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

[F. Lamont]

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

Hi there-Many thanks for your reply. My problem is not so much to do with whether I know about the 50% rule. I have paid in a lot more than half as I am 3yrs into the 5yr interest-free deal. The car cost £10800. I owe £4200. Payments never missed and will not be until I am able to verify from someone that the garage or Gmac are able/unable to ask me for £500 back. My problem relates to the £500 payment my garage provided initially on buying car, which I was led to believe was off the price of the car, but was probably help with the deposit eg £500 from them and £100 from me.
As I said in previous post I don't so much mind paying back this sum as part of the finance agreement monthly, but it is this anomaly that bothers me in regards to informing Gmac that I want to VT car. Will this payment of £500 [which is part of the Conditional Sale agreement] have to be paid back on VT'ing the car eg will they use this anomaly within the conditional agreement to do so. Maybe I'm just being too wary looking for problems when they do not exist! Be grateful for advice from anyone who is up on finance agreements.

[Wombats]

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

Can you post up a redacted copy of the agreement and T&C's please.

[F. Lamont]

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

Continued! My car insurance is due tomorrow so am a bit up against it! Be grateful for any advice once again. Thanks

[Wombats]

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

Without seeing the T&C's it's hard to say.

[F. Lamont]

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

Hi there-Many thanks for your reply. Am in a restuarant here with my laptop as I don't have b/band at home. I will try to scan in the documents tomorrow from a library in another town either before 3pm or after 6pm. We are not at all well-served up here in the North with modern library facilities! Have you any tips on posting up the redacted copy of my agreement in case I get stuck! Do I use the 'Reply With Quote ' button. Thanks for your support.

[F. Lamont]

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

Would like to use a more nondescript title than I have chosen! How do I change my username. I see everyone else has a pseudo-name. Thanks

[Wombats]

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

I would photograph the agreement with your mobile, pop it onto your computer, put it into Paint and cover all personal details and reference numbers etc... and save it

To post it up, click 'Go Advanced' - Manage Attachments - find the file - double click it - click upload and when the file disappears from the box, it will have attached to your post.

Return to your post and click Post Reply or whatever it says.

It's easier to do it than explain it!

[Wombats]

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

Would like to use a more nondescript title than I have chosen! How do I change my username. I see everyone else has a pseudo-name. Thanks

You can contact the site team and ask, I don't know if they do this or not. The fastest way to contact them is to report your own post using the black triangle with the ! in it, then sending a message.

[Wrighty83uk]

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

Hi, I have read a few of your posts explaining about PT a PCP agreement.

I have a Mercedes which I need to get out off straight away as I am well over my agreed mileage (12,000 miles over). I am looking at sending the letter http://www.legalbeagles.info/forums/...r-the-CCA-1974 that Mr Peterbard placed on this thread.

As of 15th November I will have about £200 to pay as part of the agreement to reach 50%. My questions are as follow's:
1. Do I have to pay the excess mileage charge? (this is on my agreement which I signed at 9p per mile + VAT

2. Is it right I don't need to sign any documents they send apart from the condition report on the handover day?

3. Can I assume that 14 days from when I send the letter I don't have to pay any more rental payments?

Thank you, I would greatly appreciate your feedback.

Ian

[Talljams]

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

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.

our friends RMS recievables are now claiming that they have been in touch with peugeot and peugeot are willing to take a reduced payment of £180, they are saying that the scuffs on the alloys are above industry wear and tear ( even though they were there when we purchased the car) and they're saying failure to comply with this request will result in their client (peugeot) immediately demanding the payment of the original amount and reserve the right to issue legal proceedings against us for the full amount should payment not be forthcoming....please advise guys i know you said stand my ground but i dont like all this threat of legal proceedings stuff
Thanks

[Domenico654]

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

Hi Ladies and Gents,

I wonder if anybody will be able to give me some advice on do's and dont's with regards to Voluntary Termination.

I have sent them a template (located at the start of this thread) they have arranged with Manheims for the vehicle to be collected. If so I'd like the following questions answered.

I have not signed anything regards the VT I just sent my letter and received one back from Moto Novo confirming that Manheims will be in touch to arrange inspection. They mentioned excess mileage charges and a whole load of other stuff.

I have been in contact with Manheim and my inspection is scheduled at my house on the 21st November 2014.

My questions are these. (PS. I HAVE SIGNED NOTHING apart from my VT letter I sent them)

1. When can I cancel my direct debit?
2. What do I need to do (if anything) with the V5?
3. What should I do when the inspection takes place? Do I need to sign it?
4. I need to pay £900 or so (in writing from Moto Novo) to take me up to the 50% point, when should I pay this?

I'd just appreciate some guidance on what to do on the day of inspection and what I can expect. I really have no clue and don't want to end up agreeing to something that could cost me a lot of charges that could of been avoided.

. The car does have a small patch of lacquer peel on the rear bumper (57 plate)
. A few stone chips on front bumper
. A modified exhaust (was on the car when I bought it, no proof),
. All tyres need replacing (I had different wheels on it) on the original alloys.
. Light scuffs on the original alloys

Any help would be appreciated, thank you in advance.

[Talljams]

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.

our friends RMS recievables are now claiming that they have been in touch with peugeot and peugeot are willing to take a reduced payment of £180, they are saying that the scuffs on the alloys are above industry wear and tear ( even though they were there when we purchased the car) and they're saying failure to comply with this request will result in their client (peugeot) immediately demanding the payment of the original amount and reserve the right to issue legal proceedings against us for the full amount should payment not be forthcoming....please advise guys i know you said stand my ground but i dont like all this threat of legal proceedings stuff
Thanks

[Blueboy777uk]

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

Hello all,

Just want to say what a fantastic site this is and the information is so valuable to poor sods like me that are not so savvy with these things! I was hoping for some information regarding "pro-rata mileage" on a VT please?

My wife is going to VT her Peugeot 107. She signed up for a 3 year HP deal and has never defaulted nor missed any payments. Peguot Finance have so far been suprisingly helpful sending through information and telling us what the next step is. We have NOT signed and returned their in-house paperwork, for despite it looking inocculus enough I just don't trust them! The deal she signed is not due to expire until April 2015 and she signed up to a 18,000 mile total mileage contract (we believed at the time this was sufficient and no-one EVER clarified the hefty mileage charge of 45p per mile (but that is a different story I guess)).

So we find ourselves in late Nov 2014 and the car has done 17,100 miles and we hope that will be seeing the back of the car sometimes in Dec. Going through the Peugeot paperwork it looked fine until I saw buried away a throwaway statement "if you have gone over your pro-rata mileage we will charge you at the agreed contract rate".

So despite it going back with less miles on than the agreed 18000, am I right in assuming they will at least try to screw an extra 1500 miles (based on projected usage) out of us at a whopping 45p per mile? Can they do this? I read some solicitor advising one of her clients that they could do this as it was contractual - but thought that VT allowed you to walk away without owqing further monies?

Sorry if I have missed anything out. First time poster, please forgive any mistakes!

[guynkate]

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

So we sent a recorder letter (using the template) to Citroen Finance UK on the 6th of December and we have not heard anything yet.
My wife is a little worried as it is in her name but I have informed her to read through this
We are around the 50% mark of the PCP but are 10,000 miles over the agreed mileage (contract was 10k miles a year, the car is 2 years old and we are at 29k miles).
I take it we can cancel the direct debit now?
We will keep you posted on the events

[Wombats]

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

our friends RMS recievables are now claiming that they have been in touch with peugeot and peugeot are willing to take a reduced payment of £180, they are saying that the scuffs on the alloys are above industry wear and tear ( even though they were there when we purchased the car) and they're saying failure to comply with this request will result in their client (peugeot) immediately demanding the payment of the original amount and reserve the right to issue legal proceedings against us for the full amount should payment not be forthcoming....please advise guys i know you said stand my ground but i dont like all this threat of legal proceedings stuff
Thanks

It is impossible to advise you definitively at this stage. If you're happier paying £180 and having it all over and done with, pay it, that's fine. If you want to fight on, you are within your rights to do so. It really is very much up to the inividual and how they feel at this stage in negotiations, there is no right or wrong.