Question around Minimum Payment needed to be able to VT

[Htfc1]

Hopefully a quick answer...

If I have paid a deposit as part of the agreement is this taken into account in terms of the 50% rule
my agreement states

total amount payable under the agreement is £25,000 which includes an advance payment of £2,500

in the termination: your rights section it states
...return of the goods and to half the total amount payable under the agreement, that is £12,500...

does this mean that once i have paid £12,500 minus my advance payment (12,500 - 2,500) so £10,000 I can VT?

this is Santander btw

Thanks in advance to anyone that can answer this for me

[R0b]

Yes, deposit is included*

[Htfc1]

Thank you....

one last question, my agreement is a conditional sale agreement, in the template letter, should I replace "hire purchase" with "conditional sale"?

thanks again

[R0b]

Yes, if that's what it is.

[Htfc1]

Thank you again, really appreciate the information on this site - i will provide an update as to how things go on the relevant thread