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

[R0b]

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

Hi guys

I have a company contract lease car as a staff benefit and I have a year left on it after completing 2 years. I am unfortunately leaving the company but the car lease company are refusing to change it to a personal lease and still want to charge me a early termination fee. This charge would come out of my payslip but I don't even know where to start arguing with them. Any advice would be appreciated.

Cheers


Bhavin

What exactly is it you want to argue with them? A lease is not the same as a hire purchase or conditional sale agreement. So dependent on the terms, if there is a termination fee then you will more than likely have to pay it, unless there is something in the terms that says either your employer will pay on ending your employment or that you don't need to pay it.

[bhavinkhima]

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

Hi guys

I have a company contract lease car as a staff benefit and I have a year left on it after completing 2 years. I am unfortunately leaving the company but the car lease company are refusing to change it to a personal lease and still want to charge me a early termination fee. This charge would come out of my payslip but I don't even know where to start arguing with them. Any advice would be appreciated.

Cheers


Bhavin

[Jevo89]

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

Hello, im new to the forum as of today!

Ill get straight to the point!

Im 2 months off being half way through my HP Agreement with Blackhorse Finance - Im just wondering which Letter i would need to use proceed with the VT ?

Car was bought from SG Petch and Financed through Blackhorse

Thanks!

[R0b]

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

If you have the option to purchase the car or hand it back it could very well be a hire purchase agreement. You should request a copy of the signed agreement so you can review the terms and conditions. Were you not given a copy when you signed it?

[Coco2016]

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

Yes I feel very stupid now. It is a motor loan balloon. I pay for the car for 4 years and then have option to buy or hand the car back. With these terms I just thought it was hire purchase. It is with FCA Automative (fiat finance). Looks like I am stuck with it.

[R0b]

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

Who is the loan with? if you don't have a copy request a copy of the agreement you are entitled to it. I've never heard of a motor loan but the fact the word loan is in it then sounds like a personal loan so if that's the case no you cannot. Anything with the word loan in the heading of the agreement would ring alarm bells for me as a loan and not a hire purchase or conditional sale

As harsh as it may sound, you should really be checking the type of agreement and your rights before you sign it off.

[Coco2016]

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

I need some advise!! I am wanting to take voluntary termination, but when I phoned the finance company today and asked what kind of agreement I am tied in to, I was told I have a motor loan and therefore I have personal guaranteed the loan and I can not hand the car back. Is this correct????? Can I not voluntary terminate a motor loan agreement??? Very stressed by all the different types of agreements.

[R0b]

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

Ok thats fair enough, personally I wouldn't bother with delivering the car let them take it or remove the insurance/tax from it within a reaosnable time if they don't your not there to continue making payments on the vehicle once you have terminated.

If you spoke to the head of the legal department you should tke their name next time and you could also threaten that they if they continue to tell you that you owe the collection fee you will report them to the SRA for breach of the Code of Conduct in taking advantage of someone who is not legally represented and/or deceit when they should knwo that they cannot charge for collection fees. If the agreement was finished and come to an end then they could charge collection fees but as you terminated under s.99 of the CCA 1974, your liability is limited.

[bangerdemon]

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

Have a read of this, it answers your questions http://www.legalbeagles.info/forums/...ry-Termination

If you still need help let me know. As for insurance, if the insurance is tied up as part of the total credit I would say you dont even need to pay the remainder of the insurance.

Thanks for the reply.

The insurance products were separate from the main credit agreement, so I have no qualms about paying that.

I have now sent an email to the person named in the letter I received as follows:

Dear Ms Wilkinson,

Thank you for your letter dated 09th March 2016.

When I called to obtain details of your nearest agent, I ended up having
a heated conversation with someone who said they were the head of your
legal department, about returning the vehicle.
He said that I could deliver the vehicle to Bath, which seeing as I live
in Plymouth, is a totally unreasonable distance to expect me to travel
to drop the car off.

He then informed me that I would have to pay an £80 collection fee, for
the vehicle to be collected from me, as stated in your letter, but I
know that a collection fee cannot be charged.

I would therefore be grateful if you could provide me with a drop off
point a lot closer to Plymouth than Bath.

I would also be grateful if you could let me have your bank details so
that I can make a payment of £66.50 for my insurance products by bank
transfer.

Yours sincerely

Will hopefully hear from them tomorrow, but still expecting them to insist I pay the £80 for collection!!!

[R0b]

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

Have a read of this, it answers your questions http://www.legalbeagles.info/forums/...ry-Termination

If you still need help let me know. As for insurance, if the insurance is tied up as part of the total credit I would say you dont even need to pay the remainder of the insurance.

[bangerdemon]

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

Hi,

I have been following this thread for a while, and found it most helpful. However, I have just sent a letter to Advantage Finance stating that I wish to VT my agreement on the 31st March. I received a letter from them today stating that the car MUST be returned to them within 21 days of their letter (dated 9th March). This would mean the agreement would terminate on the 30th.

They also gave me a number to call to obtain details of their nearest agent to me. I was told that would be Bath!!!! I live in Plymouth. The letter then goes on to say that "alternatively, we can arrange for the goods to be collected from your address. An upfront fee of £80.00 will be payable for this."

I have told them they will have to collect the car, because Bath is too far away for it to be classed as within a reasonable distance. I was then told that the £80 fee stands, and that it would be added to the outstanding balance of the extra insurance that I took out. I told him that I am willing to pay the £66.50 for the insurances, but refuse to pay for them to collect the car.

How do I get it through to them that they cannot charge a fee for collecting their vehicle?

Any advice would be greatly appreciated.

[BULLDOGGY]

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

Just a positive note on vt ing a car with GMAC I sent the second letter listed on post one of this thread and GMAC organised a collection, a thoroughly nice chap from Manheim came and inspected the car on Saturday, advised nothing to pay for any wear and tear issues signed the v5 told me what to fill in and took the car away. Hopefully that's it done and dusted. Concerned however that we had gap on the car although it was not listed separately on the finance document, only the price for the car, the settlement figure on the agreement was 50% of this price. I think the dealer just added the gap to the purchase price. I think that as we have paid one more payment than the 50% I can argue that there is nothing more to pay so should be completed.

[svkl]

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

Hi, think i have created a new thread called 1:Voluntary Termination of a Hire purchase or conditional loan under the CCA 1974


would you be able to check to see if you can see it, thanks

[R0b]

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

Could you possibly make a new thread on this so that we can keep your posts in one place as a lot of people post questions in this one and may get overlooked.
[MENTION=6]Amethyst[/MENTION], is it possible to move svkl's posts if he creates a thread?

[svkl]

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

Hi Rob, just had their reply

We are aware you want to terminate the agreement – the account needs to be brought to a half paid before the completion can commence as if it was done today – you would be voluntary surrendering the vehicle and then you may be liable for more as when the vehicle is sold at auction this amount comes of the outstanding balance on the agreement and that’s the amount you would be liable for.

The amount to bring over a half is £****.** – which needs to be paid before we collect the vehicle.