Voluntary Termination

[watherton]

Re: Voluntary Termination

Thanks gents. You've been very helpful.

[labman]

Re: Voluntary Termination

It is quite common for debts to be left for a long time. I've known them go 3-4 years before anyone makes contact. Nobody can tell you exactly when they may or may not ask for payment, but it would be very surprising (though not unheard of) if they never contacted her about it.

I would find out whether or not they're entitled to charge interest though, as this could significantly increase the debt.

Apologies for drifting a bit. :beagle:

[watherton]

Re: Voluntary Termination

No apologises necessary, your advice has been very much appreciated.

I'm pretty certain her nerves would be shot if she left it 3-4 years :-)

Banks chaps, enjoy your weekends.

[watherton]

Re: Voluntary Termination

ok gents,

the plot thickens....

My friend ordered a credit repor this morning, and has noted that on the 21 March, the vw agreement was flagged as 'Settled' under a VT agreement.

What now?

[Guest]

Re: Voluntary Termination

ok gents,

the plot thickens....

My friend ordered a credit repor this morning, and has noted that on the 21 March, the vw agreement was flagged as 'Settled' under a VT agreement.

What now?

Nothing, this is what was required wasnt it. They have acknowledged the VT so they cannot chase the total amount owed on the agreement.

They are entitled to record how the aggrement was terminated.

It should not have to much of an effect on your score, if any.



Pete

[watherton]

Re: Voluntary Termination

Thanks Pete

[DJMEE]

Re: Voluntary Termination

Hello all

I am at the beginning of the VT process, I have paid well over the 50% ofmy HP agreement, I have never missed a payment. I have my letter drafted to inform BMW I wish to VT, dated today. I intend to send it tomorrow recorded delivery which I expect to be with BMW no later than Wednesday (25th). my question is when does the VT begin i.e. will I have to make my next payment on the 1st May??

I have read through many threads (and my paperwork!!) and I have not yet found the answer. in reading everything, be it from consumer advise to the credit agreement itself, I have not seen a "notice period" or anything??

so I suppose my ultimate question is, is the date they receive my signed letter stating I wish to VT the day I can cancel my direct debit and not worry about any further installments?? or is there an unwritten "notice period"

cheers

[shell]

Re: Voluntary Termination

Don't stop the direct debit until the car is no longer in your possession.

To speed things up it might be an idea to phone them tomorrow, inform them what you want to do, also inform them a letter is on it's way and see if they can arrange for the car to be picked up (you sometimes pay extra for the car to be picked up) or you can deliver it as soon as possible.

[Guest]

Re: Voluntary Termination

Hello all

I am at the beginning of the VT process, I have paid well over the 50% ofmy HP agreement, I have never missed a payment. I have my letter drafted to inform BMW I wish to VT, dated today. I intend to send it tomorrow recorded delivery which I expect to be with BMW no later than Wednesday (25th). my question is when does the VT begin i.e. will I have to make my next payment on the 1st May??

I have read through many threads (and my paperwork!!) and I have not yet found the answer. in reading everything, be it from consumer advise to the credit agreement itself, I have not seen a "notice period" or anything??

so I suppose my ultimate question is, is the date they receive my signed letter stating I wish to VT the day I can cancel my direct debit and not worry about any further installments?? or is there an unwritten "notice period"

cheers

Hi
Section 101 says that a one month period is required, in the section it says that this only applies to agreements where a maximum of £1500 is paid per year, however it is generally accepted to be the case.

IF it were me i would cancell me DD from that date.
When i VTd my car i made point of photographing it from all angles including the interior. As it happened they came back at me with a bill for bodywork that had to be done on the vehicle, i presented them with the pictures and they sent me a letter back to say that in the circumstnces they would waive the charges.

Guidlines say that they must provide a free drop off point within a reasonable distance from your home address if they are going to make a charge for collection.

Peter

[labman]

Re: Voluntary Termination

ok gents,

the plot thickens....

My friend ordered a credit repor this morning, and has noted that on the 21 March, the vw agreement was flagged as 'Settled' under a VT agreement.

What now?

Hi Watherton, and apologies to the new addition to revert back to the old thread for a minute, but I just wanted to say this is an excellent result. Keep the credit report safe, as with that there is no way Audi can now claim back the monies owing. Someone there may be in trouble if this ever surfaces, but that isn't your problem.

Excellent result!

[DJMEE]

Re: Voluntary Termination

Hi
Section 101 says that a one month period is required, in the section it says that this only applies to agreements where a maximum of £1500 is paid per year, however it is generally accepted to be the case.

IF it were me i would cancell me DD from that date.
When i VTd my car i made point of photographing it from all angles including the interior. As it happened they came back at me with a bill for bodywork that had to be done on the vehicle, i presented them with the pictures and they sent me a letter back to say that in the circumstnces they would waive the charges.

Guidlines say that they must provide a free drop off point within a reasonable distance from your home address if they are going to make a charge for collection.

Peter

i will be most certainly be taking pictures, thanks for the tip!!

so technically, a months notice is not required if payments exceed £1500 in a year??

it would seem i am going have to bite the bullet and pay mays payment :tinysmile_cry_t:

in your experience people, how long does it take for the HP company to arrange collection of the car??
and how thourgh do they inspect it for faults/damage??

[shell]

Re: Voluntary Termination

i will be most certainly be taking pictures, thanks for the tip!!

so technically, a months notice is not required if payments exceed £1500 in a year??

it would seem i am going have to bite the bullet and pay mays payment :tinysmile_cry_t:

in your experience people, how long does it take for the HP company to arrange collection of the car??
and how thourgh do they inspect it for faults/damage??

The first time I did it it was done within a week, I took the car to an auction place and inspected the car with them.

The second time took a few weeks, they picked up the car, but before they did I inspected the car with them. I might add that the second time I stopped the direct debit when I informed them I want to return the car, they then persued me for the payments that were due while I was waiting for the car to be collected.

[Guest]

Re: Voluntary Termination

Hi
This is why i think it is so important that you set the schedule. It is you that is terminating the agreement so it is you that says when the last payment is to be made. Technically as i say that would be one month later than the notice you send, they may want to collect it earlier, it would be you descission whether you permit them to or not(although they will undoubtedly tell you otherwise).
They were a pain in thebackside when i did my teminations, they do not like having to forgo all that contractural interest.
The Facility to VT very nealy was repealed by the recent consumer directive after extesive pressure by the industry, it was only due to the actions of consumeer groups that we still have it.
Peter

[Guest]

Re: Voluntary Termination

LIke most i learned the hard way about the way the creditors ignore their obligations under the act.

http://www.legalbeagles.info/forums/...ad.php?t=33747

Peter

[DJMEE]

Re: Voluntary Termination

thanks for your responses guys

so to clarify:

do i have to give them 30 days notice if i am paying over £1500 per year?

once they receive my written notice, does the termination come into immediate effect, or

can i request they pick the car up/i deliver the car towards the end of this 30 day notice period. i.e. if i pay the next payment on the 1st May, can i dictate somewhat when they pick the car up during May?

how picky are they regarding faults - my aerial for my radio is faulty (the stereo itself works fine, and if you manipulate the aerial wire the radio will work to, until you close the boot again!!), is this something they would pick up on??

Would they investigate an engine management light/ABS light? air bag light etc??

Sorry to ask all these questions, I just don't want to be stung if I can elevate things in advance

cheers