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

[Guest]

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

The amount you have to pay in order to have nothing further outstanding is one half of the total agreement price, nothing to do with how many payment you have made, keep in mind that this is the total you have paid so it will include any deposit or trade in at the commencement of the loan.

ie total amount paid/ total agreement price = 1/2 = nothing further to pay

[Kestrel86]

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

Hi, I wonder if you can help. I called my finance company this morning to VT and needless to say they weren't very helpful at all. I faxed my letter to them and have a fax confirmation to confirm they received it. They wouldn't confirm they had it and said I had to fill in the forms. I made it clear that I won't be filing in any forms and the letter will suffice. She the. Said I need to continue making my payments until they collect the car otherwise it will go down as a missed payment. My payment is due in 3 days time. She then said I would be liable for £75 collection costs and also £480 for the gap and warranty cover that they paid for up front!

I asked when they will be collecting the car but she said when they get my letter but could be a few days when it's scanned on to the file! I left the call by saying I won't be paying anything further as I have the confirmation they received it and to get someone to call me to arrange a collection. She didn't respond to that and the call ended.

Is is this all correct? Am I liable to pay for all this to hand it back?

Thanks,

Kerry

[Guest]

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

Hi, I wonder if you can help. I called my finance company this morning to VT and needless to say they weren't very helpful at all. I faxed my letter to them and have a fax confirmation to confirm they received it. They wouldn't confirm they had it and said I had to fill in the forms. I made it clear that I won't be filing in any forms and the letter will suffice. She the. Said I need to continue making my payments until they collect the car otherwise it will go down as a missed payment. My payment is due in 3 days time. She then said I would be liable for £75 collection costs and also £480 for the gap and warranty cover that they paid for up front!

I asked when they will be collecting the car but she said when they get my letter but could be a few days when it's scanned on to the file! I left the call by saying I won't be paying anything further as I have the confirmation they received it and to get someone to call me to arrange a collection. She didn't respond to that and the call ended.

Is is this all correct? Am I liable to pay for all this to hand it back?

Thanks,

Kerry

No you do not have to pay anything to hand it back and you certainly do not have to pay anything towards any insurance policy, i think three days notice i cutting it tight though, if it were me I would make the next payment and then state that it is the last as the agreement will be terminated in 14 days.

[Kestrel86]

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

No you do not have to pay anything to hand it back and you certainly do not have to pay anything towards any insurance policy, i think three days notice i cutting it tight though, if it were me I would make the next payment and then state that it is the last as the agreement will be terminated in 14 days.

Great! Thank you for replying. They are adamant they can charge me for this so what do I say to them? Just that I'm not paying for the insurance and stick to my guns? I'll let the payment go but not paying £75 for them to come pick it up. Thanks again!

[Guest]

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

You do not have to pay anything in order to VT it is your right by statute.
If you want to rub salt into the wounds you can tell them that you will be taking an action to recover the insurance premiums already paid in any case via the ombudsman as it w miss-sold.

[Kestrel86]

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

Thank you Andy!

I will ill keep you updated. You have been so helpful!

[ralphingizmo]

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

Hi all, new member.

Hopefully looking for some advice.

I have just hit my 50% point on my agreement for my car with GMAC. I called today to ask for an address to send my letter to VT to and was told there was no need and they would send a pack out. All i have to do is read the pack, sin and date and return and its done. When i pushed for an address the lady on the phone just said no need i have requested a pack to be sent so all good.

Question, should i follow there procedure with regards to the pack? They did say it could take up to 14 days for pack to reach me.

OR

Do i stick to what i have read and let the letter ( Sent via Recorded delivery ) do this for me? I did state in the letter they had 14 days to arrange collection/drop off?

It all seems a little confusing. Has anyone here done it the finance companies way?

Any help will be much appriciated.

Thank You

[tomble22]

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

Hi all,

I asked about VT'ing our Renault Twingo back in November and we have now started the process by sending in the template letter at the beginning of the thread.

RCI Finance have now come back to us with a letter which thanks us for our enquiry re VT and asks us to complete a slip and send back to them. This slip notes that we understand how liability is calculated, that we agree to settle any charges for excess mileage, damages etc and indicates a provisional liability amount…..I assume returning this slip would be a bad idea?

I was under the impression that as a result of our original letter, the VT had started and would happen without us sending any further correspondence back to them. Do we just need to ring them and tell them that our original letter is sufficient notice and for them to arrange for collection?

Thanks,

Tom

P.s. In addition to the above, I have drafted the letter below as a response and to get them moving:

Thank you for your letter dated 27 February 2015 regarding the voluntary termination of the above agreement.

Regarding the slip attached to your above noted letter which you requested be completed, signed and returned, my previous correspondence is in accordance with Section 99 of the Consumer Credit Act 1974 and is sufficient confirmation of my intent to return the goods and terminate said agreement.

This will commence on the 11 March 2015 as stated, 14 days from the notification dated 25 February 2015. I am therefore not legally obliged to sign any further paperwork other than the necessary condition report that should be carried out on collection of goods and upon my satisfaction of its accuracy.

Please contact myself on 07xxxxxxxx0 or at the above address to arrange collection of the vehicle.

Yours faithfully

[BTCCZS]

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

Hi

This thread has proved valuable and we are currently trying to sort our VT with Santander Consumer Finance who had been very good but are now playing games. After informing them on the phone we would be VT'ing they gave us the address and telephone number of Manheim Auctions at Lutterworth (30 miles away) where we needed to make an appointment to return the car. We did this and all was arranged for this thursday at 1pm. Today they phoned saying the car needs to go to an auction house in Mansfield 80 miles away! I don't see this as a reasonable distance to travel. The annoying thing is my wifes mum was using the car in Newark which is 20 minutes from Manfield but we brought the car home at the weekend. Can we just tell them we are dropping the car where they initially told us too and its their problem after that?

They have also said they will collect the car but have a term in the contract that they will charge £70 for this service, Can I just tell them it is my right to VT by statute and I do not need to pay anything?

Any help will be much appreciated

[alphawhiskey]

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

Hi there.... am really hoping someone can help me with this:

I followed the instructions as per this (great) thread in terms of triggering the VT on my car and it was collected for auction a few weeks ago. I signed a report form agreeing to 'light scratches' on the front and back bumpers. The chap who collected the car (who admittedly didn't work for the finance company) assured me that the car was well within what he'd call 'fair wear and tear'. I should also add though that it was raining at the time of inspection and so the box which says 'unable to check fully due to wet weather' has been checked on the report form.

I have now received a letter from the finance company demanding I pay them £140 for excess mileage charges as well as £380 for scratches to the bumpers (as marked on report as light scratches), scratches to 3 wheels (not on report) and a chip to the roof (not on report).

My questions are:

1. Do I need to pay the excess mileage? I thought with a VT they couldn't do this
2. Do I need to pay for all the damage they are claiming or am I in my rights to say it's within fair wear and tear as per the feedback from auction house rep who collected the car?

Any help/advice would be SO appreciated!

Thanks

Angela

[Shutterz]

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

Hi there,

Well I finally went ahead and VT'd my Peugeot a couple of weeks ago. I had a dispute over the £200 that I had to pay in order to be able to VT. Peugeot took a £200 deposit off me when I bought the car which I have a receipt for but Peugeot finance said that that was nothing to do with them as the dealer didn't take the deposit off my finance agreement so I still had that to pay. To cut a long story short, rightly or wrongly, I paid it to enable the VT to go ahead.

Now I have received a bill from RMS receivables to pay for £300 of excess milage and £149 of damage. The car was supposed to only do 6000 miles per annum and i have had it for 2 years and 5 months and it had 23000 on the clock. I am reluctant to pay for anything as the car was immaculate and well taken care of both inside and out with a full service history and 3/4 tank of fuel!!. I have a copy of the report and two things aren't even on there. I took photos with the newspaper of all angles and all that there was was 2 very very tiny stone chips that did not go through the paint work and a light scuff to the alloy wheel. The man from RMS would not drive my car away unless I signed his sheet stating light scratch and said that these are well within the fair wear and tear policy and that if I didn't sign he could be liable as he was driving the car to leeds. So I wrote next to my signature that I am not signing for anything that was above fair wear and tear. My husband also got a friend who has a garage to check the car over and he has written on his garage letter head that there was no damage beyond fair wear and tear.


How shall I word my letter to RMS receivables stating I am not paying? Have you got any good quotes I can state to make me have a bit of power! Hehe...

Thank you so much for any assistance I am amazed at your knowledge!!

[alphawhiskey]

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

Hi there.... am really hoping someone can help me with this:

I followed the instructions as per this (great) thread in terms of triggering the VT on my car and it was collected for auction a few weeks ago. I signed a report form agreeing to 'light scratches' on the front and back bumpers. The chap who collected the car (who admittedly didn't work for the finance company) assured me that the car was well within what he'd call 'fair wear and tear'. I should also add though that it was raining at the time of inspection and so the box which says 'unable to check fully due to wet weather' has been checked on the report form.

I have now received a letter from the finance company demanding I pay them £140 for excess mileage charges as well as £380 for scratches to the bumpers (as marked on report as light scratches), scratches to 3 wheels (not on report) and a chip to the roof (not on report).

My questions are:

1. Do I need to pay the excess mileage? I thought with a VT they couldn't do this
2. Do I need to pay for all the damage they are claiming or am I in my rights to say it's within fair wear and tear as per the feedback from auction house rep who collected the car?

Any help/advice would be SO appreciated!

Thanks

Angela

I'm v sorry to bump this... but really hoping someone can help me. Got RMS Receivables breathing down my neck on a daily basis!

[Guest]

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

Two differing points.
As far as the scratches are concerned, if you consider that they are what you would expect for a car of that age in reasonable condition then you do not have to pay, or if they were already n the car for that matter.
As far as excess millage charges are concerned, it depends on what is on your contract and if you want to contest them, usually what happens it the hirer will contest , and the dealer/ creditor will come back with a reduced offer, you could take them all the way to court and say that there is no requirement for you to pay as the legislation does not permit, there are also other arguments which I can give you should you want to pursue this.
The problem is that some judges will say that it was in the contract so it is owed, in my view this is wrong, but at the end of the day it is your choice. I have found that usually these things can be settled by a degree of horse trading and it is a matter of who blinks first, as neither side really wants to push it to court.

[Shutterz]

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

Two differing points.
As far as the scratches are concerned, if you consider that they are what you would expect for a car of that age in reasonable condition then you do not have to pay, or if they were already n the car for that matter.
As far as excess millage charges are concerned, it depends on what is on your contract and if you want to contest them, usually what happens it the hirer will contest , and the dealer/ creditor will come back with a reduced offer, you could take them all the way to court and say that there is no requirement for you to pay as the legislation does not permit, there are also other arguments which I can give you should you want to pursue this.
The problem is that some judges will say that it was in the contract so it is owed, in my view this is wrong, but at the end of the day it is your choice. I have found that usually these things can be settled by a degree of horse trading and it is a matter of who blinks first, as neither side really wants to push it to court.

Hi there... So sorry to intrude this post but I posted above a few days ago with a similar situation to this member. I was contracted to 6000 per annum but would like to contest this. My car has 23000 miles on and I had it for 2 years and five months from new. Could you give me some pointers on how to word my letter to argue my case with RMS receivables. Your help is much appreciated.

[alphawhiskey]

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

Two differing points.
As far as the scratches are concerned, if you consider that they are what you would expect for a car of that age in reasonable condition then you do not have to pay, or if they were already n the car for that matter.
As far as excess millage charges are concerned, it depends on what is on your contract and if you want to contest them, usually what happens it the hirer will contest , and the dealer/ creditor will come back with a reduced offer, you could take them all the way to court and say that there is no requirement for you to pay as the legislation does not permit, there are also other arguments which I can give you should you want to pursue this.
The problem is that some judges will say that it was in the contract so it is owed, in my view this is wrong, but at the end of the day it is your choice. I have found that usually these things can be settled by a degree of horse trading and it is a matter of who blinks first, as neither side really wants to push it to court.

Thanks so much for this, Peter - that's v helpful... I appreciate it.
Angela