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

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

HI Henry

No your not being dumb a All

Vt is generally the bet option but not always it depends o the agreement and the value of the vehicle. If you VT you only have to pay up to 50% of the total ageement price, this does not have to be pai until after the car has gone back(although they will undoubtedly tell you otherwise).

Alternatively you can voluntarily surrender the vehicle, if you do this you have to pay the full amount outstanding on the agreement less some early settlement discount and less the value of the car( or whatever it brings in auction usually.
If you put up your details on here i can calculate the different sums owing for you if you like.

[Henry19]

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

HI Henry
probably best reading the first post on this thread and then getting back with any queries.

Thanks,

ok so I can quit it at anytime but I am responsible to pay upto 50% to the creditor but that can be via a reduced payment?

Sorry if I'm being dumb.

Henry

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

HI Henry
probably best reading the first post on this thread and then getting back with any queries.

[Henry19]

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

Hello. What a great site!

I have only 4 months ago taken a new van on hire purchase but only last week I was under cut on my biggest contract and I have lost a considerable amount of income.
I am worried I won't be able to keep up with the repayments £345 per month and I would like to know what I would be required to pay to do a VT?

would I have to pay 50% of the hire purchase cost still? The van is through VW.

It it really came out of the blue losing the job we have been doing for 4 years to a new starter company and now I have to really tighten the purse strings and a brand new van the last thing I can afford to keep paying now.

All advice gratefully welcomed

kind regards

Henry

[xgsjx]

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

And of course here would have been some marks on the car when you got it if it was a couple of years old, you cannot be held responsible for them

That's a good & valid point. I've put that in the letter along with details of the inspection report carried out on the day & also of the video evidence.

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

Cheers guys.

The car is 5 years old (09 plate). It was 2 years old when I got it. 3 weeks prior to the guy coming to collect it, I said that there was some light scratches on the bumper & wing mirror that I was going to see if could polish out & he said that I wouldn't need to unless the paint was broken, which it wasn't, so I left it.
He marked them as light scratches on the report & other than the light mark on the rear bumper & wing mirror, you can't see them on the video (even when played back on the TV).

I think I'll send him a letter to this effect, letting him know that the report said that it was light scratches & that I have video evidence of this.

And of course here would have been some marks on the car when you got it if it was a couple of years old, you cannot be held responsible for them

[xgsjx]

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

Cheers guys.

The car is 5 years old (09 plate). It was 2 years old when I got it. 3 weeks prior to the guy coming to collect it, I said that there was some light scratches on the bumper & wing mirror that I was going to see if could polish out & he said that I wouldn't need to unless the paint was broken, which it wasn't, so I left it.
He marked them as light scratches on the report & other than the light mark on the rear bumper & wing mirror, you can't see them on the video (even when played back on the TV).

I think I'll send him a letter to this effect, letting him know that the report said that it was light scratches & that I have video evidence of this.

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

As Wombats says surface scratches are usually to be expected on vehicles over a year or so old, i have VTd several cars myself and seen many others over the years and almost without exception the creditor sends on of these letters, you would be surprised how many people just pay up, I would tell them that it is fair wear and tear, tell them that you have photographic proof of the actual condition of the car and see what happens.

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

Not if things are as you describe them. The Act states along the lines of reasonable wear and tear which pretty much covers what you describe. How old is the vehicle? If only 3 weeks old they may have a case, if 6 years old less so. It comes down to the fair wear and tear which is always a sticking point and something which has to be agreed between the two parties. Personally, if things are as you describe them and the vehicle is used, then I wouldn't pay them one penny.

[xgsjx]

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

I found this forum after getting a nice letter from Wayne at RMS receivables asking for over £1k for damage. What an excellent thread.

I did a VT with Citroen Finance (which was easy enough) & a chap came and inspected it & collected on the 27th of June.
The Vehicle Inspection Report that I signed says there was 6 light scratches to the bodywork, none which had broken the paint. It was a clear sunny day & the vehicle had been washed so he could check it properly.

I got a letter on Monday saying there are 7 scratches & also scratch damage to 2 wheels.
I phoned & got Wayne who said if I paid it there & then, he'd knock the cost of the wheels off & I'd only have to pay £740, if not then I'd need to pay him £1068. Which he said I could spread over 3 instalments. He was claiming that there was a lot of damage to the car & that the scratches were down to the metal.

I took a walkaround video of the car on my phone just before the chap came to collect it & it shows no damage on the car as they describe or show in their supplied photos. 5 of these scratches apparently would cost £620 to fix!

The car was sold in auction yesterday & there was no repairs done to the vehicle.

Do they have a case?

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

Replied on original thread:

http://www.legalbeagles.info/forums/...tatic-Caravans

[FluffySheep]

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

Whilst I'm aware that this sub-forum is focused on car finance, it was this thread that highlights what S99 offered. But my question(s) refer to a static caravan...

http://www.legalbeagles.info/forums/...tatic-Caravans

I don't want to derail the sound advice being provided but a small bump feels in order, given that the sub-forum I used is a lot less active. MTIA

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

You could ignore or send.


Dear sir Thank you for you letter dated.

I must remind you that the agreement mentioned was voluntarily terminated, and under the statute there were no further sums due.

I must warn you that demanding payments of moneys not due is contrary to OFT guidelines and may constitute an offense, and any further harassment will result you being reported to the relevant authorities.

[Furryhobnob]

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

My partner received something from rms again, are they still trying it on? And should I tell her her to ignore it?

End of Contract Charges



We write in connection with the above agreement and our clients claim for Damage and Excess Mileage relating to vehicle registration BK11YRC, and note that despite repeated requests for payment the sum of £1,498.57 still remains outstanding.



In order to reach an early commercial settlement our client Peugeot Financial Services agree to negotiate and settle the debt under the following terms.



Peugeot Financial Services and you agree that the current outstanding sum is £1,498.57.



Our client Peugeot Financial Services agrees to accept less than the full amount of the debt, provided that you make payment on or before 30/06/2014. Peugeot Financial Services agreed to accept the sum of £750.00, in Full and Final settlement of this Claim.



Failure to comply with this request will result in our client immediately demanding the payment of the original amount and reserve the right to issue legal proceedings against you for that amount should payment not be forthcoming.



We therefore politely request that you call our office on 0113 2014440 to make payment by debit or credit card. Alternatively please pay into the following bank account on or before the date specified above.



RMS Receivables:

Sort Code: 20-11-81

Account Number: 13500314

(Our reference must be quoted with all payments)



We look forward to receiving your payment within the next few days. Please note that all further communications in respect of this matter should be addressed to us and quote the above reference.



Yours faithfully

RMS SIGNATURE

RMS Receivables

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

Thanks, spoke with them today and they were very understanding on my circumstances, have to call back to see what they can do to help.
My biggest worry is my car agreement which is now in the hands of a recovery company who want me to pay off all the arrears and the rest of my agreement in a 6 month period, which would mean monthly payments of over £500 ( in place of the normal £200).
Do I have any bargaining rights with them to arrange something which is feasable, they don't come across to me as being very sympathetic in carrying out their business , once again many thanks for the help in here .

Sure, it depends on what you want to do with the vehicle rely. If the take it back under a voluntary surrender, they will auction it and knock it off the total balance, they should also give early settlement discount if the term of the agreement has not expired, then chase you for the rest. You can then offer them a repayment plan based on an income and expenditure breakdown, if they do not accept it you can offer the same thing to the court, odds are that they will and the creditor will know this.

Otherwise if they pursue you through he court you could apply for a time order, which is a formal request for the court to instruct the creditor to give you more time to pay, perhaps if you mentioned that you were exploring this option it may make them more amenable.