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

[PaulT87]

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

I've just got the new code to input into my car they basically install a little box in your car and ensure you keep up with.your payments or the car gets disabled but still got nothing back regarding the vt

[BeanCounterBert]

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

R0b,

Back for just a quick question:

VT is in progress a little early. Decided to have it done for the end of the month.

Had a letter from MotoNovo today acknowledging my notice and saying an inspection will be carried out by a third party, 'Anglia UK', in line with BVRLA terms. I notice your comp guide states BVRLA is mainly rental and commercial based. Reading their guidelines it says it does regulate commercial *and consumer* lenders but states nothing about consumer agreements. Nor does it mention hire purchase; only 'lease' and 'rental'.

Besides that, neither MotoNovo or Anglia UK are members of the BVRLA, so surely cannot enforce their guidelines?

Would just like a quick clarification please as I'd like to go back to them.

Must say though, all in all it seems a pretty placid acknowledgement letter if I'm honest. Told me what I owe and that the final liability won't be due until the car is sold (+ any damage repair but we'll see) and backed up the points of the CCA. Nothing to sign and no badgering as yet. Pretty impressed, even if it does seem like a calm before a potential storm.

Hope to hear from you.

Cheers
BCB

[MichaelCarlin]

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

Hi, I'm looking for advice -
I'm in my 3rd year of a 4yr HP agreement.
Over the last 8 months I've spent around £2500 on fixing problems with my car. It's 10 years old now!
I'm now looking at terminating my contract as I can't keep up paying for the failing parts and the repayments

There are still a few issues with some bits of the car that are just proving to costly to fork out for.

Can anyone advise?

[Bubbahumpska]

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

Hey everyone
I am looking for some advise on excess mileage
I am over the halfway point, the agreement ends in August and I have the option of buying the car or handing it back but due to circumstances I am going to VT the agreement
The Mileage allowance is 6000 per annum which would be 18,000 and I will of done around 27,000 when I hand the car back which would incur an excess mileage fee but I have read that this can be avoided and they cannot actually back it up?
Does anyone have experience in writing off excess mileage charges?

[Darius921]

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

I have a lot of exterior scuffs a few dents and car has been keyed around so body work needs alot of work doing i have payed almost 50% of the finance agreement how do i go about giving it back wont they charge me stupid amount of money to get that all repaired? What should i do?

[R0b]

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

I have a lot of exterior scuffs a few dents and car has been keyed around so body work needs alot of work doing i have payed almost 50% of the finance agreement how do i go about giving it back wont they charge me stupid amount of money to get that all repaired? What should i do?

Hi Darius, that judgment call is for you to make. Is there any way you could do some of the repairs yourself or touch ups that will minimise the damage on the vehicle. It also depends on the vehicles age which needs to be taken into account in terms of damage. As for being keyed, I would imagine you would need to at least have that repaired to some extent or it is likely they may charge you an inflated rate for damages.

[JamesH]

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

Great information in this thread but I would just like some clarification before I send off any letters to my finance company.

I have paid over half on the HP agreement.
Never missed a payment.
The car requires an MOT in May as well as the insurance renewing.
I would like to use the letter template that asks the finance company to collect the car within 14 days.
The car is in reasonable condition and the mileage is average for its age.
I think I just need someone to say 'go for it'

[R0b]

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

Go for it

[JamesH]

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

Good man!

Thanks. Will keep you updated with my progress.

[JamesH]

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

I sent the letter off this morning.
When should I cancel my payments? I used the 14 days from the date of this letter template.
When they contact me should I then ask?

[R0b]

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

Well, in terms of when they receive it I would go by royal mail's delivery times. So 1st class is 1-2 working days, 2nd class 2-3 working days etc.

You are only required to notify them that you have terminated so as long as you have retained proof that you did it e.g. a proof of postage receipt then cancel your DD around the delivery times.

What are you asking when they contact you?

[JamesH]

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

Well I pay on the 1st of every month and if I VT officially today would there not be a small amount to pay?
I just don't want to get caught out.

[R0b]

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

Well I pay on the 1st of every month and if I VT officially today would there not be a small amount to pay?
I just don't want to get caught out.

What do you mean by small amount to pay? Do you mean pro rata? There could be possibly but that will amount at best to the number of days used after your previous payment. Equally, I don't think there is any provision stating that they are entitled to any further payments if VT'd halfway through the month, but that your liability is limited to one half of the amount. That to me indicates that whatever time you terminate, as long as you have paid half, then that is your liability.

[JamesH]

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

So the letter arrived with them today. Had a look around the car, usual things. Wheel scuffs. Small scratch on back end. Service vehicle soon light is on but it isn't due until next month (hence getting rid of the vehicle now)
Just sit and wait for their response I suppose.
Will keep you posted with how it all goes and no doubt use your knowledge again soon as I cannot imagine it will go as smoothly as I hope!
Thanks for all of the help.

[PaulT87]

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

Hi Rob I have eventually received an email back from my finance company they are refusing to budget and end the agreement stating it has to be at halfway before they will end the agreement where do I stand on this ?