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

[Tequilabird]

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

Hi All,

just need a little advice. Looking at VT of my car financed through FGA Capital. Unfortunately, someone recently bumped it in a car park and there is a dent across the driver's side rear wheel arch. What's the best thing to do about this? Will they charge for this or could it be considered reasonable as no other damage?

thanks!

[Blueboy777uk]

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

As someone going through the process I would say that you would be best to have it fixed yourself - you have some control then over what it costs, rather than facing a bill once your car is recovered. I have just VT'd my wife's car and RMS are trying to charge us £131 for "dents less than 2.5mm" - which could not be seen by an untrained eye. So if the dent is obvious I would get it reparied yourself. I would think that dents of any size cannot be seen as "reasonable wear and tear". Just my humble opinion though and hope it saves you some money.

[Tequilabird]

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

Thanks for your reply! I'll look into getting it fixed as I don't want to have anything thrown at me after the event, especially as I'm not at the 50% stage as yet.

[Lroo]

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

Thanks for your reply! I'll look into getting it fixed as I don't want to have anything thrown at me after the event, especially as I'm not at the 50% stage as yet.

Hi I'm looking for advice,I have a car on lease from a very popular company bmw.i have been with them 9 years leasing cars out,the last one I have had only 5 month has had everything go wrong with and havnt been very much helpful.im wanting to come out my contract ASAP how would I go about it and will I owe them a lot of money if I do so.

[alphawhiskey]

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

Hi all... Firstly, this has been SUCH a useful thread for me - thanks so much!

Here's my tricky question though:

I'm in the process of triggering a VT for my Citroen Finance car. Using the advice I got from this thread, I have managed to get them past the whole 'you can't do that without signing these forms' stage, and they agree that I can now give the car back no problem, BUT that I still owe them £250 for the GAP/Financial Shortfall Insurance (FSI) final balloon payment - which I didn't even know that I had. In the Ts&Cs for the FSI that I dug out, I found that I can cancel the FSI policy at any time and get a pro rata refund (which is great), so I have activated that (via the separate Citroen FSI insurance company) and as of today I am told it will be terminated. However, Citroen Finance are still telling me that I need to pay them the £250 balloon payment for the FSI (even though the policy is now cancelled) before I can give the car back because "they have already paid the money upfront for this and need to get it back from somewhere"...

Any advice on where I stand on this, and if I do indeed need to pay the £250 before returning the car, would be appreciated. I understand that GAP/FSI is not included in a VT and so would still need to be paid normally, but seeing as I was able to cancel my FSI policy, shouldn't this mean that I therefore do not owe any remaining payments to anyone?!

Thanks in advance for any help/advice/guidance

Angela

[Dee...]

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

I too am thankful for the advise found in this thread ... and subsequently pushed through and started my VT of HP on our caravan and received paperwork back to sign, but was slightly concerned with the paragraph under 'credit file' and wondered if someone might be able to advise me on this...

they stated ...

"Credit File

Voluntary termination may make it difficult or more expensive for you to obtain credit in the future.

We recognise you will have no further obligation to '....... ........' but we are unable to complete your account until we receive the sale confirmation of the goods. you will not be disadvantaged in any way (late payment fees or impaired credit rating) by this; however it may mean that whilst the sale confirmation you may be in receipt of statements and notifications that we are obliged to send you whilst your account remains active."

the highlight bits the bit we're slightly concerned about ... and the last bit would that mean that we would still have to pay our monthly payments even though we've handed the caravan back and gone way over our 50% (approximately 1200.00 over)?

Your help and advise would be greatly appreciated

Dee

[scottishsleepy]

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

Hi everybody.

I've just joined today however i've been looking through this thread trying to get my head around the whole VT scenario with little success.
I was speaking to the rep at Ford who sold me my present car and he said I can VT paying nothing exactly half way through the contract term.
However, when reading through the agreement this doesn't add up.
I'll try to give a brief outline of exactly what the agreement says and would greatly appreciate any help anyone can provide before I go crazy.
Total amount payable inc interest and fees £15647.19
Total Deposit £798.03
Balance of amount payable £14849.16 (I'm happy up to this bit)
Monthly payment £249.81 x 36 months
GMFV £5836

Now this is where I'm confused.
If the salesman is right I can apply for a VT after 18 months having paid 18 x £249.81 (£4496.58)
However the figure under "Termination your rights" on the document is £7823.80 meaning I couldn't apply until after approx 32 months, therefore only saving 4 months over the term.

Doesn't really seem worth the effort.
Does the GMFV payment come into this anywhere, i.e does it count towards the figure of £7823.80 quoted under the termination?

I'm confusing myself even further typing this.

I'm away for a drink

Thanks in advance for any help you may be able to provide.

Regards

Mark

[ShaggyBC]

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

Hi All,

Some great advice on here and I am thankful for this being in the public domain. I do however seem to have a slight problem with my recent VT which has not been covered.

I have an excess mileage situation as many people have discussed and they credit company have come up with the following argument.

They are claiming that the Consumer Credit act state that the termination of an account does not affect any liability which has accrued before termination. They claim that the excess mileage is a liability under the agreement and as such is due.

Anyone come across this and successfully batted it back?

[Blueboy777uk]

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

I'm currently in a similar position, but I was under the impression from what has been said here and on other forums that Act (which is statute) cannot be overridden by agreement. So, your agreement may well have said that but that is in direct conflict with what you are entitled to do under the act. Maybe the learned ones can help both us. I may have got it wrong!

[Furnster]

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

Can anyone help I rang black horse finance yesterday to to them I want to VT my car now I've registered my intentions with them should I cancel my direct debit,thanks in advance.

[ostell]

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

Can anyone help I rang black horse finance yesterday to to them I want to VT my car now I've registered my intentions with them should I cancel my direct debit,thanks in advance.

You have notified them of your intentions but you haven't yet actually sent them the notification for VT. Don't stop payment until you have actually sent a letter, getting proof of postage.

[ShaggyBC]

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

Hi All,

Some great advice on here and I am thankful for this being in the public domain. I do however seem to have a slight problem with my recent VT which has not been covered.

I have an excess mileage situation as many people have discussed and they credit company have come up with the following argument.

They are claiming that the Consumer Credit act state that the termination of an account does not affect any liability which has accrued before termination. They claim that the excess mileage is a liability under the agreement and as such is due.

Anyone come across this and successfully batted it back?

Sorry to bump this up. But I am keen to know if anyone can help

[Erskine]

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

Moneybarn 1 Limited. STAY AWAY FROM THIS COMPANY!
Hello all,This is my first time on a forum like this but my experience with this company was so bad that I had to share this! I had got a vehicle from this ridiculous company back in 2013 and had made all the payments on time without any defaults .I have paid by now twice the value of the car! I decided to sell the car as no longer needed. I received a call from Adrian Fallows who byy the way is very rude, aggressive and very unhelpful saying that they will take me to court for selling the car. Apart from this they contacted the new ownwe of the vehicle stating that they had 7 days to return it to them as they were the legal owner! the amount of BS that comes out of this guys mouth is ubelievable! his excuse was that he could not see the final setelement on his system. This happned 2 days ago and said he will call me back that afternoon with an update and Im still waiting and the new owner of the vehicle is scared that his car will be taken away! Moneybarn have a very harrasing and intimidating aproah to customers who actually pay their wages! and the worse is that he was asking for payment plus the car back, I mean seriously does this guy have any sort of customer relationship experience at all? NO is the answer!!! I will never recommend this company to anybody and will actually advise to stay away from them!!

[Guest]

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

Sorry to bump this up. But I am keen to know if anyone can help

Sure the answer is that the agreement is regulated by the Consumer Credit Act, this means that contract cannot contain terms which would act to contradict a requirement of the act.

This is called "contracting out" and in the case of the CCA is re-reinforced in section 173.(contracting out not allowed)

A contractual term cannot override a requirement of the act which is made for the debtors protection.

The provision of the act where a hirer may voluntarily terminate a vehicle(section 99-101) is designed to ensure the bargain is fair, and that the value of the goods track with the repayment, so that both the hirer and the lender are protected.
There is no provision that enables a lender to short circuit this protection by including a term which biases the bargain in their favour.

[scottishsleepy]

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

Hi everybody.

I've just joined today however i've been looking through this thread trying to get my head around the whole VT scenario with little success.
I was speaking to the rep at Ford who sold me my present car and he said I can VT paying nothing exactly half way through the contract term.
However, when reading through the agreement this doesn't add up.
I'll try to give a brief outline of exactly what the agreement says and would greatly appreciate any help anyone can provide before I go crazy.
Total amount payable inc interest and fees £15647.19
Total Deposit £798.03
Balance of amount payable £14849.16 (I'm happy up to this bit)
Monthly payment £249.81 x 36 months
GMFV £5836

Now this is where I'm confused.
If the salesman is right I can apply for a VT after 18 months having paid 18 x £249.81 (£4496.58)
However the figure under "Termination your rights" on the document is £7823.80 meaning I couldn't apply until after approx 32 months, therefore only saving 4 months over the term.

Doesn't really seem worth the effort.
Does the GMFV payment come into this anywhere, i.e does it count towards the figure of £7823.80 quoted under the termination?

I'm confusing myself even further typing this.

I'm away for a drink

Thanks in advance for any help you may be able to provide.

Regards

Mark

Sorry for bumping this up however I'm curious as to when people think i would be able to do a VT based on the info above.
Any help would be greatly appreciated

Cheers

Mark