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

[Furryhobnob]

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

So what should I reply with? Again I really appreciate your swift replies and input

[Guest]

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

So what should I reply with? Again I really appreciate your swift replies and input

Sorry F I cannot tell you what to put, as said you know my opinion , it is upto you.

If it were me I would state that the charges are unenforceable in common law and also under the requirements CCA, any further demands will result in compliant being made to the FOS.

However as said you must make your own decision.

[Furryhobnob]

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

Thanks Andy

[Guest]

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

If it help any, I have just been chatting to an adviser from National debtline, and he agrees with me.

However as said it is your call

[Amethyst]

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

Posts ref Jon0910 post moved to own thread http://www.legalbeagles.info/forums/...629#post432629

[brainsdotcom]

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

Hello guys,

I have read this thread with interest and it has given me the confidence to VT my car. The only thing i am worried about is the excess mileage issue that others are having.
I have had the car 2 years and have payed 50% of the HP value. In those 2 years i have done 25,559 miles. I have tried to read my T & C (i found it very difficult to understand the terminology) and from what i can see it mentions nothing about a limited mileage use. It is a standard HP agreement i have.

Should i be worried about the mileage use or just go for it and VT the car?

[Guest]

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

Hello guys,

I have read this thread with interest and it has given me the confidence to VT my car. The only thing i am worried about is the excess mileage issue that others are having.
I have had the car 2 years and have payed 50% of the HP value. In those 2 years i have done 25,559 miles. I have tried to read my T & C (i found it very difficult to understand the terminology) and from what i can see it mentions nothing about a limited mileage use. It is a standard HP agreement i have.

Should i be worried about the mileage use or just go for it and VT the car?

In that case I would have no hesitation in holding them to the terms(or the missing terms) in the contract, reasonable care only as per section 100.

There is nothing about millage so I would put the to strict proof that A, this even applies to the millage of the vehicle and B, that if it did the millage stated was not reasonable for your usage and for the vehicle in question.

The question of millage charge terms in general on VT's(and there intrinsic legality) is going to be subject of a few threads on a few forums in the coming months.

[brainsdotcom]

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

In that case I would have no hesitation in holding them to the terms(or the missing terms) in the contract, reasonable care only as per section 100.

There is nothing about millage so I would put the to strict proof that A, this even applies to the millage of the vehicle and B, that if it did the millage stated was not reasonable for your usage and for the vehicle in question.

The question of millage charge terms in general on VT's(and there intrinsic legality) is going to be subject of a few threads on a few forums in the coming months.

Thanks Andy - I'll get the letter away early next week and keep you updated on the outcome!

[Guest]

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

I have just been going through this again(not looked at it for a while http://www.oft.gov.uk/shared_oft/rep...6BCC0C2C2C39E6

Couple of things strike me firstly, all the consideration regarding the fairness of the VT provisions are centered around the proposition that the cap is based on 50% of the TAP agreement price, there is no facility for tailoring this figure within the agreement other than this. The amount payable is Capped at 50% simple as that.

The idea is that the value of the car is matched throughout its hire period with its forecast depreciation, that way the debtor does not end up with something which is not worth what he stil has to pay under the contract(the cars worth), and the dealer does not end up lousing out should the car come back an he has to re-sell.

When you introduce a millage charge this all changes, a condition can be introduced where the value of the car actually increase and no longer offsets its "natural depreciation", this cannot be what the act intended.

The other point is that even though the paper discusses in length all matters, not once does it mention a millage charge, a friend of mine who works for a government advice agency said that millage has absolutely nothing to do with the requirements of a VT, and I think he is right, it is something tacked on to an agreement and said to be enforceable when a termination is requested, personally I do not think it is.

[J74]

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

Hi all, I am at the halfway payment with my bmw finance agreement, (24 payments made from 47) I asked for VT and they replied stating that for me to do this I would need to pay half of the remaining payments due(another 12). Is this correct or can I hand the car back and not be liable to cover half of the outstanding agreement payments?

[J74]

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

I have a hire purchase agreement through bmw finance. The total amount to pay will be £31,872.05 after the full term of the agreement, 48 months. This includes for a final payment option, which the car should cover if in reasonable condition and at stated mileage.
I have now paid 24 payments and would like to vt the car as no longer require due to work changes.
i contacted bmw to ask about vt and they have replied stating that I need to pay an amount equivalent to half of the full amount payable if the agreement goes full term, in this instance approx £15, 936,
the agreement does include a section on termination and also quotes I am required to meet the £15,936 figure to comply.
I am confused as to whether I need to pay half of the full agreement or only half of my term payments, any extra help appreciated greatly.

[katorik]

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

I have a hire purchase agreement through bmw finance. The total amount to pay will be £31,872.05 after the full term of the agreement, 48 months. This includes for a final payment option, which the car should cover if in reasonable condition and at stated mileage.
I have now paid 24 payments and would like to vt the car as no longer require due to work changes.
i contacted bmw to ask about vt and they have replied stating that I need to pay an amount equivalent to half of the full amount payable if the agreement goes full term, in this instance approx £15, 936,
the agreement does include a section on termination and also quotes I am required to meet the £15,936 figure to comply.
I am confused as to whether I need to pay half of the full agreement or only half of my term payments, any extra help appreciated greatly.

half of the full agreement not half of the term payments

[Guest]

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

Yes there reaally should be afigure on the agrement if it is drafted in compliance with the CCA.

But the figure you have to pay is equivalent to the full amount you would have to pay under the agreement( all your repayments )divided by two minus anything you have already paid(including deposit and any part exchange allowance) plus any arrears.

[Guest]

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

Oh and this is due post termination , not before you can terminate of course.

[highlander]

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

Hi all, so glad i have found this forum.
Over the past year our finances have took a massive hit due to my wife having breast cancer, she was obviously off work for her operation and treatment which meant she only had half pay for 6 months, then SSP, for the remainder.
This had a huge impact on our finances and we fell behind with some monthly payments, one of them being our car which was on a 5 year agreement with a national company, the agreement finishes next February 2015, so is way over this halfway mark mentioned on other posts.
However due to what we are going through, the contract has now been passed over to a car recovery firm who are insisting we make 6 payments of a much higher figure than the contracted £200 per month, they are looking for around £500 which is ludicrous considering the place we are in at the moment.
We have enough stress and worry to cope with in life at the moment without having sleepless nights worrying about this, so my question is, can I still contact my original borrower and state that I want VT on my car ?, it would solve a lot for us if I could, if I was aware of this get out clause a wee while back I would have used it, but under stress and moods of depression I tended to ignore any correspondence due to our circumstances. Thanks for bearing with long winded post, but at our wits end, wish I had seen this forum earlier.