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Caravan finance voluntary termination

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  • #1

    Caravan finance voluntary termination

    Caravan finance would voluntary termination work?

    Today, 06:36:AM
    My partner and I bought a caravan at Bunn Leisure a year ago but due to Covid we’re are really struggling to make payments.

    My partner works in the events industry and I’m in Beauty and work has really suffered.

    We have spoken to Bunn and they said they maybe able to get us £37k for the van but Santander settlement is £45.5k. We know we will have outstanding monies to pay which is fine but after speaking to Santander they have said we would need to either pay the o/a £8.5k instantly or pay £26k over instalments. I’m happy to pay the settlement figure and as quickly as we can but I can afford 8.5k up front hence having to give up van.

    Are credit is now really poor due to covid so a personal Loan is out. We hoped this would have been a fair way to do it but I don’t see a way out now.

    Any advice? Would voluntary termination work or what would you suggest?

    Kind regards

    Lisa
    Tags: None
  • #2
    Lisa

    Welcome to Legal Beagles

    Can i ask, is the agreement a hire purchase agreement?
    I work for Roach Pittis Solicitors. I give my free time available to helping other on the forum and would be happy to try and assist informally where needed. Any posts I make on LegalBeagles are for information and discussion purposes only and shouldn't be seen as legal advice. Any advice I provide is without liability.

    If you need to contact me please email me on Pt@roachpittis.co.uk .

    I have been involved in leading consumer credit and data protection cases including Harrison v Link Financial Limited (High Court), Grace v Blackhorse (Court of Appeal) and also Kotecha v Phoenix Recoveries (Court of Appeal) along with a number of other reported cases and often blog about all things consumer law orientated.

    You can also follow my blog on consumer credit here.

    Comment

    • #3
      Yes it is

      Comment

      • #4
        Ok on the credit agreement it will tell you the figure which you will have to pay when you VT, that is the amount you would have to pay if you VT the agreement.

        If you can find a seller you may be able to get rid of the caravan but you would need Santander's agreement as they are still the owners
        I work for Roach Pittis Solicitors. I give my free time available to helping other on the forum and would be happy to try and assist informally where needed. Any posts I make on LegalBeagles are for information and discussion purposes only and shouldn't be seen as legal advice. Any advice I provide is without liability.

        If you need to contact me please email me on Pt@roachpittis.co.uk .

        I have been involved in leading consumer credit and data protection cases including Harrison v Link Financial Limited (High Court), Grace v Blackhorse (Court of Appeal) and also Kotecha v Phoenix Recoveries (Court of Appeal) along with a number of other reported cases and often blog about all things consumer law orientated.

        You can also follow my blog on consumer credit here.

        Comment

        • #5
          We have it’s spoken to them and they said the vt is £26k even when they take back van. Bunn have offered to buy the van for £37 k but Santander saidif we do it that way we still owe £26k

          thanksfor your reply I’m at a complete loss

          Comment

          • #6
            Originally posted by Ljlh74 View Post
            We have it’s spoken to them and they said the vt is £26k even when they take back van. Bunn have offered to buy the van for £37 k but Santander saidif we do it that way we still owe £26k

            thanksfor your reply I’m at a complete loss
            your options are im afraid limited. You have the right to VT at any point but Santander will pursue the amounts that they are entitled to
            I work for Roach Pittis Solicitors. I give my free time available to helping other on the forum and would be happy to try and assist informally where needed. Any posts I make on LegalBeagles are for information and discussion purposes only and shouldn't be seen as legal advice. Any advice I provide is without liability.

            If you need to contact me please email me on Pt@roachpittis.co.uk .

            I have been involved in leading consumer credit and data protection cases including Harrison v Link Financial Limited (High Court), Grace v Blackhorse (Court of Appeal) and also Kotecha v Phoenix Recoveries (Court of Appeal) along with a number of other reported cases and often blog about all things consumer law orientated.

            You can also follow my blog on consumer credit here.

            Comment

            • #7
              Thank you

              Comment

              • #8
                Originally posted by Ljlh74 View Post
                Thank you
                im soo soo sorry that there isnt much more i can do to assist. One thing you could try is liaising with Santander to see if they will restructure the agreement to allow you to make reduced payments, have you taken a payment holiday at all during covid? That may well be an alternative option. Santander should work with you to try and find a solution that works for everyone
                I work for Roach Pittis Solicitors. I give my free time available to helping other on the forum and would be happy to try and assist informally where needed. Any posts I make on LegalBeagles are for information and discussion purposes only and shouldn't be seen as legal advice. Any advice I provide is without liability.

                If you need to contact me please email me on Pt@roachpittis.co.uk .

                I have been involved in leading consumer credit and data protection cases including Harrison v Link Financial Limited (High Court), Grace v Blackhorse (Court of Appeal) and also Kotecha v Phoenix Recoveries (Court of Appeal) along with a number of other reported cases and often blog about all things consumer law orientated.

                You can also follow my blog on consumer credit here.

                Comment

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