VT Marsh finance issue??

[French2424]

Hi, I am hoping you might be able to give me some advice.

I requested to voluntarily terminate my HP agreement with Marsh finance in July, I paid final payment of £498 to get me to 50% paid and BCA collected it four weeks ago on the 29/08 and guy who collected said car was good apart from a small scratch, I declined to agree with this as I have photos when I bought the car with the same damage.
I had an email from BCA with the condition report that stated a scratch that would be £100 to repair, car is 9 years old.
I have since heard nothing at all from Marsh so I called them this morning. They said I now have to wait for the car to sell before they will close the account!

I want to ask if that is right as I have paid my 50%, no arrears or anything and they now have their asset back.

I just want a clean slate and it’s driving me mad thinking about it.

thank you for you help

[Pezza54]

Hi
Welcome to LB
You shouldn't worry. You had the legal right under CCA Section 99 to voluntary terminate your agreement and hand back the car once you had paid 50%. The finance company accepted your termination and arranged for the car to be collected
Finance companies may see that you have terminated a previous agreement early on your credit record but won't see the reason why. Future applications for finance or loans shouldn't be affected by a voluntary termination
IMO it is most unlikely a finance company will take you to court for £100. It will cost them more than that in non-recoverable legal fees

[French2424]

Thank you very much for your reply. Are they correct to say that they won’t close my account until the car is sold? I spoke to a lady in the legal team at marsh and she said my account won’t be closed until the car is sold and they received the funds.
I thought once I paid the 50% and handed the car back that would be it.

[Pezza54]

When and how they sell the car has nothing to do with you and your account. It may be for their own computerised accounting records
You should have cancelled your direct debit payments and insurance
There are letter templates for VT under "SHORTCUTS" on the righthand side of this page. There is a letter template disputing car damage, in case the fc chases you for £100

[French2424]

Thank you, I will give them another call tomorrow and insist they close the account.

[Pezza54]

If the phone call doesn't work you may need to write to them