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

[Locouk2]

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

Hi all.

Im about to VT my HP. As it says in agreement half way for me is £6,204. I already paid 5,080 during my 25mobths. My question is how do i start now? Im aware and ready to pay outstanding £1184 which Im obliged to. Should I first ring them, tell them i want to VT and ask to pay remaining balance over the phone?
or just use Yours templates letter and send it to them and after they will contact me to pay rest of money?
Thank You in advance good people!

Regards

[xs2man]

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

I would personally wait until it has been collected, or if they are playing funny with collection, until you tell them it will be parked on the street, uninsured, and you are accepting no further responsibility.

[viion]

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

Hello,

This may be a basic question. I have just sent my letter off signed delivery, when do I cancel the Car Insurance? Should I do it on the day the car is collected or can I do it now? (It is parked on a driveway but I don't think this matters). Where I live no police car would "spot" it and I wouldn't be driving it either. I do not mind waiting as I've already paid this months a few days ago.

[beagleeason]

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

Hi,

I am thinking about the VT option on my Audi A4.

Questions I have if I may;

1. If its due a service at the end of this month and I wanted to invoke VT next week where do I stand on this? Will they do me for servicing?
2. Has anyone got experience of Audi and paint damage costs they invoke? Mine has a few dinks, is it worth just getting it repaired and not being overcharged.

[Bigley]

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

Hi Rob,

Thanks for that, it's a huge help.

What do you think the best way forward would be? My boyfriend thinks to ignore the letters as he has had one similar (re a parking fine) they kept chasing him and threatening to take legal action a nd eventually left him alone...

Not sure whether to follow his footsteps or to respond back to the complaint with Peugeot to give them the information they need and hope to get some compo there. Also whether to write to Peugeot Finance rejecting RMS's request for further money, write to RMS directly?

Just all seems a lot of stress and worry over £175 but if they said at the time "you may get charged for this" and it was reasonable for them to ask for that amount, I'd be happy to pay but as it was minor and they messed me around, had to pay for terminated the agreement (although I had paid more than 50%) AND they had a full tank of fuel. I believe it to be unfair.

Many thanks,

Rebecca

[Bigley]

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

Hi Rob,

Thanks for that, it's a huge help.

What do you think the best way forward would be? My boyfriend thinks to ignore the letters as he has had one similar (re a parking fine) they kept chasing him and threatening to take legal action a nd eventually left him alone...

Not sure whether to follow his footsteps or to respond back to the complaint with Peugeot to give them the information they need and hope to get some compo there. Also whether to write to Peugeot Finance rejecting RMS's request for further money, write to RMS directly?

Just all seems a lot of stress and worry over £175 but if they said at the time "you may get charged for this" and it was reasonable for them to ask for that amount, I'd be happy to pay but as it was minor and they messed me around, had to pay for terminated the agreement (although I had paid more than 50%) AND they had a full tank of fuel. I believe it to be unfair.

Many thanks,

Rebecca

[R0b]

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

Hi Rebecca,

Perhaps you might want to read the link below if you haven't already, it answers quite a few common questions. But the short answer is that they need to prove their damages and sometimes it is unreasonably high, if you took photos of the car that would be of assistance but if not you have your dad as a witness who also signed to say reasonable wear and tear.

They could take action but realistically for the price, its probably not going to be commercially viable - some lenders issue a default on your credit file if you object to paying them (wrongly and unlawfully in my opinion) which is probably worse especially if as you say you want to get a mortgage in the future.

http://legalbeagles.info/forums/show...on-Your-rights

[Bigley]

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

Hi Bigley,

What exactly are they claiming the £180 to be - did you get a copy of the condition report carried out? RMS Receiveables are simply a debt collection agency they have no powers. I can't tell you how you should go about this but if you feel strongly about it then make a complaint to the lender with the necessary evidence as they have 8 weeks to give you a final decision. If they don't uphold your complaint then you can go to the Financial Ombudsman.

Hi Rob.

Thanks for the reply.

On the day I did not get a copy of the report, just signed it happy the guy confirmed it was all fair wear and tear.

It was a small scuff on the back bumper, the paint had come off and was back to black. Probably the size of a 50P coin, maybe even smaller.

The took it to auction in the condition it was in and it has clearly been sold and she was in great condition, good mileage. It was a 64 plate with around 7.5k miles. Bargain to anyone. The car has been taxed.

I have already put in a complaint to Peugeot Finance. Need to supply them with further information.

Can then even try charge me £175 for "damage" on a car they no longer own/have? Can the get legal action on me, would they for £175?

Thanks,
Rebecca

[R0b]

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

Hi.

In September 14 I purchased a car on finance. April 17, bought a new car and called to have VT quote sent to me. I had paid 50% + and had to pay £100 for collection....

After delays (not bein booked in) finally got the quote and someone came out to inspect my car. It was agreed it was in a good state and the small scuff on back bumper was down to fair wear and tear, happy about this, ive signed, dad signed and the guy signed to confirm this.

now RMS receivables are huntig me down for around £180 even though they have sold the car on immediately. I have checked the car, it was taxed early June.

What rights do i have? I have not yet responded as i do not think this is fair to try charge me for this after messing me around (The dealership also messed me around) and having a full tank of fuel in the car upon collection!

Help, please!
i'm only 22 and would not want this affecting my credit score etc. For when i want to fly the nest and have a mortage.

Hi Bigley,

What exactly are they claiming the £180 to be - did you get a copy of the condition report carried out? RMS Receiveables are simply a debt collection agency they have no powers. I can't tell you how you should go about this but if you feel strongly about it then make a complaint to the lender with the necessary evidence as they have 8 weeks to give you a final decision. If they don't uphold your complaint then you can go to the Financial Ombudsman.

[Bigley]

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

((I was also well under my milage - 4,000 a year and i only did 7.5k over 2years, 7 months))

[Bigley]

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

Hi.

In September 14 I purchased a car on finance. April 17, bought a new car and called to have VT quote sent to me. I had paid 50% + and had to pay £100 for collection....

After delays (not bein booked in) finally got the quote and someone came out to inspect my car. It was agreed it was in a good state and the small scuff on back bumper was down to fair wear and tear, happy about this, ive signed, dad signed and the guy signed to confirm this.

now RMS receivables are huntig me down for around £180 even though they have sold the car on immediately. I have checked the car, it was taxed early June.

What rights do i have? I have not yet responded as i do not think this is fair to try charge me for this after messing me around (The dealership also messed me around) and having a full tank of fuel in the car upon collection!

Help, please!
i'm only 22 and would not want this affecting my credit score etc. For when i want to fly the nest and have a mortage.

[Paul1964]

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

Thanks to the help on this site I voluntarily terminated my vehicle a few weeks ago.

Mercedes want to charge me nearly £400 for pre-rata excess mileage.

I sent the follow up letter from this site and they came back with the following.... Are they right or just trying it on. What should I do next?



Thank you for taking the time to raise your concerns with our Customer Services department following the receipt of your invoice for excess mileage.

I was disappointed to read you have been left feeling aggrieved by the charge raised. Please be assured, it is never our intention to cause any distress or aggravation to our customers during their journey with us and I apologise if this has not been the case in this instance.

Whether you are returning your car at the end of your agreement or upon use of the Voluntary Termination (VT) clause, as you have not exercised your right to purchase the car, an excess mileage charge will be raised should your return mileage exceed your total mileage allowance. This obligation is set out within the first page of your agreement, under key information. The provisions of the Consumer Credit Act that cover a customer’s right to VT their agreement do permit us to include any over mileage when determining what is 'not reasonable' upon the cars return. It is stated in your agreement under ‘Excess Distance’; ‘If the vehicle is returned to us (whether at the end of the period hire or an earlier termination), we will calculate the total distance travelled by the vehicle whilst in your possession (the “Total Distance”)’.

Your mileage allowance has therefore been re-calculated on a pro-rata basis in line with the length of time you have had the vehicle in your possession. Please find below a breakdown of your excess mileage calculation for your reference:

Original Allowance: 48,000 miles
Term of agreement: 48 months
Terminated early by: 5 months
Revised allowance: 43,000 miles (1,000 miles x 43 months)
Collection miles: 45,958 miles
Exceeded by: 2,958 miles
Pence per mile: 10 pence plus VAT
Total: £354.96

I would also like to kindly refer you to S99 (2) Consumer Credit Act 1974 where it states:

‘Termination of an agreement under S (1) does not affect any liability under the agreement which has accrued before the termination.’

As your agreement was subject to a mileage allowance prior to termination and you have exceeded the allowance of 43,000 miles, the charge has been raised correctly and remains payable.

Whilst this may not be the response you had hoped for, I trust the above has provided you with the reassurance that I have fully investigated your concerns. Please also be assured that your complaint has been investigated in line with our obligation to treat our customers fairly.

May I kindly ask you accept this as our final response, however, should you be at all unhappy with our handling of your complaint you have the right to refer your complaint to the Financial Ombudsman Service, free of charge – but you must do so within six months of the date of this response. If you do not refer your complaint in time, the Ombudsman will not have our permission to consider your complaint and so will only be able to do so in very limited circumstances. For example, if the Ombudsman believes that the delay was as a result of exceptional circumstances. The Ombudsman contact details are Exchange Tower, Harbour Exchange Square, London, E14 9SR tel:- 0800 023 4 567 or 0300 123 9 123, website www.financial-ombudsman.org.uk.

[kevpuk]

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

Hi to All - N00b here looking at VT as a possible option.....hopefully you can provide some clarity on my numbers?

So, I am circa. 28 months in to a 36 month PCP and thinking of changing cars - problem is, there is an approx. £4k shortfall between settlement figure and p/ex valuations. Some of this is due to me exceeding mileage, but not all. My question is really around exactly what the 50% number is, in relation to VT - I am a little confused around 50% of what, exactly, i.e. does it include my deposit, deposit contribution, finance charges, finance fees etc., so here is a breakdown of my numbers:

Total Cash Price of Vehicle: £47,324.86
Deposit : £7,601.57
Total Charge for Credit: £5,085.95 (interest = £4,810.95, acceptance fee = £180.00, Purchase Activation Fee = £95.00)The 'Adequate Explanations' finance paperwork has a box called Total Amount Payable with a value of £52,410.81. In the agreement details, under the 'Termination: Your Rights' section, the figure quoted is £26,205.41 which is half of the £52,410.81....

To date, I have made payments at £589.75/month, so £16,513 over 28 payments, with 8 payments to go(?) to reach 36 months. This will make the total payments £21,231 (36*£589.75) suggesting that I never get to 50%?! So, assuming the deposit (deposit contribution?) are to be factored in - I am a little confused......I paid £4,000 of the deposit, the other £3,601~ was 'deposit contribution' if that is relevant.

Please help

[ben2004]

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

Hi.
Recently rang Black Horse and requested VT.
They have sent a letter asking to sign and return stating we will deliver to an auction, await collection etc and also advising we may be liable for additional liability if not taken care of the vehicle.
I assume this means the VT request is on their system.
Obviously, there is lots of information on this forum stating DO NOT SIGN ANYTHING.
We will not sign, but can someone confirm we can just arrange delivery at the auction house or do we need to send them a VT in writing as well ?
Thanks,
EP_1966

I'm in the same position.
I'm wondering whether or not to sign this 'SECTION A' form they've sent me or not.

I've taken my car to a bodyshop recently, paid £240 to have scrapes, scratches and minor marks fixed, my car's bodywork is basically spotless now, minus a slight scuff on the alloy which couldn't really be sorted out.

Black horse did tell me that I DIDN'T have to get the bodywork done as they thought it'd come under fair wear and tear, but I thought to myself... F*** that! I'd rather spend a couple of hundred on getting the work done rather than potentially risk paying huge auction house fee's.

Anyway, i'm getting ready to ring them to make my final payment before i'm at the 50% point and arrange this VT. I need it done and dusted within the next 2 weeks

[Purviem1]

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

Hi,

Just wondering if anyone has had any experience with Renault? My husband is getting a work car now so we have no need for his car, also we will have nowhere to keep it. Only a 2 car driveway and parking on the street on our estate is difficult to say the least. We have pretty much paid bang on half, but we are over milage by 10,000 miles. Our intention was to keep the car at the end of the term so we weren't too worried about miles at start. It is in generally good condition, it will be due an mot in June I think and I can tell the brakes will probably need doing. We are about 5 or 6 months late with the most recent service as we've just had so much going on. I would get it serviced before putting VT in action. Do.you think that would class as not taking reasonable care if it's late on a service? Also would they try to charge us for brakes or is that just wear and terse being it is within its mot?