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

[nemesis45]

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

So to confirm "Notice of Default Sums" is different to a "Default Notice"?

Yes a default notice requires specific action from the debtor i.e. to return the account into " normal " state within a specified time, a default sum is that amount that caused the default.

(if that makes sense?)

nem

- - - Updated - - -

So to confirm "Notice of Default Sums" is different to a "Default Notice"?

Yes a default notice requires specific action from the debtor i.e. to return the account into " normal " state within a specified time, a default sum is that amount that caused the default.

(if that makes sense?)

nem

[City1]

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

[MENTION=71570]R0b[/MENTION] Spot on the Notice of Sums In Arrears is " A Fair Warning Of a Potential Default " ( not my words but a from a relative who deals with loans for a major bank)

nem

So to confirm "Notice of Default Sums" is different to a "Default Notice"?

[nemesis45]

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

I believe so, @nemesis45 can correct me if I am wrong but you may be sent a 'Notice of Sums in Arrears' which is effectively a polite letter to say you need to pay up within X days whereas a 'Default Notice' is a letter which must be sent to you before Close Brothers can actually terminate the agreement and recover any outstanding monies under the agreement. It is a similar format but also contains a set format of prescribed information that must be included for it to be a valid Default Notice.

[MENTION=71570]R0b[/MENTION] Spot on the Notice of Sums In Arrears is " A Fair Warning Of a Potential Default " ( not my words but a from a relative who deals with loans for a major bank)

nem

[R0b]

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

I believe so, [MENTION=55034]nemesis45[/MENTION] can correct me if I am wrong but you may be sent a 'Notice of Sums in Arrears' which is effectively a polite letter to say you need to pay up within X days whereas a 'Default Notice' is a letter which must be sent to you before Close Brothers can actually terminate the agreement and recover any outstanding monies under the agreement. It is a similar format but also contains a set format of prescribed information that must be included for it to be a valid Default Notice.

[City1]

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

[QUOTE=R0b;682685]In that case it does not sound as if they have terminated the agreement, or sent a Default Notice which is required before they can terminate. Therefore I suggest you keep a copy of the email you sent to them in case there is a dispute about whether the agreement has been terminated by them or by you.

You need to start a paper trail on this so I would suggest that you follow this up in the next 7 days asking when they will come to collect the car.[/QUOT

Hi,

Is 'Notice of default sums', different to a Default Notice'?

Cheers

[R0b]

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

In that case it does not sound as if they have terminated the agreement, or sent a Default Notice which is required before they can terminate. Therefore I suggest you keep a copy of the email you sent to them in case there is a dispute about whether the agreement has been terminated by them or by you.

You need to start a paper trail on this so I would suggest that you follow this up in the next 7 days asking when they will come to collect the car.

[City1]

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

Hello,

If you made the payment in June within the 14 days which is usually required then no further action is taken. You can't however Vt the agreement if Close Brothers have already terminated the agreement by writing to you to that effect. If you haven't received anything like that then you should be fine.

Thanks for the prompt reply, I haven't received anything. We paid, June (late), July and August, missed last month and the payment that is due now (as mentioned previously).

Cheers

[R0b]

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

Hello,

If you made the payment in June within the 14 days which is usually required then no further action is taken. You can't however Vt the agreement if Close Brothers have already terminated the agreement by writing to you to that effect. If you haven't received anything like that then you should be fine.

[City1]

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

Hi, Newbie here!

I am looking to terminate my agreement with car finance company, I can't find my original agreement at present. But I do know we are 30 months(ish) into a 48 months agreement. I have sent an email this morning to Close Brothers using template from this site. Because our financial situation has changed from bad to worse (temporarily), we missed last months payment and this months payment is due now.

We can't afford to make these payments. Where do I stand I read somewhere that it is difficult to do with a default (oh I missed a payment about 3 months ago) and I have just unearthed a Notice of Default Sum dated in June.

Any advice welcome.

[Ashley500]

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

Hi guys,

Just a little update from my previous post. BCA came out to inspect my car this morning - said it was pristine and no extra charges so I signed the inspection report and another guy from BCA has just been to collect the car. Sad to see it go but glad to be rid of the finciancial commitment!

Seems far too easy and too good to be true (compared to some of the horror stories I've read on here) but *touch wood* my VT has gone smoothly.

Thanks to this forum for your help x

[Henti]

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

Hi Rob just looking at your advice thread, do you realise your first post on there is incorrect. The 50% mark is calculated on the TAP which includes the deposit, in that case it would be about 4k.

[R0b]

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

Hi there.....

Just a quick question. I initiated a voluntaey termination & it is being collected tomorrow, which part of the V5C needs completing, as its in my husbands name he may need to sign it before he leaves for work.

Thanks

Kelly x

Can't remember what section off hand but its on the inside possibly section 5 or 6 where both people have to sign it that it is being sold, you retain that section and send to DVLA. Alternatively you can notify the DVLA online here
https://www.gov.uk/sold-bought-vehicle

[Gilroy]

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

I have already vt my volkswagen golf car has been picked up. When I got the car it had very bad alloys which I removed then put back on when they came to collect it. It also had a 200mm scratch on bonnet which I got repaired. I've had a call yesterday by rms receivables but I missed them. Car had a list off this done egr replaced 6months after I bought it and timing belt water pump etc all the things it needed done according to its service schedule. Im guessing but I think they be after cash for wheels. I informed citroen finance at the time about alloys but then about 18 months ago peugeot took them over. Car was on finance.

Almost forgot I've never had any letters other than a police scotland traffic violation saying the car had been photographed/ dvd evidence doing excessive speed. This was day after they collect car. It was same day it was driven to Leeds...

[Babiesmummy]

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

Hi there.....

Just a quick question. I initiated a voluntaey termination & it is being collected tomorrow, which part of the V5C needs completing, as its in my husbands name he may need to sign it before he leaves for work.

Thanks

Kelly x

[louiswellpad]

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

Hi,

This is my first time on this forum so would really appreciate some help.

I have initiated mt VT with Northridge Finance and have just received in the post detail on the Auction as to where I must leave my car (I must contact them to arrange a time when I have to leave it off)

Included with this letter was a VT Checklist. Should I fill this in?

Also, there is a section about 2 sets of keys. However I only received on set of keys from the dealer and when I rang him he said this is just the finance company trying to get more money out of me and they have no legal right to charge me for a 2nd set of keys as it should not affect the value of the car.

My next payment is due on 15 Oct so I would like to get the car left back by then so avoid any more payments.

I got the car 26 months ago with 67k miles and it now has 101k miles. there are no dents, just a couple of chips on the front bumper from stones which i would class as normal wear and tear. Everything else both inside and outside is 100%. I get it serviced twice a year by my newphew who is a mechanic so no official garage receipts for servicing.

Any tips or advice would be much appreciated.

Thanks
Louis