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

[hbells]

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

Hi

Thank you for the fast response. I have approx 15k outstanding (1k neg equity from pervious bike) the bike is worth 11k market value right now. I didnt pay a deposite as i used my old bike. From those figures i would owe about 4k. Could i pay that in installments or would they demand it outright do you know?

[Guest]

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

Hi

Thank you for the fast response. I have approx 15k outstanding (1k neg equity from pervious bike) the bike is worth 11k market value right now. I didnt pay a deposite as i used my old bike. From those figures i would owe about 4k. Could i pay that in installments or would they demand it outright do you know?

Sounds to me like a voluntary surrender would be the best course of action as you should be left with about 3-4k to pay. They will undoubtedly demand immediate payment , but you cannot pay what you do not have, I would suggest a repayment plan for the balance(once it is agreed) you may have to do an income an outgoings statement to back up your offer, you can get help with this from one of the debt charities national debtline or stepchange if you are struggling.

[bash1]

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

Hi can someone confirm if i have a hp car and i vt after paying 50% if i have gone over my millage allowence say by 3000miles do i have to pay that or because i have vt the car i do not need to. I understand they will push for me to pay but by law do i have to pay??

[Guest]

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

Hi can someone confirm if i have a hp car and i vt after paying 50% if i have gone over my millage allowence say by 3000miles do i have to pay that or because i have vt the car i do not need to. I understand they will push for me to pay but by law do i have to pay??

Massive gray area, they will say that you have a contractual obligation to pay, you will say that the statute says you do not and the statute overrides the contract, in the end it usually boils down to negotiation, usually they do not like the case going to court for fear of a precedent being set.

[bash1]

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

Massive gray area, they will say that you have a contractual obligation to pay, you will say that the statute says you do not and the statute overrides the contract, in the end it usually boils down to negotiation, usually they do not like the case going to court for fear of a precedent being set.

Thank you for that could they affect your credit score or pass the amount to debt collecters say while we are going back and forward with an agrement towards the millage

[Guest]

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

[QUOTE=bash1;510776]Thank you for that could they affect your credit score or pass the amount to debt collecters say while we are going back and forward with an agrement towards the millage[/QTE]

No only after you reach agreement and if you failed to keep up your end. But they will threaten all of the above, so you will have to stick to your guns.

[ciaran12s]

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

I recently spoke with my creditor on the telephone and made them aware of my wish to voluntarily terminate my contract. They sent me a pack in the post with details and instructions. In the letter they have told me that I have not paid half of the balance and therefore I will be liable to pay £449.90 and my credit score will be affected. The sum of repayments as per my contract equals £7126.66. I know that I have paid £4100.22. The contract also states under the heading;
Termination: Your Rights
"You have a right to end this agreement. To do so , you should write to the person you make your payments to. They will then be entitled to the return of the goods and to half the total amount payable under this agreement, that is £3563.48. If you have already paid at least this amount plus any overdue instalments and have taken reasonable care of the goods, you will not have to pay any more"

As I have paid over this sum and never missed a payment on the account, why is it they are writing to tell me I owe them £449.90?
Is skulduggery from creditors normal in these circumstances? If there were something untoward with their letters and this results in a delay to me terminating the contract and having to make further payments, do I have any rights to protect me from this? If so what are they and what should I do about it?

[Guest]

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

I recently spoke with my creditor on the telephone and made them aware of my wish to voluntarily terminate my contract. They sent me a pack in the post with details and instructions. In the letter they have told me that I have not paid half of the balance and therefore I will be liable to pay £449.90 and my credit score will be affected. The sum of repayments as per my contract equals £7126.66. I know that I have paid £4100.22. The contract also states under the heading;
Termination: Your Rights
"You have a right to end this agreement. To do so , you should write to the person you make your payments to. They will then be entitled to the return of the goods and to half the total amount payable under this agreement, that is £3563.48. If you have already paid at least this amount plus any overdue instalments and have taken reasonable care of the goods, you will not have to pay any more"

As I have paid over this sum and never missed a payment on the account, why is it they are writing to tell me I owe them £449.90?
Is skulduggery from creditors normal in these circumstances? If there were something untoward with their letters and this results in a delay to me terminating the contract and having to make further payments, do I have any rights to protect me from this? If so what are they and what should I do about it?

The answer is yes it is, just send the car back and let them try and justify any charges afterwards. Don't get into an argument before the car goes back, it is all irrelevant to the VT itself, as for your credit score they can record that you VTd but this is not generally considered to be a contra indicator .

[ciaran12s]

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

Thanks Andy.
So is it advisable from this point to return the car ASAP and sort out any discrepancies with the creditor afterwards?

[Guest]

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

Thanks Andy.
So is it advisable from this point to return the car ASAP and sort out any discrepancies with the creditor afterwards?

You will need to get the letter sent first advising them that you wish to VT, I usually say to send it half way though the month and advise them that there next payment will be the last under the contract, this gives them 14 days to recover the car and puts you on the right side, many will argue over the last payment, but personally I do not think it is worth the bother.

YOu can tll them that any further amounts said to be due will be addressed after the VT.

[Lilsters]

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

Help!,,
Please can you give me some advice with regard trying to VT a FGA capital car loan balloon. I have used the template and sent this to FGA and this is their response:-
Thank you for your email. Due to the agreement type you have, a Motor Loan, you do not have the right to a Voluntary Termination. As your agreement is not secured on the vehicle, we hold no interest in it. If it is the case that you no longer wish to keep the car, you can look to sell it then use the funds to settle the current balance.

The agreement says its a motor loan balloon, where do I go from here? I am going to be left with a huge balance outstanding even if I sell the car and am struggling to make the repayments. I am just over halfway through the loan.

any advice would be gratefully received.

[Blueboy777uk]

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

Anyone else dealt with RMS?

We have just VT my wife's car, followed procedure and now they are trying to enforce excess mileage and damage charges. The vehicle went back in January, in good condition (photos to prove) with 17300 miles on the clock (of an agreed 18000) and we'd even spent £85 having scratches removed from the front bumper.

I sent them a version of one of the letters found on here and have also requested all dealings done my email/letter. Not only as I dont trust them but my wife sadly lost her mum 7 weeks ago and does not want to be dealing with them. Consequently they have ignored this request and continue to phone her. I am logging all the calls.

I have again emailed them and stood by the position of accepting no liability for the mileage or alledged "damage". I know they want us to call them so they can all kinds of unsolicited threats and am not prepared to play the game by their rules, when I honestly believe we are in the right on this.

Thoughts anyone?

[BB208]

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

Hi new poster just looking for a little advice I sent off the beefed up template to VT from this forum 10 days ago I have reached the 50% mark last payment to meet this amount was made today, just received my response from black horse which consisted of 3 letters the first states options for returning either pay £75 for collection or deliver to auction house 25mins away, 2nd titled SECTION A is a form to be completed, signed and returned with details of tax and mot expiry,mileage and if the care is driveable, this is what concerns me as i've read previously on this forum not to sign anything one part in particular stands out

" I also understand that I may have an additional liability if I have not taken reasonable care of the goods and the resale price is adversely affected"

so I am currently in the process of typing out another letter in response.

Dear Sir/ Madam


Further to my termination notification dated **/**/2015 and in response to your letter dated**/**/2015 I shall firstly state I am aware of my rights having received legal advice and would like to repeat that the statute prevents you from levying a charge for the recovery of the above vehicle so the £75 collection charge is unlawful, however I am prepared to arrange delivery of the vehicle to MANHEIM ******** to expedite the matter, I will contact the auction centre directly to set a suitable date and time in due course.


Regarding SECTION A which you requested I complete, sign and return. My previous correspondence is in accordance with the aforementioned section and is confirmation enough of my intent to return the goods and terminate which will commence on the **/**/2015 as stated 30 days from the notification dated **/**/2015 I am therefore not legally obliged to sign any further paperwork other than the necessary condition report that should be carried out on delivery of goods and upon my satisfaction with its accuracy.


As you may be aware from the 1st October 2014 by law vehicles are no longer required to display a tax disc, when a vehicle is sold the tax is non transferable which makes the tax expiry date irrelevant in this process.


M.O.T expiry date : **/**/2015
A valid M.O.T certificate is only obtainable if the vehicle is roadworthy this should provide sufficient confirmation that the vehicle is driveable, a service was also performed on this date .


Current Mileage : *****

does this seem ok to send back as it states the forms must be completed and returned to proceed
any advice would be gratefully received

[Guest]

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

It seems fine, if you do sign I would scrub out the bit ab out the resale price, and initial it, it doesn't make a difference really as this cannot over ride the statute, but you are only required to look after the goods, the re sale price has nothing to do with you, this is the whole point of the protection, if they sold you a good car in the first place the resale value would be OK wouldn't it.

As far a s signing documents, as said they cannot get you to sign your rights away so if it expedites matters and there is nothing in there which overly concerned you I would sign.

[Blueboy777uk]

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

Anyone else dealt with RMS?

We have just VT my wife's car, followed procedure and now they are trying to enforce excess mileage and damage charges. The vehicle went back in January, in good condition (photos to prove) with 17300 miles on the clock (of an agreed 18000) and we'd even spent £85 having scratches removed from the front bumper.

I sent them a version of one of the letters found on here and have also requested all dealings done my email/letter. Not only as I dont trust them but my wife sadly lost her mum 7 weeks ago and does not want to be dealing with them. Consequently they have ignored this request and continue to phone her. I am logging all the calls.

I have again emailed them and stood by the position of accepting no liability for the mileage or alledged "damage". I know they want us to call them so they can all kinds of unsolicited threats and am not prepared to play the game by their rules, when I honestly believe we are in the right on this.

Thoughts anyone?

UPDATE: Just sent yet another email and guess what the latest trick appears to be? Yep - blocking my wife's email account!!! Anyone other than me think this is unprofessional in the highest order and truly reflect what kind of business this is???