Default letter received after VT

[Ellis27]

Hi I checked my credit file today and finance company have informed them I am one payment in arrears, which I am not. Is there a template letter asking company to correct credit file
thanks

[Ellis27]

Hi everyone still having problems with finance company they are refusing to accept my VT because I have not paid 50% they continue to enter arrears on credit file any advice please just want them to accept VT letter I will deal with credit file later
thanks

[Ellis27]

I am really stuck on what to do next
Company has repeatedly refused to accept my VT continually stating I have to pay 50% before I can terminate my contract. They keep quoting sect 100 even though I point out that nowhere in sect 99 does it say debtor must have paid 50% before they can VT. Today they sent a firm to repossess the car I managed to stop them but when I phoned company they will not budge on their stance that I cannot terminate until I have paid 50%. They agree that sect 99 states I can terminate at any time but are adamant that sect 100 reads that 50% must be paid immediately before termination. Please can anybody advise on my next step

[R0b]

Hello

I don't know what help it is you want that you haven't already read. Section 99 is an automatic right to terminate after which section 100 says if the contract is terminated under section 99, then you are liable for XYZ that was due immediately before termination. This is not the same as saying that the 50% must have been paid before you can terminate, otherwise it defeats the object of section 99 which clearly states you can terminate at any time.

The choice is entirely yours, but here are some options:

1. Continue playing ping pong correspondence to your hearts content and argue who is right or wrong.

2. Claim you have validly given notice of termination, then give them notice under the Torts (Interference with Goods Act) 1977 and explain that they have X days to collect the car or you will proceed to sell it and deduct any costs. Easiest way to sell will be Autotrader, car auction etc.

3. If the car is on your drive, tell them that you consider the car to be trespassing on your land and you will now charge a daily rate of X for storage/parking for the next 30 days (as an example). If the car is still not collected then you will give notice under point 2 but you will have to give at least 3 months notice before you can sell which are the rules when you are owed money i.e. parking/storage charges.

4. Complain to the Financial Ombudsman and wait forever and a day for them to get round to you.

5. Argue that their refusal to accept termination is a repudiatory breach and therefore you are entitled to terminate the contract and seek damages. I would suggest you read into repudiatory breach before considering this option and there's a few threads about this on this forum if you use the search function. In order to terminate for repudiatory breach, you must give them notice indicating that and this is the reason.

6. Do nothing and ignore them to see what they do next.

If you are expecting us to tell you what to do next then I'm afraid it won't happen. You need to make the decision on what you want to do, how you go about it and which option suits you. Happy to guide you along and assist, but you need to do the legwork.

[Ellis27]

Thank you Rob for your assistance. You have made me realise I have to decide what to do. Think I was just having a wobble

[R0b]

No worries. Unfortunately exercising your right is not always straightforward and some finance companies tend to skew their interpretation or test their luck with the debtors. Only when you do something meaningful will these companies (but not always) actually back down.

I think there I put some example templates in the VT guide depending on what route you are going down.