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

[BIG VIV]

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

Thanks for the info.
I still don't know for sure if I should phone them up and tell them to pick the car up from my house or not??as we ended the phone call at a stalemate with them saying to sign all paperwork or they will charge me collection???
I think I will phone them up tomorrow and tell them the car is not my property after the 18th and they need to collect the car irrelevant if I've signed paperwork or not.I will take photos as advised and basically leave it to them.
Thanks for the help and i'll update info from them as I receive it
Thanks again

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

Hi everyone.
Can anyone help me with Lloyds bank please?
I sent off the template letter at the beginning of this thread and today had a reply off them.
I've paid well over half the loan but losing my job in about 2 weeks.
That's basically it. You've set a date where your contract will terminate. It terminates on that date. It is that simple if you have made the payment set out in your agreement.

They sent back to me :-
A letter basically saying that they have received my VT and that I am still liable for the full amount. You are not.
A payment arrangement schedule IMO, ignore this as long as all contractual payments have been made.
A note to send back the V5 I would have thought this should go to the auction house where you should get the relevant slip / give the relevant slip. You should then notify DVLA immediately.
A list of auction sites to return the car
A letter/form to sign that I agree to pay £75 to have the car collected,also lower down on the form it asks for condition of tyres/mileage/m.o.t/and address for collection.
I phoned up lloyds as Bristol was the nearest, and said that the list of auction houses was unreasonable as Bristol was about 80 miles each way.
First of all he said I must pay £75 if I wouldn't take the car to Bristol,to which I replied that I thought Bristol was too far and I am refusing to pay anything.
I then said I would take it to Neath/Swansea auction or would take it back to where I bought it(Bridgend).
He then said he would waiver the £75 if I signed ALL the pack sent to me. DON'T!!!!!!! That will only set you up for further expense down the line. They have to arrange a reasonable delivery point, or they collect it. If you're feeling kind, you don't charge them storage charges. Re the condition report, a VT allows for fair wear and tear. The odd scratch / stone chip / scuff on a wheel is to be expected. You would, of course, want to see invoices and proof of payment for any repairs they say they have carried out, as in reality it will go straight to the auction house (as per the drop off points).
I forgot to mention that I sent the VT dated 04/11/13 by recorded delivery.
It was signed for on the 06/11/13
I received a reply today 14/11/13.
Any help and guidance would be greatly appreciated as this is way out of my depth and comfort zone.
many thanks

Really there is nothing for you to do. Lloyds will tell you anything, and will try to extort the maximum possible amount of money from you. They don't like people doing VT's. Don't fall into their traps and don't take any rubbish. It is your legal right to end the contract and you are exercising that right. It is not for them to try to put special conditions on that right now.

Just to be absolutely sure - this is a standard HP agreement, not a Bill of Sale, or Hire Agreement. If a normal HP agreement as you've suggested, you take it back and walk away. Don't forget the condition photos with that days newspaper in them as proof of the date - get photos inside and out, especially of any damage - scratches, chips, scuffs etc...

[BIG VIV]

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

Oops,
Black Horse sorry
Thanks

[BIG VIV]

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

Yes it was a Lloyds hp agreement
Thanks

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

Possibly a stupid question, but I'm going to ask it anyway - this was Lloyds Car Finance and not a personal loan wasn't it?

[BIG VIV]

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

Hi everyone.
Can anyone help me with Lloyds bank please?
I sent off the template letter at the beginning of this thread and today had a reply off them.
I've paid well over half the loan but losing my job in about 2 weeks.
They sent back to me :-
A letter basically saying that they have received my VT and that I am still liable for the full amount.
A payment arrangement schedule
A note to send back the V5
A list of auction sites to return the car
A letter/form to sign that I agree to pay £75 to have the car collected,also lower down on the form it asks for condition of tyres/mileage/m.o.t/and address for collection.
I phoned up lloyds as Bristol was the nearest, and said that the list of auction houses was unreasonable as Bristol was about 80 miles each way.
First of all he said I must pay £75 if I wouldn't take the car to Bristol,to which I replied that I thought Bristol was too far and I am refusing to pay anything.
I then said I would take it to Neath/Swansea auction or would take it back to where I bought it(Bridgend).
He then said he would waiver the £75 if I signed ALL the pack sent to me.
I forgot to mention that I sent the VT dated 04/11/13 by recorded delivery.
It was signed for on the 06/11/13
I received a reply today 14/11/13.
Any help and guidance would be greatly appreciated as this is way out of my depth and comfort zone.
many thanks

[mrefc]

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

HI

You will probably dealing with the finance company, unless they and the dealer are one of the same.

You do not need to sign or agree to anything, your rights to terminate are unconditional. This is probably why they are offering you a " discount" for settling the bill for any work before they take the car back. You need to tell them that the agreement will be terminating one month after your last payment, you need documentary evidence of your notification of the correspondence and the dates.

Your documents will remain in your possession until the car goes to its new keeper, you can ring them and let them know that you have made your last contractual payment and that the car is awaiting collection or return, they cannot impose conditions on your termination.

If they feel that sums are due under section 100(4) of the act they can pursue them at some point in the future and you can argue the case then.

thanks andy. like i said i sent letter 4th nov giving them 14 days before contract terminates. had letter yesterday acknowledging the letter i sent and that manheim fleet services would be in touch. they didnt put a time span on it. I am due to pick my new car up on the 19th and dont want to have to have 2 cars taxed and insured at the same time

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

They also state a 20% discount if I pay the repair costs on the day? Surely I would want proof that the repairs if any were done?

this bit goes against what I've read on here.

you will be asked to sign the report at point of inspection giving your agreement to the inspection comments before proceeding

ive read that if not happy dont sign and it won't effect the vt

HI

You will probably dealing with the finance company, unless they and the dealer are one of the same.

You do not need to sign or agree to anything, your rights to terminate are unconditional. This is probably why they are offering you a " discount" for settling the bill for any work before they take the car back. You need to tell them that the agreement will be terminating one month after your last payment, you need documentary evidence of your notification of the correspondence and the dates.

Your documents will remain in your possession until the car goes to its new keeper, you can ring them and let them know that you have made your last contractual payment and that the car is awaiting collection or return, they cannot impose conditions on your termination.

If they feel that sums are due under section 100(4) of the act they can pursue them at some point in the future and you can argue the case then.

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

I've contacted Andy58, so if he's around, I'm sure he'll look in. I think I made my thoughts about the termination date clear in post 197, but would appreciate a second opinion on this. Andy is, IMO, the right person to give that opinion. :beagle:

[mrefc]

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

Yeah bought car through stoneacre. Still waiting to hear from vehicle inspectors. shall I wrote to finance co reminding them of the 19th date?

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

You keep saying v5 goes 5pm dealer. What dealer?

And does the 19th stay as end of agreement? how do I enforce it?

I am assuming you arranged the finance through a dealer / garage. That is who I am talking about.

Re the termination date, if you have proof of postage that you sent the letter, then the 19th remains. If you don't have proof of postage (or a signature for recorded delivery) then you need to resend and the date gets knocked back to the best of my understanding.

I'll pm Andy58 and ask him to look in as well.

[mrefc]

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

You keep saying v5 goes 5pm dealer. What dealer?

And does the 19th stay as end of agreement? how do I enforce it?

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

I put 14 days in the letter so 19th November. They didn't mention this in the letter I received.

When the car is assessed can I just walk away from it without signing anything? will they not try to stop me? What do I do with the v5 ?

The V5 goes to the dealer (I did once send it to DVLA when the garage were being really awkward - it didn't go down well). Yes, you can just wlak away, there is no agreement or contract in existence. However, that doesn't mean there never was, so if money was still owing, it could be pursued, if mileage was treble what had been agreed, it might be pursued etc.. In reality, once you show you know the contract is terminated, they tend to leave you alone. Sensible discussion about anything you know to be an issue would be appropriate though -eg- in the mileage example or if the engine had a major fault etc...

[mrefc]

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

Just say I have a huge dent (I dont) and don't want to sign for it, how would they pursue the supposed 'damages'

[mrefc]

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

I put 14 days in the letter so 19th November. They didn't mention this in the letter I received.

When the car is assessed can I just walk away from it without signing anything? will they not try to stop me? What do I do with the v5 ?