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 won't sign it I will hand the logbook and keys over and that's it the 3rd party company that phoned last week asked about the car how many keys did it have how long mot was left on it did it run fine etc sounds to me it's going straight to an action house

[R0b]

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

More than likely yes, but they might add charges for certain things like there are not 2 sets of keys, service manual not updated, no spare wheel etc.

Just wait it out and see, if you have the photos and you think the car is in a reasonable condition then I think you should be fine. I would advise not to hand over the V5C, you should hold onto that and get the agent to sign and date it as it is your responsibility to notify the DVLA that the registered keeper has changed.

The fastest way to do this is online https://www.gov.uk/sold-bought-vehicle or you can post it to them. If you do post it make sure to get proof of postage e.g. a receipt from the post office as some people get caught out and end up getting charges for failing to notify the DVLA.

In case the agent takes it and refuses to hand it over after signing take a photo of the V5C beforehand so you can notify the DVLA anyway.

[PaulT87]

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

Thanks for the help rob will do that later when he comes in an hour 4 months down the line and it's eventually resolved I hope

[shelleywoods]

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

I am thinking of VT of my landrover but it has damage to the passenger back wing which i have had a quote from landrover a few months back of £3800.00-extortionate amount i thought as its not that bad. I have paid over half of the finance agreement, and have never defaulted on any payments. If they try and charge this amount, can i then pay this by instalments?

[R0b]

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

Hi Shelley

Have you tried obtaining quotes other than Landrover? The car only need be returned in a reasonable condition, not excellent or top notch so if there is a cheaper quote available it might be worth doing that. How much they will charge for the damage may be more or less than what you have been quoted for. Obviously the repair should be done to a decent standard and not a botched job.

You can offer to pay them in instalments but it is up to them whether they choose to accept it. If they refuse, then they are within their rights to take you to court resulting in a CCJ against you. If you offer a reasonable amount per month in accordance with what you can afford to pay, then I cannot see any reason why they wouldn't accept it. Should they continue to refuse you could make a complaint to the Ombudsman and see if they can decide whether what you are offering is fair and reasonable - which you may need to include a income/expenditure list to them.

If the Ombudsman agrees with you or suggests a monthly amount and you are happy with it, then you can accept and it will be legally binding on both parties which would prevent the finance company from bringing a claim to court and avoid a CCJ.

[shelleywoods]

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

Thanks Rob, i'll shop around. Other than the damage on the side, the car is in great condition with only 7000.00 miles on the clock for a 2 year old car!

[Jonno617]

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

Hi guys,

Have read this thread with interest. I am setting the wheels in motion to VT my Clio with RCI finance. Has anyone done this before with RCI? I have lost the spare key card and have been quoted £210 by local dealer for replacement will RCI Bill me if I don't get it replaced?

Many thanks in advance

[R0b]

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

Hi guys,

Have read this thread with interest. I am setting the wheels in motion to VT my Clio with RCI finance. Has anyone done this before with RCI? I have lost the spare key card and have been quoted £210 by local dealer for replacement will RCI Bill me if I don't get it replaced?

Many thanks in advance

They can only claim damages for the condition of the vehicle so if you still have a set of keys I wouldn't worry about it.

[Jonno617]

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

They can only claim damages for the condition of the vehicle so if you still have a set of keys I wouldn't worry about it.

Thanks R0b,

i posted the below in in another thread about RCI finance and I am very worried I may have messed up and left myself open to charges.

i have started the same process with RCI. The same paperwork above was sent to me via e-mail and I was told over the phone I needed to sign it and e-mail it back which I did because I thought it was part of the process. Now I realise they will charge me for collection etc. Is there no way out of the charges now I've signed it?

I really worried they will sting me for collection charges. But the guy on the phone made out I have to sign it or it won't be terminated.

[R0b]

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

I have replied to that thread, best to keep your queries in one thread so I don't miss anything you ask.

http://www.legalbeagles.info/forums/...085#post662085

[Gordon T]

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

Hi

I have recently VT my car following your advice and used the letter at the start of the thread. The car was picked up by the auction house with a quick inspection carried out and no faults found to the car.

Today i received a letter from the finance company saying i owe them £2077. They have basically said because the sale of the vehicle was lower than the payments left i am due them this figure. I done everything correct i had paid more than 50% etc.
Do i have to pay this? They are stating i do under 86B of the consumer credit act.

Thanks in advance

[R0b]

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

Hi Gordon,

Who is the finance company? they shouldn't be issuing any sums in arrears or default notices as the agreement is now terminated. The purpose of voluntary termination is to limit your liability and if they are trying to claim further monies from you then that will be considered as fraud/deceit.

Have you evidence of them accepting your termination or at least acknowledging? Did you write to them saying you wanted to surrender the car or terminate under section 99?

[Gordon T]

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

Hi Rob,

It was Close Brothers Motor Finance.
Yes i followed the letter as described at the start of this, I only received a phone call of them trying to persuade me to sell the car privately but when i continued with i want to VT the car they agreed and confirmed they had received my letter. They didn't ask me to sign any documents etc etc. An yes i told them i was surrendering the car under section 99.
From reading the letter it basically says they got less at auction than to cover the cost of the finance so i am liable for this, however it doesn't say that in such just it has a value of the sale minus the amount left to pay then that amount is due from me.
It also says that this notice is being issued to you because you are behind with your payments under the above credit agreement. this is a serious matter and we urge you to call us to reach a mutually satisfactory arrangement.
If that was the case surely if they sold the car for more money they would be refund me the money which i know they wouldn't do this.

I'm unsure what to do next they have asked me to phone them if i want to talk about it however in my eyes i have done everything correct and i feel they are trying to pull a fast one to get more money out of me.

[R0b]

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

Gordon, they cannot claim for the remaining balance left on the contract. This is clearly against the provisions of the CCA and any attempt to do so could amount to fraud/deceit/aggressive trading practices.

Are you able to upload a copy of that letter? You can take a photo of it and by clicking on the advanced post button, there is a paperclip button you can upload from if you are using a computer. Make sure to redact any personal information

[Kevinh]

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

Hi, I have written a letter to the car finance company, using a template from yourself, for voluntary termination, I sent via registered post, I asked them to confirm they've received my letter, by giving my mobile number, which they have, offering me more time to pay, once I told them no thankyou, they asked if the vehicle was mot'd, which ran out on the 12/07/2016, they told me they won't take the vehicle back unless it has a full mot, must I now have the vehicle mot'd?