VT - finance company says keep paying until collected

[Aanderson]

Hi guys.

currently getting the ball rolling to VT my car. Unfortunately need a bigger car due to family expanding and my car has a black hole of negative equity which I can not afford.

the finance company startline has stated previously to keep payments going until collected but am I correct in saying as long as I state in my VT letter “with immediate effect” that I do not need to pay my next payment due on the 31st of Jan?

also I’m aware of two bits of damage to the car which they will bill me for before any other little bits they can do their hardest to find. My question is has anyone ever been able to get a payment plan to pay these? As ive been told I have 30 days to pay this or I get a marker on my credit file

any help appreciated.

thanks in advance

[Pezza54]

Hi
Welcome to LB

Please read "A guide to voluntary termination: Your rights" on the right side of this page
Both your questions are answered
You can cancel your direct debit once you have given time for the finance company to receive your letter or email of voluntary termination
The guide also provides info on how to dispute vehicle refurbishment charges

[Pezza54]

If the car was damaged could you have made an insurance claim?

[Aanderson]

Unfortunately I was silly and thought due to not being in the vehicle and not seeing exactly what happened I wouldn’t be able to claim insurance, that along with I did not want my premium to go up with making a claim meant I was convinced I would just get this sorted myself but I never found the time

[Aanderson]

PEZZA54
VIP Member

#2
Yesterday, 17:30:PM
Hi
Welcome to LB

Please read "A guide to voluntary termination: Your rights" on the right side of this page
Both your questions are answered
You can cancel your direct debit once you have given time for the finance company to receive your letter or email of voluntary termination
The guide also provides info on how to dispute vehicle refurbishment charges


^^^^^^ thank you I didn’t see this

[Pezza54]

I did exactly the same as you after I reversed into a post and dented my rear bumper. I couldn't be bothered to make an insurance claim thinking sooner or later the car would be rear ended. It hasn't been and 5 years later I am still driving the car with a dent. But then it is my own car. If it was a lease car or bought on H.P. I would have made a claim straight away
Having a protected no claims bonus is worth paying the extra premium - doesn't cost much