Voluntary Termination

[Guest]

Re: Voluntary Termination

It depeds on the severity of the damage.
Is it what would be expexted of a car of that age?

There is something elsew that may apply, the act says that if the resale value of the car more than settles the amount lost on the contrat due to the termination, the court can rule that a smalleramount is due.

On a car like yours which i believe tends to hold its value, and if the agreement is approaching the end of its term this could be significant and used to offset any chares post terminaion.

Peter

[labman]

Re: Voluntary Termination

I am bitter and twisted.
Peter

PMSL! I didn't like to say anything, but now you mention it.......

@OP I would not agree to pay for anything which was there when I bought the vehicle. You did not cause the damage, why should you pay for it?

[DJMEE]

Re: Voluntary Termination



this is arguably the worst, not horrendous but certainly would not meet their criteria

[Guest]

Re: Voluntary Termination

HI
doesnt look so bad to me, it depemds on the age of the car really.

HOw does the trade value of the car compare with the total repayments left on the contract( less any insurance of cours)

Peter

[DJMEE]

Re: Voluntary Termination

resale at a showroom/private sale, could make a small profit. trade in value, neg equity!!

[Guest]

Re: Voluntary Termination

So they are in the position to recover their losses even though there may be a litle work have to be done.

It used to be the case that you caould get the AA or the RAC to give an indipendant valuation on the vehicle, for about £20 i dont know if that is still available or if it is how mucch it costs now. It may be a good ideal if you are worried about come backs after the termination.

Petr

[labman]

Re: Voluntary Termination

Certainly somewhere like Parkers Guide will give you an idea of the value of your vehicle.

[gixergirl777]

Re: Voluntary Termination

Hi,
I hope it's okay to post on this thread.
I also am considering VT for my car, I come up to the half way point in June. I have a couple of questions I hope someone might be able to help with:

1) I have read on this thread about a 14 day timeframe - What is this? And is there a set time I need to be able to use the VT option?
2) I have a couple of small dents in the car, and I think the brakes need servicing but I am struggling to find the money to pay for this - how does this work with VT? Will they take care of it and bill me or perhaps something else?
3) Lastly, I have looked on my paperwork and there is a line that bothers me: "This agreement is not cancellable under the Consumer Credit Act 1974; the Timeshare Act 1992 or the Financial Services (Distance Marketing) Regulations 2004" Does this mean I can't use VT - there is nothing in my paperwork about VT...

Any advice anyone can give would be appreciated - I am due to lose my job in a couple of months and I am quite worried!

Thanks in advance!

[labman]

Re: Voluntary Termination

3) Lastly, I have looked on my paperwork and there is a line that bothers me: "This agreement is not cancellable under the Consumer Credit Act 1974;

Any advice anyone can give would be appreciated - I am due to lose my job in a couple of months and I am quite worried!

Thanks in advance!

Does the start of your agreement state something along the lines of, "A Fixed Sum Credit Agreement Regulated by The Consumer Credit Act 1974."

If it does, they cannot override Statute Law in their own T&C's.

[gixergirl777]

Re: Voluntary Termination

Yes, the title of the document says "Pre-Contract Information" and before I even get to Point 1, it says "Credit Agreement Regulated by the Consumer Credit Act 1974" - my agreement is with the Funding Corporation.

Thank you for your advice.
Terri

[Guest]

Re: Voluntary Termination

HI
Cancellation is not the same as termination, the clause refers to the ability to cancel a contract within a short period(usually 14days) after the agreement is signed, and states that this type of agreement cannot be cancelled this way.
Peter

[Guest]

Re: Voluntary Termination

There is a good thread here on the subject,(should be a sticky IMHO)

Voluntary Termination of a Hire purchase or conditional loan under the CCA 1974

[miliitant]

Re: Voluntary Termination

i believe you forgo your cancelation rights if signed on trade premises

no cooling off period

but you can still voluntary terminate the agreement and walk away owing nothing if 50% of the agreement has been paid

[gixergirl777]

Re: Voluntary Termination

Thanks for your help Peter, i've wandered over to the other thread, very informative - thank you. VT looks like this is an option for me.

I bought this car a year and a half ago, I had a poor credit rating and went to ACF car finance, one of those places where they have a showroom, you pick from a few ovepriced cars with extortionate finance options ... I bought the car for £6k, the total I had to pay over 3 years would be over £10k- I knew this but I needed a car and had no other option at the time. I am now at the halfway point, have never missed a payment but still owe about 5k, the car is now only worth about 2.5K at best and I am due to lose my job mid july... sounds like VT is the right option for me. I will just double check that I have paid over 50%....

I expect they will bill me for a couple of dents, but I think that's fair enough.

miliitant, I did indeed sign on trade premises so that now makes sense for the clause I mentioned, thank you. Assume since I will invoke VT, this will be something entirely separate.

Really good advice here - thank you all.

Terri

[labman]

Re: Voluntary Termination

It is unlikely to matter whether you have paid 50% or not, you can still terminate. It means you owe the difference between what you've paid and the 50% mark, but this can be paid at a mutually agreeable rate.

Having said that, if your credit history is good, as it sounds, then it would make sense to try to get to the 50% figure. There will be an amount listed on your agreement which is the 'magic' figure for terminating and walking away.

It is very easy nowadays to pick up a reliable car for very little money. I got a W reg Cimtroen Saxo for my neighbour this week for just £100.00. It cost £10 to rectify the fault and she now has a reliable car, it may be old, but it does the job!