same company. I was just over my 50% mark when I did the vt in march of this year. I emailed and sent a letter recorder delivery. your frozen payment wont affect the vt as you have already reached over the 50% mark. my car got picked up last Tuesday as advised on here I refused to sign. never sign anything! you have paid over the 50% so whatever they sell the car for they cant come back to you for the difference this is the whole point of the vt. you should not be charged for picking the car up it is within youre rights as part of the process, this is why you don't sign when they collect. if you tag rob with any questions he will get back to you. because you haven't tagged him that's the reason why he hasn't read it. this forum has helped me greatly I was a nervous wreck and robs advice has been great!

[ostell]

And there is a guide to VT in the shortcuts panel on the right

[Autosec]

Autosec hi there I have just done a vt with the same company. I was just over my 50% mark when I did the vt in march of this year. I emailed and sent a letter recorder delivery. your frozen payment wont affect the vt as you have already reached over the 50% mark. my car got picked up last Tuesday as advised on here I refused to sign. never sign anything! you have paid over the 50% so whatever they sell the car for they cant come back to you for the difference this is the whole point of the vt. you should not be charged for picking the car up it is within youre rights as part of the process, this is why you don't sign when they collect. if you tag rob with any questions he will get back to you. because you haven't tagged him that's the reason why he hasn't read it. this forum has helped me greatly I was a nervous wreck and robs advice has been great!

thank you for that

[Autosec]

Sorry how do i tag Rob

[Autosec]

rob*hi i am now close to starting VT going to look for a replacement car today hoe you wouldnt mind if you have time answering my question above to give me peace of mind

[Autosec]

TINY TOTS*thats been a great help
did you have any damage to pay for?

[Autosec]

rob*sorry again should I remove private plate before VT letter is sent/emailed?

[Autosec]

R0b
hopefully I have tagged the right R0b now and apologies once again for all the posts
*

[R0b]

You can VT at any time and a payment holiday would not affect this. As far as I am aware, payment holiday would not have affected her credit file according to the FCA (click here).

Your right to use the car exists so long as the contract exists. No contract, no right.

The rest of your questions are answered in my VT Guide on the link below.

https://legalbeagles.info/forums/for...on-your-rights

[TINY TOTS]

Autosec I haven't heard any thing from them yet still time yet. they have to take in fair wear and tear into consideration