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

[nobodysdriving]

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

I had three of these on my credit report at one point and they made no difference whatsoever, i was even able to get HP on a fourth occasion, if it worries you you can always get a note put on your file to say that this refers to a car, terminated under section 99 of the CCA and no further sums were due.

thanks
I've done this, they've put a 'notice of correction' on my file on my behalf saying the above

[nobodysdriving]

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

well, it's been 9 days since I've returned the car, have not received a letter 'yet' though I must admit I have prepared myself for one to arrive!

[Guest]

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

well, it's been 9 days since I've returned the car, have not received a letter 'yet' though I must admit I have prepared myself for one to arrive!

There is time yet, but you never know.

[nobodysdriving]

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

this is my car on day I returned it, I took photos from all angles this is just one of them (the side where front wheel has slight scratches, that was the only 'damage')


[IMG][/IMG]

[guynkate]

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

Good morning,

I have read this thread from start to finish a few times now, firstly I would like to say that it has been the most useful information that I have found on this subject, it also gave me the confidence to follow the VT process.

If I can start from the beginning as there are some twists at the very beginning.
We decided (my wife and myself), to get a car from Citroen in December 2012 on a PCP, this was approved with Citroen Finance UK.
The Hire Purchase agreement was signed and the car was ordered and also the Finance agreement signed (both in my name).
About 3 weeks later I was contacted by the dealer that Citroen Finance needed the paper part of my license, I was unable to find this and applied for a duplicate, during this time the car had arrived at the dealers and had been registered in my name.. still nothing from the DVLA.
Then (about 3 weeks after the car had arrived) the dealer suggested that the finance should go through my wife, she signed the finance agreement and Citroen Finance UK approved and released the vehicle.
So as we stand we have the
1. The PCP Contract in my name (so I get a car and pay nothing)
2. The car in my name and
3. The finance in my wife's name (so paying and getting nothing... :tinysmile_twink_t2

The Term is for 3 years with 10,000 miles a year.

My circumstances have changed, I now cover a lot of miles (approx 3,000 miles a month) and the company have a very good company car scheme, I have crunched the numbers and it is a clear winner to join the scheme.

So the figures (are approx, I will get the exact numbers tonight):
Sale price (total cost of vehicle - e.g the overall transaction cost) = £28,000
Dealer contribution = £2000
Monthly Payments = £500

I know I will possibly be just under the 50% transaction cost and from my understanding this will not stop me from starting the VT process and that any balance up to the 50% value will be treated as a separate payment?

So is it a case of just get the letter of termination sent?

Thanks in advance,
Guy

[Wombats]

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

Yes, as long as you are aware that you need to make up the shortfall to the 50% figure.

Citroen will almost certainly tell you this cannot be done because of the 50% figure, but either ignore them or refer them to the relevant section of the CCA. Not only can it be done, it is done in exactly the same way as any other VT with you firmly in control.

Also worth mentioning is the fact that while ideally you should pay the balance up to the 50% figure at the same time, you do not have to. However, failure to do so may result in them reporting negatively on your credit file, I'm honestly not sure on that point, but Andy58 will know if he reads this.

Any further questions, just ask. :beagle:

[nobodysdriving]

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

I am 'worried' that I have this 'grey' notice now on my credit file (here it is copied and pasted) do you think this will look 'bad' on my file? I have just applied for a mortgage, offer in principle accepted on day this came out on my file, so hopefully they saw it and thought nothing of it, but am still worried they may not have seen it and when it come to 'full offer' they will decline me? I also don't know why the balance is £300 odd pounds when I have settled the full figure they quoted me, so it should say zero, maybe they will put it to zero once they have acknowledged the car being returned? (I have returned last wednesday)

Hire Purchase from Banques Psa (I) / XXXXXXXXXXXF001

Miss
37 @ £ 192 (Monthly)	No Payment Due / Unclassified
£ 354	£ 0
£ 0	£ 0
15/12/2012	02/10/2014

Payment History
This table shows how you have kept your account over time, for information about individual months pass your mouse cursor over the coloured block

green	green	green	green	green	green	green	green	green	unclassified/no payment due
green	green	green	green	green	green	green	green	green	green	green	green

Customer Account Update

VOLUNTARY TERMINATION	If it is a mortgage account it indicates repossession. For other accounts it indicates surrender of the asset. NB Further payments may be due.

well, 2 weeks after returning my car I 'still' have not received a letter from RMS claiming money off me

I have just called Peugeot Finance in regards to the £354 outstanding stated on my credit report, I told them as far as I knew I paid in full the amount they requested so why is this showing?

he did not know why it is showing I still owe £354 but assured me I do not owe them anything and he was going to get the credit report updated to zero.

phew!

[Talljams]

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

Hi,
I did a voluntary termination on a car that was six years old and there was some scuffs on the alloys (most of which were there when we purchased the car) and a scuff on the front bumper ( which i had repaired and sprayed), reasonable wear and tear?. RMS recievables collected the car and it was immediatley taken for auction, the car was sold at auction on 23/10. Today i recieved a letter from RMS recievables stating that I owe them £480 for the alloy scuffs and the repaired bumper. Can someone please advise me as to were i stand withthis situation i have read some posts but still a bit lost.

many thanks

[Wombats]

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

You don't have to pay a penny. It is the wear and tear which is always the sticking point. I'd be inclined to ask them for the invoices and payments for the repair work. If they can't prove they paid to do the work, why would you even contemplate paying them for something they haven't done?

The law simply says that allowing for fair wear and tear (there will always be the odd scuff on a 6 year old car), you can walk away after the VT and paying 50% less any deposit paid / part ex.

[Talljams]

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

Whats the best course of action, do I ignore them until they give up, my partner is concerned that they might send baliffs round, is this possible or do I email them saying that they shall not be receiving any money from us as these marks were obviously general wear and tear, also will it show up on my credit report?

many thanks

[Guest]

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

Whats the best course of action, do I ignore them until they give up, my partner is concerned that they might send baliffs round, is this possible or do I email them saying that they shall not be receiving any money from us as these marks were obviously general wear and tear, also will it show up on my credit report?

many thanks

No it is not possible, they would have to convince a judge that you wed the money first and give you chance to argue your point. They are trying it on most do, just send them a letter back repeating that the marks where fair wear and tear and that you are not liable of by amount under the requirements of the consumer credit act.

[nobodysdriving]

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

HI
just to update that next week it will be a month since I've given my car back to RMS receivables via a Peugeot dealer

I really think that having given it via the Peugeot dealer has 'saved me' as I have not heard anything, no letters requesting money

:happy2::happy2:tortghost

[Wombats]

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

Excellent - thanks for the update.

[F. Lamont]

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

Hi Everyone-This is such a helpful site. I empathise with anyone who is in this frustrating situation. I too would like to VT my 3yr old car as thinking of moving abroad to warmer climes! I have a 'controlled' credit agreement similar to HP for around £10800. Have paid more than half. Balance left is £4200. Would like advice please from anyone about following:

On Credit Agreement Setup the day I bought car I was told that the minimum deposit I had to pay was £100. They said that £500 towards the car was supplied by them. I was asked for, and paid £100 deposit. However on scrutinising documentation this week in order to do a VT, the credit agreement has added this £500 pound [actually £600 as they've made a mistake of £100] that they originaly inferred was paid by the garage as a 'discount' off the total amount of the car. I do not mind having to pay the £500 and I'll notify them of the £100 mistake eg seems they've charged me for the deposit twice-once by cash and once on credit agreement, hence the £100 anomaly. I will get this sorted so this isn't my main problem on here.

What worries me is the £500 that the salesman said was given to me by the garage inferring that this was a reduction of £500, when in actual fact it seems to me that it is extra finance, as that amount of £500 has been added to my credit agreement that I pay monthly. So, in other words the whole cost of the car amount is part of my credit agreement. If I VT my car to Gmac can they [either the garage or Gmac] demand this £500 back before I even get started. I am uneasy with this. The older man I dealt with was pretty shifty and 'I felt on edge' with him all the time. Conversation was difficult.

A bird of prey put it's head through my front bumper. Fist sized hole. Back boot shelf is missing. A small chip on rear door that was done when car was in a body shop. Apart from that the car is in excellant condition.

Be grateful for any help, as if I have to pay this £500 back it is a non-starter!

Thank you.

[Wombats]

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

There should be a specified figure on the agreement. This is the 'magic' figure that would be used for the 50% VT.

Don't forget that you can do a VT at any stage. You do not have to have paid 50% of the agreement. If you VT when you've paid say 30%, then it means after terminating the agreement you still owe the remaining 20% (30% + 20% = 50%). This can be paid at a later stage, incorporated into a DMP, or whatever, but it does remain outstanding and you are liable for that amount. In some cases it is still sensible to go ahead with the VT, especially if, for example, the vehicle is at risk of repossession so you would restrict your liability to 50% rather than the full balance.