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

[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

[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

[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

[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

[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!

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

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!

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

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

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

[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

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.

[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!!

[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

[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.