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Hi everyone
Started my first ever VT with Moto Novo thanks to the help on here I emailed the letter and posted first class recorded signed for mail .
Today I phoned and the lady went through the process about it affects your credit rating and vehicle will be inspected once they have possession of it
Now the part that I can't work out is she said I have a choice either pay this month's payment due on the 25th of June and subject to there being no damage I would receive it back after 3 weeks or so
Or not pay the payment receive a black mark as a missed payment and they would look *to correct it at a later date
I suspect they will claim damage to value of the payment to not pay me back
I am well over the 50% mark as it stands today
_________
I also received this email just now from them
We thank you for contacting our office to enquire about the Voluntary Termination process.
As outlined in your agreement, in order to progress, you are required to pay half of the total amount payable. If you have already reached the half way stage, you will be required to continue making monthly payments until your request to Voluntary Terminate has been received in writing or you advise us by telephone that you wish to proceed.Any overpayment will be used towards your liability if required.Any arrears will be added to your liability.
Process
If you wish to proceed with the voluntary termination please confirm either via telephone or send in a signed letter. This can be scanned and emailed or you can take a photograph and attach to the email.*
Once your request to proceed has been received (you will need to provide us with the best contact telephone number / time to call), our agents will contact you within 2- 3 working days to book an appointment and aim to arrange collection within the next 7 days.
You will need to make sure that the car is available for collection on the agreed date together with the relevant vehicle documents.
Missing Documents
If the following items are missing, we will charge you for the costs to replace them:
Current MOT certificate - £75
V5 Registration document (log book) - £235
Service History Book - £25
Proof of regular servicing - £300 if not maintained
Master/Spare Key – At BVRLA cost price
Vehicle Manual - £10
Inspection and Damages
To comply with your voluntary termination rights, you must also ensure that the vehicle is in reasonable condition; otherwise you will be liable for any costs to repair and any recovery costs (if the vehicle is not roadworthy).
When our agents arrive at the agreed appointment, they will undertake an inspection of your vehicle with you present. They will be looking for any damages to the vehicle including but not limited to:
to
Scratches
Dents
Damages to the alloys,
Poor paint repairs
All tyres are within the legal limit
If there are any warning lights displayed on the dashboard
The vehicle must start
If any damage is found outside of normal wear and tear, the agent will record the damage and issue you with a report. You will have the opportunity to dispute any damages found at that time if you feel that these are not justified, your concerns will be passed to us to review.
What happens next?
Once the vehicle has been collected, we will issue you with a letter to confirm your final liability. This letter will include any payments required to reach half of the total amount payable, any arrears (if applicable) and any damage costs. Your liability will not be cancelled until these payments have been paid in full.
Other Options
Finally, we have also explained that you have the option to part exchange or sell the vehicle independently providing we receive full settlement. Let us know if you have decided to dispose of the vehicle yourself and no longer wish to proceed with the voluntary termination of your vehicle.
Please note this will reflect on your credit file as a VT “voluntary termination”, other lenders can see this and it may prevent you from taking out future finance with MNF.
Please be aware if the vehicle in not roadworthy or if you have an expired Notice of Default, you will need to complete a VS ‘voluntary surrender’. This differs from a VT as you would be liable for the balance after the sale of the vehicle, plus any charges obtained from collection or as noted above.
If the requested is cancelled within 48 hours of the agents attendance you will be subject to a cancellation fee.
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How should I proceed and which option is best with regards to the payment or no payment this month
Started my first ever VT with Moto Novo thanks to the help on here I emailed the letter and posted first class recorded signed for mail .
Today I phoned and the lady went through the process about it affects your credit rating and vehicle will be inspected once they have possession of it
Now the part that I can't work out is she said I have a choice either pay this month's payment due on the 25th of June and subject to there being no damage I would receive it back after 3 weeks or so
Or not pay the payment receive a black mark as a missed payment and they would look *to correct it at a later date
I suspect they will claim damage to value of the payment to not pay me back
I am well over the 50% mark as it stands today
_________
I also received this email just now from them
We thank you for contacting our office to enquire about the Voluntary Termination process.
As outlined in your agreement, in order to progress, you are required to pay half of the total amount payable. If you have already reached the half way stage, you will be required to continue making monthly payments until your request to Voluntary Terminate has been received in writing or you advise us by telephone that you wish to proceed.Any overpayment will be used towards your liability if required.Any arrears will be added to your liability.
Process
If you wish to proceed with the voluntary termination please confirm either via telephone or send in a signed letter. This can be scanned and emailed or you can take a photograph and attach to the email.*
Once your request to proceed has been received (you will need to provide us with the best contact telephone number / time to call), our agents will contact you within 2- 3 working days to book an appointment and aim to arrange collection within the next 7 days.
You will need to make sure that the car is available for collection on the agreed date together with the relevant vehicle documents.
Missing Documents
If the following items are missing, we will charge you for the costs to replace them:
Current MOT certificate - £75
V5 Registration document (log book) - £235
Service History Book - £25
Proof of regular servicing - £300 if not maintained
Master/Spare Key – At BVRLA cost price
Vehicle Manual - £10
Inspection and Damages
To comply with your voluntary termination rights, you must also ensure that the vehicle is in reasonable condition; otherwise you will be liable for any costs to repair and any recovery costs (if the vehicle is not roadworthy).
When our agents arrive at the agreed appointment, they will undertake an inspection of your vehicle with you present. They will be looking for any damages to the vehicle including but not limited to:
to
Scratches
Dents
Damages to the alloys,
Poor paint repairs
All tyres are within the legal limit
If there are any warning lights displayed on the dashboard
The vehicle must start
If any damage is found outside of normal wear and tear, the agent will record the damage and issue you with a report. You will have the opportunity to dispute any damages found at that time if you feel that these are not justified, your concerns will be passed to us to review.
What happens next?
Once the vehicle has been collected, we will issue you with a letter to confirm your final liability. This letter will include any payments required to reach half of the total amount payable, any arrears (if applicable) and any damage costs. Your liability will not be cancelled until these payments have been paid in full.
Other Options
Finally, we have also explained that you have the option to part exchange or sell the vehicle independently providing we receive full settlement. Let us know if you have decided to dispose of the vehicle yourself and no longer wish to proceed with the voluntary termination of your vehicle.
Please note this will reflect on your credit file as a VT “voluntary termination”, other lenders can see this and it may prevent you from taking out future finance with MNF.
Please be aware if the vehicle in not roadworthy or if you have an expired Notice of Default, you will need to complete a VS ‘voluntary surrender’. This differs from a VT as you would be liable for the balance after the sale of the vehicle, plus any charges obtained from collection or as noted above.
If the requested is cancelled within 48 hours of the agents attendance you will be subject to a cancellation fee.
-------------------------
How should I proceed and which option is best with regards to the payment or no payment this month
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