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

[Kellster]

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

Many thanks R0b and Hari, sending the dispute letter away today. You guys are so helpful

[PaulT87]

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

Hi Rob another quick question to where I stand I have been at loggerheads with the finance company for 4 months now the email that was forwarded to the management she has being trying to ring me although I have stated on numerous occasions that I wish to talk via email or post so there's a paper trail but she's refusing stating I must ring her it's like they have completely ignored my vt as she keeps on saying I must ring about my agreement asap I sent an email last week stating I had not long got out of hospital with serious pneumonia which I ended up in intensive care with so could only deal by email she rang straight away leaving a voice mail saying I had to ring her totally again disregarding what I had asked for

[R0b]

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

Hi Paul, you could talk over the phone if you wish, if your uncertain of what might be said if you have a smartphone you could download a call recording app and then email them saying that you are happy to discuss over the telephone and the call will be recorded.

Alternatively you could respond by email and question why they are not prepared to correspond in writing which you feel is completely unreasonable and if they refuse to do so then clearly they must be wanting to say something that is not above board if they will only discuss by phone. At that point you could also say the above about call being recorded if they want to talk by phone.

You could also say you will raise a complaint to the Ombudsman if they do not respond in writing within the next 7 days.

Plenty of options available they just sound a bit dodgy if they're not willing to put in writing and rather discuss by phone.

[PaulT87]

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

I have tried threatening with the ombudsman in my last email saying they had 14 days and was going to start charging them for storage and the fact the cars discs and pads are starting to rust with it not moving for 4 months which I also stated I wasn't going to be held liable for the damage to the car that's being caused cause they won't pick it up and are just refusing to reply by email and I feel they are gonna try and pressure me on the phone so that's why I want proof in writing

[R0b]

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

I guess your other option then is to take the call see what they say and follow up with a email of what was said. If it's been 4 months then you can go to the ombudsman and I would also threaten to cancel the insurance and tax and inform the DVLA of the change of registered keeper.
I think 4 months is more than long enough to collect the car and their unreasonable conduct of not responding in writing would be shown. They could have confirmed everything in writing a long time ago. Who is the lender again?

[Bumblebees]

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

Hi, was directed to this site and have spent all weekend reading up on it, thank you for the invaluable advise.
Was wondering if it were OK to ask a couple of questions to clarify a few things in mind and give me the confidence to go ahead with a vt....
A little bit of back ground info, we have a car on a hire purchase agreement and as of yet are not half way through. Agreement was taken out in August 2014.My husbands hours have been cut to part time and were expecting another baby and the payments are too high for us to afford.
The total finance including interest etc was £8215.20
As of this month we have paid off £3012.24..... A shortfall of £1095.36 to get us to the 50% mark of £4107.60.
Questions are as follows:
1) We can vt before 50% has been paid due to act 99 of the consumer credit act 1974?

2) in the letter to finance company it advices to state we will be liable for charges, using the amount calculated under formula in section 100 of the consumer credit act 1974. Would this amount be the £1095.36 to get us to the 50% mark. If that is the amount are we liable to owe this in one lump sum or can it be treated as a debt and we come to an agreement to pay the finance company off in smaller manageable amounts?

3) our next payment is due July 5th, if I send the letter to VT this week via recorded next day delivery can I cancel the direct debit as I will of served notice of the termination and therefore not have to make the payment?

Thank you you in advance for any advice I receive on the above.

[Bumblebees]

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

Hi, was directed to this site and have spent all weekend reading up on it, thank you for the invaluable advise.
Was wondering if it were OK to ask a couple of questions to clarify a few things in mind and give me the confidence to go ahead with a vt....
A little bit of back ground info, we have a car on a hire purchase agreement and as of yet are not half way through. Agreement was taken out in August 2014.My husbands hours have been cut to part time and were expecting another baby and the payments are too high for us to afford.
The total finance including interest etc was £8215.20
As of this month we have paid off £3012.24..... A shortfall of £1095.36 to get us to the 50% mark of £4107.60.
Questions are as follows:
1) We can vt before 50% has been paid due to act 99 of the consumer credit act 1974?

2) in the letter to finance company it advices to state we will be liable for charges, using the amount calculated under formula in section 100 of the consumer credit act 1974. Would this amount be the £1095.36 to get us to the 50% mark. If that is the amount are we liable to owe this in one lump sum or can it be treated as a debt and we come to an agreement to pay the finance company off in smaller manageable amounts?

3) our next payment is due July 5th, if I send the letter to VT this week via recorded next day delivery can I cancel the direct debit as I will of served notice of the termination and therefore not have to make the payment?

Thank you you in advance for any advice I receive on the above.

[R0b]

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

S.99 states you can terminate at anytime before your final payment, there's no caveat to that, but expect the lender to say they won't accept your VT until you have paid up to the 50% mark which of course is not true.

Section 100 relates to damages for reasonable condition of the car and anything that has accrued. So this will be the remaining balance to make up the 50% plus any missed payments and any damage to the vehicle which is unreasonable. Reasonable condition of the car is subject so always advised to take plenty of of photos prior to handover and don't sign any documents from the agent if they ask.

if you are sending by recorded delivery wait until it has been received and then add an extra day to be on the safe side before cancelling your DD. Be prepared they will tell you that a missed payment might unit charges etc or you need to setup the DD.

Not sure who the lender is in your case but try to keep everything in writing and only discuss over the phone if you really have to, then send an email to summarise what was said in the call so there is a record. It's easier to argue something in writing thanks it was done verbally

If you can afford to pay it then pay it off as soon as possible, the result of doing his could land you with a CCJ which will be in your credit file for 6 years if you fail to pay up so you need to make sure this is the correct route for you

[PaulT87]

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

It's the car finance company horrible people great at selling but after sales etc are the worst I have ever come across its also strange the car isn't even recoded on my credit file so not sure what they do as I thought any credit u take it shows on your credit report etc

[Bumblebees]

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

Thanks for the advice,
we've just been told that if we voluntary terminate without having paid the 50% first we will then become liable for the full amount of credit and not just the 50% plus charges of excess mileage etc that they try to pile on us, is this incorrect and according to section 99/100 we are only liable for the 50% as you previously stated?

[Jcwarren]

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

Hi I'm after some advice on our vauxhall zafira. .......

We purchased it in Sept 2015 with help from first response finance

All seemed well and just a little over 30 days we experienced the oil light and engine management lights keep going on and off. Weve attempted to take it back but the co tact numbers we were given are out of order and he doesnt use social media, but typically the lights would be iff on the days we could take to him. It passed its mot abd asked them to look at it but again all was fine and no lights showinf. We regularly check oil levels and top up when needed. During second time we had to attend our recall visits I asked vauxhall themselves what could be the problem and they wanted me to pay £150 just for a diagnostics test! £150 is a lot of money to our family and they stated they still wouldn't be able to definitely tell me what the problem was even with test.

However I am arguing with the finance company about vt'ing the car? The payments are manageable however I'm looking for a route to get rid of this hellish vehicle!

If I vt it now we still have nearly 3k to pay to get us to the 50% mark. However I'd like to argue that it's 'not fit for purpose'

(If there is another thread please direct me as I cannot find one 😣 )

So my questions are as we've only had it since September where do we stand, do I take it back to the dealer and ask him to correct it ----- although this too may be difficult! He had the garage as shirley car sales, some paperwork is in a different name (parkway cars ) but owned by both brothers! He's changed the name of scc and I'm unsure if I should go to either - considering there technically the same company! He scribbled the mileage down in purple colouring pencil onto the official receipt as he had it written down as 54k when it was in fact 78k ! The mot certificate looks photocopied so is there a way of obtaining the original ? I don't mind a little investigation work ha ha ha
Or do I continue arguing with the finance company about it a)being fit for purpose or b) get them to exchange vehicle

Many thanks

[R0b]

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

Hi I'm after some advice on our vauxhall zafira. .......

We purchased it in Sept 2015 with help from first response finance

All seemed well and just a little over 30 days we experienced the oil light and engine management lights keep going on and off. Weve attempted to take it back but the co tact numbers we were given are out of order and he doesnt use social media, but typically the lights would be iff on the days we could take to him. It passed its mot abd asked them to look at it but again all was fine and no lights showinf. We regularly check oil levels and top up when needed. During second time we had to attend our recall visits I asked vauxhall themselves what could be the problem and they wanted me to pay £150 just for a diagnostics test! £150 is a lot of money to our family and they stated they still wouldn't be able to definitely tell me what the problem was even with test.

However I am arguing with the finance company about vt'ing the car? The payments are manageable however I'm looking for a route to get rid of this hellish vehicle!

If I vt it now we still have nearly 3k to pay to get us to the 50% mark. However I'd like to argue that it's 'not fit for purpose'

(If there is another thread please direct me as I cannot find one  )

So my questions are as we've only had it since September where do we stand, do I take it back to the dealer and ask him to correct it ----- although this too may be difficult! He had the garage as shirley car sales, some paperwork is in a different name (parkway cars ) but owned by both brothers! He's changed the name of scc and I'm unsure if I should go to either - considering there technically the same company! He scribbled the mileage down in purple colouring pencil onto the official receipt as he had it written down as 54k when it was in fact 78k ! The mot certificate looks photocopied so is there a way of obtaining the original ? I don't mind a little investigation work ha ha ha
Or do I continue arguing with the finance company about it a)being fit for purpose or b) get them to exchange vehicle

Many thanks

As you will see on alot of these threads, you can VT the agreement at any time prior to the final payment becoming due. You will still have to pay the remaining balance up to the 50% mark and if you don't do so within a reaosnable time, which is usually considered 14/21 days maybe longer then the lender will have a right to take you to court over it.

That aside, how long have you actually been complaining about this problem since you received the car?
Is the name of the business a limited company or just a partnership or sole trader?

You may have a claim for misrepresentation regarding the mileage of the car because that will obviously affect whether or not you need things being replaced or repaired sooner than later. There could be counter arguments to that such as you were driving you would have known the mileage and unless you relied on the mileage being 48k then you couldn't really claim on that point.

So you do have a couple of lines of argument it depends on how much you are going to enforce this, your alternative option could be to go to the Financial Ombudsman for a decision which may or may not favour you as they do look at what's fair and reasonable but don't always look and interpret the law so strictly.

[Vjparry]

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

You will be aware that statute prevents you from levying a charge for the recovery of this vehicle.

Hi could you tell me what statue would prevent them from charging me as they stating there is a £70 collection fee.

Thanks

[R0b]

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

Section 100 in relation to the 50% liability and section 173 is the other one you need. You read them together to understand it fully.

[Vjparry]

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

I have read that and it doesn't seem to be going into my head! (I'm blonde) 😁. I don't mind paying the £70 however I have read elsewhere they can't charge you for collection of the vehicle and they are insisting they can not go through with it unless I pay it! Thanks