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

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

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

You don't have to pay a penny. It is the wear and tear which is always the sticking point. I'd be inclined to ask them for the invoices and payments for the repair work. If they can't prove they paid to do the work, why would you even contemplate paying them for something they haven't done?

The law simply says that allowing for fair wear and tear (there will always be the odd scuff on a 6 year old car), you can walk away after the VT and paying 50% less any deposit paid / part ex.

[Talljams]

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

Hi,
I did a voluntary termination on a car that was six years old and there was some scuffs on the alloys (most of which were there when we purchased the car) and a scuff on the front bumper ( which i had repaired and sprayed), reasonable wear and tear?. RMS recievables collected the car and it was immediatley taken for auction, the car was sold at auction on 23/10. Today i recieved a letter from RMS recievables stating that I owe them £480 for the alloy scuffs and the repaired bumper. Can someone please advise me as to were i stand withthis situation i have read some posts but still a bit lost.

many thanks

[nobodysdriving]

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

I am 'worried' that I have this 'grey' notice now on my credit file (here it is copied and pasted) do you think this will look 'bad' on my file? I have just applied for a mortgage, offer in principle accepted on day this came out on my file, so hopefully they saw it and thought nothing of it, but am still worried they may not have seen it and when it come to 'full offer' they will decline me? I also don't know why the balance is £300 odd pounds when I have settled the full figure they quoted me, so it should say zero, maybe they will put it to zero once they have acknowledged the car being returned? (I have returned last wednesday)

Hire Purchase from Banques Psa (I) / XXXXXXXXXXXF001

Miss
37 @ £ 192 (Monthly)	No Payment Due / Unclassified
£ 354	£ 0
£ 0	£ 0
15/12/2012	02/10/2014

Payment History
This table shows how you have kept your account over time, for information about individual months pass your mouse cursor over the coloured block

green	green	green	green	green	green	green	green	green	unclassified/no payment due
green	green	green	green	green	green	green	green	green	green	green	green

Customer Account Update

VOLUNTARY TERMINATION	If it is a mortgage account it indicates repossession. For other accounts it indicates surrender of the asset. NB Further payments may be due.

well, 2 weeks after returning my car I 'still' have not received a letter from RMS claiming money off me

I have just called Peugeot Finance in regards to the £354 outstanding stated on my credit report, I told them as far as I knew I paid in full the amount they requested so why is this showing?

he did not know why it is showing I still owe £354 but assured me I do not owe them anything and he was going to get the credit report updated to zero.

phew!

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

Yes, as long as you are aware that you need to make up the shortfall to the 50% figure.

Citroen will almost certainly tell you this cannot be done because of the 50% figure, but either ignore them or refer them to the relevant section of the CCA. Not only can it be done, it is done in exactly the same way as any other VT with you firmly in control.

Also worth mentioning is the fact that while ideally you should pay the balance up to the 50% figure at the same time, you do not have to. However, failure to do so may result in them reporting negatively on your credit file, I'm honestly not sure on that point, but Andy58 will know if he reads this.

Any further questions, just ask. :beagle:

[guynkate]

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

Good morning,

I have read this thread from start to finish a few times now, firstly I would like to say that it has been the most useful information that I have found on this subject, it also gave me the confidence to follow the VT process.

If I can start from the beginning as there are some twists at the very beginning.
We decided (my wife and myself), to get a car from Citroen in December 2012 on a PCP, this was approved with Citroen Finance UK.
The Hire Purchase agreement was signed and the car was ordered and also the Finance agreement signed (both in my name).
About 3 weeks later I was contacted by the dealer that Citroen Finance needed the paper part of my license, I was unable to find this and applied for a duplicate, during this time the car had arrived at the dealers and had been registered in my name.. still nothing from the DVLA.
Then (about 3 weeks after the car had arrived) the dealer suggested that the finance should go through my wife, she signed the finance agreement and Citroen Finance UK approved and released the vehicle.
So as we stand we have the
1. The PCP Contract in my name (so I get a car and pay nothing)
2. The car in my name and
3. The finance in my wife's name (so paying and getting nothing... :tinysmile_twink_t2

The Term is for 3 years with 10,000 miles a year.

My circumstances have changed, I now cover a lot of miles (approx 3,000 miles a month) and the company have a very good company car scheme, I have crunched the numbers and it is a clear winner to join the scheme.

So the figures (are approx, I will get the exact numbers tonight):
Sale price (total cost of vehicle - e.g the overall transaction cost) = £28,000
Dealer contribution = £2000
Monthly Payments = £500

I know I will possibly be just under the 50% transaction cost and from my understanding this will not stop me from starting the VT process and that any balance up to the 50% value will be treated as a separate payment?

So is it a case of just get the letter of termination sent?

Thanks in advance,
Guy

[nobodysdriving]

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

this is my car on day I returned it, I took photos from all angles this is just one of them (the side where front wheel has slight scratches, that was the only 'damage')


[IMG][/IMG]

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

well, it's been 9 days since I've returned the car, have not received a letter 'yet' though I must admit I have prepared myself for one to arrive!

There is time yet, but you never know.

[nobodysdriving]

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

well, it's been 9 days since I've returned the car, have not received a letter 'yet' though I must admit I have prepared myself for one to arrive!

[nobodysdriving]

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

I had three of these on my credit report at one point and they made no difference whatsoever, i was even able to get HP on a fourth occasion, if it worries you you can always get a note put on your file to say that this refers to a car, terminated under section 99 of the CCA and no further sums were due.

thanks
I've done this, they've put a 'notice of correction' on my file on my behalf saying the above

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

I had three of these on my credit report at one point and they made no difference whatsoever, i was even able to get HP on a fourth occasion, if it worries you you can always get a note put on your file to say that this refers to a car, terminated under section 99 of the CCA and no further sums were due.

[nobodysdriving]

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

It should not have any impact on your CRF at all.

Thanks

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

It should not have any impact on your CRF at all.

[nobodysdriving]

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

[QUOTE=ncf355;478223

I'm also quite intrigued to see what happens where some of these finance companies have placed grey (as in, not an actual default, but close...) markers on someones file after they've used their rights to VT - I'm convinced that if the debtor could show they would have had a clean credi history without such a marker, there would be a basis for damages[/QUOTE]

I am 'worried' that I have this 'grey' notice now on my credit file (here it is copied and pasted) do you think this will look 'bad' on my file? I have just applied for a mortgage, offer in principle accepted on day this came out on my file, so hopefully they saw it and thought nothing of it, but am still worried they may not have seen it and when it come to 'full offer' they will decline me? I also don't know why the balance is £300 odd pounds when I have settled the full figure they quoted me, so it should say zero, maybe they will put it to zero once they have acknowledged the car being returned? (I have returned last wednesday)

Hire Purchase from Banques Psa (I) / XXXXXXXXXXXF001

Miss
37 @ £ 192 (Monthly)	No Payment Due / Unclassified
£ 354	£ 0
£ 0	£ 0
15/12/2012	02/10/2014

Payment History
This table shows how you have kept your account over time, for information about individual months pass your mouse cursor over the coloured block

green	green	green	green	green	green	green	green	green	unclassified/no payment due
green	green	green	green	green	green	green	green	green	green	green	green

Customer Account Update

VOLUNTARY TERMINATION	If it is a mortgage account it indicates repossession. For other accounts it indicates surrender of the asset. NB Further payments may be due.

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

Well if it were me I would just do the VT. It sounds to me like you have been sold a pup. This section of the CCA is there to protect the consumer, not in order to ensure the lender has a resalable vehicle on termination.
The idea is that if the lender/ dealer sells something which basically is not worth the money, the liability of the hirer is limited to one half of the contract price, so his sale comes back and bites him in the backside.

But and it is a big but, this will not be easy, and will take a lot of argument and bloody mindedness on your part, frankly if you don't think that you are up-to it I would not bother, if you do and if you stick to your guns they have no option but to comply, but they can make things very difficult and it can be a long road f you decide to do it in these circumstances.