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

[ncf355]

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

Hi Katorik

Your best bet for the Default is the ICO

[katorik]

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

Hi Katorik

Your best bet for the Default is the ICO

would this be under their heading Complain about how your information is being handled

[Valzy]

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

Can anyone help me please? I cant afford my car and i want Voluntary Termination of a Hire purchase or conditional loan under the CCA 1974, i have been given my early agreement to sign!!!! I copied the letter from this forum and sent this requesting my car be collected. They are refusing to collect my car until i sign there paper work. I refuse to sign the paper work as i'm not being held liable for damage charges(there are no damage) Please help i don't know what to do?

Regards
Val

[Guest]

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

Can anyone help me please? I cant afford my car and i want Voluntary Termination of a Hire purchase or conditional loan under the CCA 1974, i have been given my early agreement to sign!!!! I copied the letter from this forum and sent this requesting my car be collected. They are refusing to collect my car until i sign there paper work. I refuse to sign the paper work as i'm not being held liable for damage charges(there are no damage) Please help i don't know what to do?

Regards
Val

There is no requirement for you to sign any of their paperwork. Ensure that you emphasize that the agreement will be terminated on the date you chose and the the payment made will be the last due under the agreement. Ensure that all correspondence is copied and kept for future reference.

Having said all that, the signing if the letter does not entitle them to anything that is not due under the legislation nor can they clam anything they are not entitled to. The letter is of no legal value to them in this respect, so many will sign anyway knowing that it has no legal relevance and may speed up the process.

[stevejd]

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

Hi there,

Firstly, this is very helpful so thank you.

I just want to check my understanding of everything I have read on this thread and I am hoping someone can help! I have a vehicle on HP from Motonovo and I am considering do a VT due to the fact my earnings have dropped substantially recently (long story). However I am only 5 months in to a 4 year deal. I understand that I can VT at any point, however what I want to clarify is my liabilities after.


So, my "50% figure" is £5300, I have paid approximately £900 so far and I paid a £1500 deposit so £2400 in total, I am not in arrears or anything. So am I right in thinking then that (as vehicle is good condition) I would be liable to pay the remaining £2900? (roughly)

As a side issue, I notice that the £1500 deposit has not been put on my agreement, although I have a separate signed receipt from the garage confirming it was used against the vehicle in question does anyone have any thoughts on this?

Also that my copy of the agreement was never signed and witnessed (I appreciate the signing has little consequence).

Thanks all

[Guest]

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

There should be a total purchase price on the agreement, the deposit should be on there and be included within this figure.
Also your signature is necessary if it is to be a correctly executed agreement.

[Guest]

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

Hi again Steve

Thinking about your post it is irregular to give a separate receipt for the deposit on a HP agreement, can I ask what was the purchase(cash price) of the car, and what was the total credit advance on the agreement.

[TheBoomerang]

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

Im 32 months into a 60 month hp agreement, car is worth £2k, settlement fig is £3.5k. My payments go through on 1st of each month.

im taking delivery of my new car on 7th may so what I would like to do is VT the agreement towards the end of April, and cancel the DD for 1st may. This way I hope I may only be a few days without a car/with two cars. Is this something I can do?

[Guest]

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

When you say settlement figure do you mean the 50% figure on Your agreement ? or the figure they have given you.
How much ave you paid altogether including any deposit/ part exchange ?

[Guest]

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

It sounds to me like you should have nothing to pay, if the car is in reasonable condition , you need to ensure the car is VT'd not VS or you will end up with a bill send this.

http://www.adviceguide.org.uk/englan..._agreement.htm

[TheBoomerang]

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

When you say settlement figure do you mean the 50% figure on Your agreement ? or the figure they have given you.
How much ave you paid altogether including any deposit/ part exchange ?

Yes, settlement figure is £3.5k. Just pointing out that it makes no financial sense to settle it in cash when I can settle via VT. I have paid over half so no issue there, just want I ensure I don't compromise anything by timing the VT to suit me!

[Guest]

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

You need to get the VT in as quickly as possible as you will be liable for any contractual payment up until the end of the notice and the agreement is terminated.

[TheBoomerang]

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

The agreement is terminated as soon as I send my letter in though? In theory could I send my letter to them end of April and avoid making 1st May payment?

[Guest]

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

The agreement is terminated as soon as I send my letter in though? In theory could I send my letter to them end of April and avoid making 1st May payment?

Why would you think this ?

[TheBoomerang]

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

Why not?