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

[Big Ton]

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

Hi Rob,

Sorry to be a pain, I have no doubt you will have answered this question about 100 times by now. I've read through the posts, my only concern is with the condition. My car has a full approved service history with zero issues. Aesthetically it's spot on. When the last service was due, I asked if they could run a diagnostic as my radio had stopped working. As luck would have it, it's been an electrical fault that requires a very very expensive repair. The technician explained that this couldn't possibly have been caused by me nor could it have been prevented by me. My main concern is that if I now VT my agreement, can I be held liable for this repair as its not been my negligence that this fault occurred?

Sorry if I'm asking a repetitive question, I just want to make sure before I jump in head first.

Thanks

[PaulT87]

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

My email doesn't let me know if the other recipient has got just tells me it's been sent I have sent the email stating I want to vt but ask for the remainder of what I owe up to 50% but received nothing back and there normally quite quick to respond to any emails

[R0b]

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

What exactly is it you want to do? have you received any acknowledgment of your emails being received? If so you could send a further email and state as they have failed to reply but acknowledged receipt, you are making clear that the agreement is now terminated and so you have cancelled your direct debit as no further payments are required and to arrange collection of the vehicle.

[PaulT87]

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

Rob I need abit more advice sorry I've sent 2 emails and not even received a reply what should I do ?

[PaulT87]

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

Well I have sent the email off and got no reply payment is due tomorrow so I guess they will wait till they have the next months payment

[PaulT87]

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

Thanks I will see what I get back

[R0b]

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

Yes you can amend it to say something like, it is my understanding that I have not yet paid half of the total amount payable nevertheless I am entitled to terminate the agreement. Therefore please could you send me by return, the remaining difference between what I have paid and half of the total amount payable.

[PaulT87]

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

I know I'm going to sound a bit thick here so I will apologise the template letter states I have paid 50% off do I need to change the wording in this case

Cheers Paul

[PaulT87]

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

Thanks Rob I will let you know how I get on

[R0b]

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

Yes you will only be liable for up to the 50% mark, http://www.legalbeagles.info/forums/...ry-Termination

There is a letter to send on there

[PaulT87]

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

I thought as much but if I vt the car now would I only be liable for the 50% Mark or the full outstanding amount? And what letter would I need to send

[R0b]

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

Hi Paul, I think you have already answered your own question. VT does not get you out of any liability in respect of the agreement. If you VT you will be required to pay the outstanding balance up to 50% if you do not then it fill fall as a debt which could result in a CCJ unless you agree to a payment plan. If you default on the agreement you will be liable for the full outstanding balance, with a default likely to be on your credit file and potentially a CCJ as well.

You could ask to see if they can give you a payment holiday which is a couple of months grace although the agreement is extended by the extra months you don't pay.

[BeanCounterBert]

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

Not sure if you have read it yet, but I have created a more up to date guide on VT here http://www.legalbeagles.info/forums/showthread.php?77612-A-Comprehensive-Guide-to-Voluntary-Termination
Still a work in progress but the common issues are there and might be worth a read

I hadn't read it until now, no. That is, though, a fantastic guide you have written.

I'd certainly recommend others read it going forward!

I would assume I'm now suitably armed anyway, R0b, so thanks a lot; I think every scenario has been covered.

Cheers again
BCB

[PaulT87]

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

Rob is there any joy with mine I'm not sure what to do thanks

[R0b]

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

Champion. Cheers R0b.

BCB

Not sure if you have read it yet, but I have created a more up to date guide on VT here http://www.legalbeagles.info/forums/showthread.php?77612-A-Comprehensive-Guide-to-Voluntary-Termination
Still a work in progress but the common issues are there and might be worth a read