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

[Talljams]

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

No it is not possible, they would have to convince a judge that you wed the money first and give you chance to argue your point. They are trying it on most do, just send them a letter back repeating that the marks where fair wear and tear and that you are not liable of by amount under the requirements of the consumer credit act.

our friends RMS recievables are now claiming that they have been in touch with peugeot and peugeot are willing to take a reduced payment of £180, they are saying that the scuffs on the alloys are above industry wear and tear ( even though they were there when we purchased the car) and they're saying failure to comply with this request will result in their client (peugeot) immediately demanding the payment of the original amount and reserve the right to issue legal proceedings against us for the full amount should payment not be forthcoming....please advise guys i know you said stand my ground but i dont like all this threat of legal proceedings stuff
Thanks

[Wrighty83uk]

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

Hi, I have read a few of your posts explaining about PT a PCP agreement.

I have a Mercedes which I need to get out off straight away as I am well over my agreed mileage (12,000 miles over). I am looking at sending the letter http://www.legalbeagles.info/forums/...r-the-CCA-1974 that Mr Peterbard placed on this thread.

As of 15th November I will have about £200 to pay as part of the agreement to reach 50%. My questions are as follow's:
1. Do I have to pay the excess mileage charge? (this is on my agreement which I signed at 9p per mile + VAT

2. Is it right I don't need to sign any documents they send apart from the condition report on the handover day?

3. Can I assume that 14 days from when I send the letter I don't have to pay any more rental payments?

Thank you, I would greatly appreciate your feedback.

Ian

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

Would like to use a more nondescript title than I have chosen! How do I change my username. I see everyone else has a pseudo-name. Thanks

You can contact the site team and ask, I don't know if they do this or not. The fastest way to contact them is to report your own post using the black triangle with the ! in it, then sending a message.

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

I would photograph the agreement with your mobile, pop it onto your computer, put it into Paint and cover all personal details and reference numbers etc... and save it

To post it up, click 'Go Advanced' - Manage Attachments - find the file - double click it - click upload and when the file disappears from the box, it will have attached to your post.

Return to your post and click Post Reply or whatever it says.

It's easier to do it than explain it!

[F. Lamont]

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

Would like to use a more nondescript title than I have chosen! How do I change my username. I see everyone else has a pseudo-name. Thanks

[F. Lamont]

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

Hi there-Many thanks for your reply. Am in a restuarant here with my laptop as I don't have b/band at home. I will try to scan in the documents tomorrow from a library in another town either before 3pm or after 6pm. We are not at all well-served up here in the North with modern library facilities! Have you any tips on posting up the redacted copy of my agreement in case I get stuck! Do I use the 'Reply With Quote ' button. Thanks for your support.

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

Without seeing the T&C's it's hard to say.

[F. Lamont]

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

Continued! My car insurance is due tomorrow so am a bit up against it! Be grateful for any advice once again. Thanks

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

Can you post up a redacted copy of the agreement and T&C's please.

[F. Lamont]

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

Hi there-Many thanks for your reply. My problem is not so much to do with whether I know about the 50% rule. I have paid in a lot more than half as I am 3yrs into the 5yr interest-free deal. The car cost £10800. I owe £4200. Payments never missed and will not be until I am able to verify from someone that the garage or Gmac are able/unable to ask me for £500 back. My problem relates to the £500 payment my garage provided initially on buying car, which I was led to believe was off the price of the car, but was probably help with the deposit eg £500 from them and £100 from me.
As I said in previous post I don't so much mind paying back this sum as part of the finance agreement monthly, but it is this anomaly that bothers me in regards to informing Gmac that I want to VT car. Will this payment of £500 [which is part of the Conditional Sale agreement] have to be paid back on VT'ing the car eg will they use this anomaly within the conditional agreement to do so. Maybe I'm just being too wary looking for problems when they do not exist! Be grateful for advice from anyone who is up on finance agreements.

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

There should be a specified figure on the agreement. This is the 'magic' figure that would be used for the 50% VT.

Don't forget that you can do a VT at any stage. You do not have to have paid 50% of the agreement. If you VT when you've paid say 30%, then it means after terminating the agreement you still owe the remaining 20% (30% + 20% = 50%). This can be paid at a later stage, incorporated into a DMP, or whatever, but it does remain outstanding and you are liable for that amount. In some cases it is still sensible to go ahead with the VT, especially if, for example, the vehicle is at risk of repossession so you would restrict your liability to 50% rather than the full balance.

[F. Lamont]

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

Hi Everyone-This is such a helpful site. I empathise with anyone who is in this frustrating situation. I too would like to VT my 3yr old car as thinking of moving abroad to warmer climes! I have a 'controlled' credit agreement similar to HP for around £10800. Have paid more than half. Balance left is £4200. Would like advice please from anyone about following:

On Credit Agreement Setup the day I bought car I was told that the minimum deposit I had to pay was £100. They said that £500 towards the car was supplied by them. I was asked for, and paid £100 deposit. However on scrutinising documentation this week in order to do a VT, the credit agreement has added this £500 pound [actually £600 as they've made a mistake of £100] that they originaly inferred was paid by the garage as a 'discount' off the total amount of the car. I do not mind having to pay the £500 and I'll notify them of the £100 mistake eg seems they've charged me for the deposit twice-once by cash and once on credit agreement, hence the £100 anomaly. I will get this sorted so this isn't my main problem on here.

What worries me is the £500 that the salesman said was given to me by the garage inferring that this was a reduction of £500, when in actual fact it seems to me that it is extra finance, as that amount of £500 has been added to my credit agreement that I pay monthly. So, in other words the whole cost of the car amount is part of my credit agreement. If I VT my car to Gmac can they [either the garage or Gmac] demand this £500 back before I even get started. I am uneasy with this. The older man I dealt with was pretty shifty and 'I felt on edge' with him all the time. Conversation was difficult.

A bird of prey put it's head through my front bumper. Fist sized hole. Back boot shelf is missing. A small chip on rear door that was done when car was in a body shop. Apart from that the car is in excellant condition.

Be grateful for any help, as if I have to pay this £500 back it is a non-starter!

Thank you.

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

Excellent - thanks for the update.

[nobodysdriving]

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

HI
just to update that next week it will be a month since I've given my car back to RMS receivables via a Peugeot dealer

I really think that having given it via the Peugeot dealer has 'saved me' as I have not heard anything, no letters requesting money

:happy2::happy2:tortghost

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

Whats the best course of action, do I ignore them until they give up, my partner is concerned that they might send baliffs round, is this possible or do I email them saying that they shall not be receiving any money from us as these marks were obviously general wear and tear, also will it show up on my credit report?

many thanks

No it is not possible, they would have to convince a judge that you wed the money first and give you chance to argue your point. They are trying it on most do, just send them a letter back repeating that the marks where fair wear and tear and that you are not liable of by amount under the requirements of the consumer credit act.