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

It sounds to me like you should have nothing to pay, if the car is in reasonable condition , you need to ensure the car is VT'd not VS or you will end up with a bill send this.

http://www.adviceguide.org.uk/englan..._agreement.htm

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

When you say settlement figure do you mean the 50% figure on Your agreement ? or the figure they have given you.
How much ave you paid altogether including any deposit/ part exchange ?

[TheBoomerang]

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

Im 32 months into a 60 month hp agreement, car is worth £2k, settlement fig is £3.5k. My payments go through on 1st of each month.

im taking delivery of my new car on 7th may so what I would like to do is VT the agreement towards the end of April, and cancel the DD for 1st may. This way I hope I may only be a few days without a car/with two cars. Is this something I can do?

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

Hi again Steve

Thinking about your post it is irregular to give a separate receipt for the deposit on a HP agreement, can I ask what was the purchase(cash price) of the car, and what was the total credit advance on the agreement.

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

There should be a total purchase price on the agreement, the deposit should be on there and be included within this figure.
Also your signature is necessary if it is to be a correctly executed agreement.

[stevejd]

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

Hi there,

Firstly, this is very helpful so thank you.

I just want to check my understanding of everything I have read on this thread and I am hoping someone can help! I have a vehicle on HP from Motonovo and I am considering do a VT due to the fact my earnings have dropped substantially recently (long story). However I am only 5 months in to a 4 year deal. I understand that I can VT at any point, however what I want to clarify is my liabilities after.


So, my "50% figure" is £5300, I have paid approximately £900 so far and I paid a £1500 deposit so £2400 in total, I am not in arrears or anything. So am I right in thinking then that (as vehicle is good condition) I would be liable to pay the remaining £2900? (roughly)

As a side issue, I notice that the £1500 deposit has not been put on my agreement, although I have a separate signed receipt from the garage confirming it was used against the vehicle in question does anyone have any thoughts on this?

Also that my copy of the agreement was never signed and witnessed (I appreciate the signing has little consequence).

Thanks all

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

Can anyone help me please? I cant afford my car and i want Voluntary Termination of a Hire purchase or conditional loan under the CCA 1974, i have been given my early agreement to sign!!!! I copied the letter from this forum and sent this requesting my car be collected. They are refusing to collect my car until i sign there paper work. I refuse to sign the paper work as i'm not being held liable for damage charges(there are no damage) Please help i don't know what to do?

Regards
Val

There is no requirement for you to sign any of their paperwork. Ensure that you emphasize that the agreement will be terminated on the date you chose and the the payment made will be the last due under the agreement. Ensure that all correspondence is copied and kept for future reference.

Having said all that, the signing if the letter does not entitle them to anything that is not due under the legislation nor can they clam anything they are not entitled to. The letter is of no legal value to them in this respect, so many will sign anyway knowing that it has no legal relevance and may speed up the process.

[Valzy]

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

Can anyone help me please? I cant afford my car and i want Voluntary Termination of a Hire purchase or conditional loan under the CCA 1974, i have been given my early agreement to sign!!!! I copied the letter from this forum and sent this requesting my car be collected. They are refusing to collect my car until i sign there paper work. I refuse to sign the paper work as i'm not being held liable for damage charges(there are no damage) Please help i don't know what to do?

Regards
Val

[katorik]

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

Hi Katorik

Your best bet for the Default is the ICO

would this be under their heading Complain about how your information is being handled

[ncf355]

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

Hi Katorik

Your best bet for the Default is the ICO

[katorik]

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

No, they should not have Defaulted your credit report

You are entitled to terminate the agreement without charge as you have completed in excess of 50% of payments, therefore the default is wholly invalid and inaccurate.

I would suggest writing to them stating you intend to contact the Information Commissioners Office to place a formal complaint about this.



As for the rest, write back quoting the terms of the consumer credit act relating to VT (as found in this thread and state that no payment will be forthcoming as the statute clearly states "reasonable condition" therefore no further sums are due.

State that if they continue to attempt to demand sums that are not due, you will file an official complainty with the OFT

I've lodged a complaint with the financial ombudsman now as Santander continue to maintain the stance that the mileage excess is a breach of the agreement and therefore outside of the Statutory rules - load of rubbish really!
I have also confirmed my position again in writing to Wescot (their Debt Collection Agency) who are chasing the debt. Wescot's words were that they were advised by their client 'if there is any damage above wear and tear or any excess miles, these are worked on a pro rata and you will be charged'.
I have requested that the default on my credit file be removed immediately but have had no response to this from Santander hence the lodging of the complaint with the Ombudsman.

[Mr Silva]

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

Debt management plan. It is a way of handling unsecured debt, through allocating a proportional amount of your disposable income to each creditor in lieu of full payment.

I dare say if you have to ask you don't need one.

In this instance I have a contingency, however the wifes car is another matter..............I may need one for that, not sure i can cover the shortfall on both! :tinysmile_aha_t:
Thanks again for all of your help Andy it is very much appreciated!

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

What's a DMP?

Debt management plan. It is a way of handling unsecured debt, through allocating a proportional amount of your disposable income to each creditor in lieu of full payment.

I dare say if you have to ask you don't need one.

[Mr Silva]

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

Yes although still a lot of money to find of course. If you have a DMP you can arrange to add this, however they will default your credit file unfortunately.

What's a DMP?

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

10.4% is exactly right!
Thanks so much for your time and effort, it's really appreciated. So, if I understand everything correctly, of the two ways of giving back the vehicle, the VS has the best chance of costing me less but is still a gamble as we don't know whether they'll bother to get the best price or just accept trade value (14k) for it (probably the latter) so I'll still need to pay off over 10k? As the motorhome company are offering to sell on my behalf and guarantee me 19.5k I think that's probably the very best option open to me as I only need to part with £5,500 to clear it.

Yes although still a lot of money to find of course. If you have a DMP you can arrange to add this, however they will default your credit file unfortunately.