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

[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.

[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!

[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?

[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

[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

[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

[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.

[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.

[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

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

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???

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.

[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

[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?

[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.