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

[R0b]

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

Have a read of this, it answers your questions http://www.legalbeagles.info/forums/...ry-Termination

If you still need help let me know. As for insurance, if the insurance is tied up as part of the total credit I would say you dont even need to pay the remainder of the insurance.

[bangerdemon]

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

Have a read of this, it answers your questions http://www.legalbeagles.info/forums/...ry-Termination

If you still need help let me know. As for insurance, if the insurance is tied up as part of the total credit I would say you dont even need to pay the remainder of the insurance.

Thanks for the reply.

The insurance products were separate from the main credit agreement, so I have no qualms about paying that.

I have now sent an email to the person named in the letter I received as follows:

Dear Ms Wilkinson,

Thank you for your letter dated 09th March 2016.

When I called to obtain details of your nearest agent, I ended up having
a heated conversation with someone who said they were the head of your
legal department, about returning the vehicle.
He said that I could deliver the vehicle to Bath, which seeing as I live
in Plymouth, is a totally unreasonable distance to expect me to travel
to drop the car off.

He then informed me that I would have to pay an £80 collection fee, for
the vehicle to be collected from me, as stated in your letter, but I
know that a collection fee cannot be charged.

I would therefore be grateful if you could provide me with a drop off
point a lot closer to Plymouth than Bath.

I would also be grateful if you could let me have your bank details so
that I can make a payment of £66.50 for my insurance products by bank
transfer.

Yours sincerely

Will hopefully hear from them tomorrow, but still expecting them to insist I pay the £80 for collection!!!

[R0b]

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

Ok thats fair enough, personally I wouldn't bother with delivering the car let them take it or remove the insurance/tax from it within a reaosnable time if they don't your not there to continue making payments on the vehicle once you have terminated.

If you spoke to the head of the legal department you should tke their name next time and you could also threaten that they if they continue to tell you that you owe the collection fee you will report them to the SRA for breach of the Code of Conduct in taking advantage of someone who is not legally represented and/or deceit when they should knwo that they cannot charge for collection fees. If the agreement was finished and come to an end then they could charge collection fees but as you terminated under s.99 of the CCA 1974, your liability is limited.

[Coco2016]

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

I need some advise!! I am wanting to take voluntary termination, but when I phoned the finance company today and asked what kind of agreement I am tied in to, I was told I have a motor loan and therefore I have personal guaranteed the loan and I can not hand the car back. Is this correct????? Can I not voluntary terminate a motor loan agreement??? Very stressed by all the different types of agreements.

[R0b]

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

Who is the loan with? if you don't have a copy request a copy of the agreement you are entitled to it. I've never heard of a motor loan but the fact the word loan is in it then sounds like a personal loan so if that's the case no you cannot. Anything with the word loan in the heading of the agreement would ring alarm bells for me as a loan and not a hire purchase or conditional sale

As harsh as it may sound, you should really be checking the type of agreement and your rights before you sign it off.

[Coco2016]

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

Yes I feel very stupid now. It is a motor loan balloon. I pay for the car for 4 years and then have option to buy or hand the car back. With these terms I just thought it was hire purchase. It is with FCA Automative (fiat finance). Looks like I am stuck with it.

[R0b]

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

If you have the option to purchase the car or hand it back it could very well be a hire purchase agreement. You should request a copy of the signed agreement so you can review the terms and conditions. Were you not given a copy when you signed it?

[Jevo89]

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

Hello, im new to the forum as of today!

Ill get straight to the point!

Im 2 months off being half way through my HP Agreement with Blackhorse Finance - Im just wondering which Letter i would need to use proceed with the VT ?

Car was bought from SG Petch and Financed through Blackhorse

Thanks!

[bhavinkhima]

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

Hi guys

I have a company contract lease car as a staff benefit and I have a year left on it after completing 2 years. I am unfortunately leaving the company but the car lease company are refusing to change it to a personal lease and still want to charge me a early termination fee. This charge would come out of my payslip but I don't even know where to start arguing with them. Any advice would be appreciated.

Cheers


Bhavin

[R0b]

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

Hi guys

I have a company contract lease car as a staff benefit and I have a year left on it after completing 2 years. I am unfortunately leaving the company but the car lease company are refusing to change it to a personal lease and still want to charge me a early termination fee. This charge would come out of my payslip but I don't even know where to start arguing with them. Any advice would be appreciated.

Cheers


Bhavin

What exactly is it you want to argue with them? A lease is not the same as a hire purchase or conditional sale agreement. So dependent on the terms, if there is a termination fee then you will more than likely have to pay it, unless there is something in the terms that says either your employer will pay on ending your employment or that you don't need to pay it.

[joepark4]

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

Hi there, I appreciate all the advice on this thread and would recommend to anyone in the same position! I have currently paid the remaining balance to make up to half of the total amount payable and am looking to send the VT letter at some point today. However the finance company remain adamant that I have to fill out forms once they recieve this letter, and that there will be a charge if they collect the vehicle. I have stuck to my guns but there's no budge. Should I go ahead and send the letter and take it from there? I think they feel that because I'm a young lad that I don't know my rights well that is not the case. Thankyou in advance

[R0b]

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

Hi Joe,

there is no legal obligation for you to fill out any forms but simply give them notice that you wish to terminate your agreement. If they are being pushy, then send the letter anyway and ask them to point out in the legislation where it says that you are legally obliged to fill out any forms they send to you. This will of course either ignore what you say or come up with some excuse saying that to VT you must sign and return the forms. Again, there is no requirement for you to do so.

[joepark4]

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

Hi ROb,

I will proceed with sending the VT letter tomorrow morning using Special delivery. They will more than likely contact me to sign 'forms' which I will decline. Should they give me information on where to drop the car off as soon as they receive the letter? What should I say if they continue to insist on charging me for picking up the vehicle? I don't mind dropping the vehicle off at a reasonable distance but I most certainly will not be charged if they have to pick it up.

[R0b]

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

Hi Joe, they will try to insist as they will say it is in the contract but your liability is restricted when you VT so the term cannot override the consumer credit act. If they want to fight it they can take it to court, but I think it will be unlikely as the law seems to be pretty clear on this. They will course threaten people with legal action and/or instruct debt collectors to recover the money but in all reality, it is only the court who is able to enforce it. Most people will crumble at the threat of debt collectors or legal action but I think if you stand your ground it will just be smoke and mirrors from them.

[joepark4]

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

Hi Rob,

Cheers for the information. I will continue to read through the thread and use all of the info. If there is any worries or hassle I will be sure to contact you. Cheers mate