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

[Ashley500]

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

Hi guys,

Just a little update from my previous post. BCA came out to inspect my car this morning - said it was pristine and no extra charges so I signed the inspection report and another guy from BCA has just been to collect the car. Sad to see it go but glad to be rid of the finciancial commitment!

Seems far too easy and too good to be true (compared to some of the horror stories I've read on here) but *touch wood* my VT has gone smoothly.

Thanks to this forum for your help x

[City1]

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

Hi, Newbie here!

I am looking to terminate my agreement with car finance company, I can't find my original agreement at present. But I do know we are 30 months(ish) into a 48 months agreement. I have sent an email this morning to Close Brothers using template from this site. Because our financial situation has changed from bad to worse (temporarily), we missed last months payment and this months payment is due now.

We can't afford to make these payments. Where do I stand I read somewhere that it is difficult to do with a default (oh I missed a payment about 3 months ago) and I have just unearthed a Notice of Default Sum dated in June.

Any advice welcome.

[R0b]

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

Hello,

If you made the payment in June within the 14 days which is usually required then no further action is taken. You can't however Vt the agreement if Close Brothers have already terminated the agreement by writing to you to that effect. If you haven't received anything like that then you should be fine.

[City1]

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

Hello,

If you made the payment in June within the 14 days which is usually required then no further action is taken. You can't however Vt the agreement if Close Brothers have already terminated the agreement by writing to you to that effect. If you haven't received anything like that then you should be fine.

Thanks for the prompt reply, I haven't received anything. We paid, June (late), July and August, missed last month and the payment that is due now (as mentioned previously).

Cheers

[R0b]

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

In that case it does not sound as if they have terminated the agreement, or sent a Default Notice which is required before they can terminate. Therefore I suggest you keep a copy of the email you sent to them in case there is a dispute about whether the agreement has been terminated by them or by you.

You need to start a paper trail on this so I would suggest that you follow this up in the next 7 days asking when they will come to collect the car.

[City1]

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

[QUOTE=R0b;682685]In that case it does not sound as if they have terminated the agreement, or sent a Default Notice which is required before they can terminate. Therefore I suggest you keep a copy of the email you sent to them in case there is a dispute about whether the agreement has been terminated by them or by you.

You need to start a paper trail on this so I would suggest that you follow this up in the next 7 days asking when they will come to collect the car.[/QUOT

Hi,

Is 'Notice of default sums', different to a Default Notice'?

Cheers

[R0b]

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

I believe so, [MENTION=55034]nemesis45[/MENTION] can correct me if I am wrong but you may be sent a 'Notice of Sums in Arrears' which is effectively a polite letter to say you need to pay up within X days whereas a 'Default Notice' is a letter which must be sent to you before Close Brothers can actually terminate the agreement and recover any outstanding monies under the agreement. It is a similar format but also contains a set format of prescribed information that must be included for it to be a valid Default Notice.

[nemesis45]

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

I believe so, @nemesis45 can correct me if I am wrong but you may be sent a 'Notice of Sums in Arrears' which is effectively a polite letter to say you need to pay up within X days whereas a 'Default Notice' is a letter which must be sent to you before Close Brothers can actually terminate the agreement and recover any outstanding monies under the agreement. It is a similar format but also contains a set format of prescribed information that must be included for it to be a valid Default Notice.

[MENTION=71570]R0b[/MENTION] Spot on the Notice of Sums In Arrears is " A Fair Warning Of a Potential Default " ( not my words but a from a relative who deals with loans for a major bank)

nem

[City1]

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

[MENTION=71570]R0b[/MENTION] Spot on the Notice of Sums In Arrears is " A Fair Warning Of a Potential Default " ( not my words but a from a relative who deals with loans for a major bank)

nem

So to confirm "Notice of Default Sums" is different to a "Default Notice"?

[nemesis45]

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

So to confirm "Notice of Default Sums" is different to a "Default Notice"?

Yes a default notice requires specific action from the debtor i.e. to return the account into " normal " state within a specified time, a default sum is that amount that caused the default.

(if that makes sense?)

nem

- - - Updated - - -

So to confirm "Notice of Default Sums" is different to a "Default Notice"?

Yes a default notice requires specific action from the debtor i.e. to return the account into " normal " state within a specified time, a default sum is that amount that caused the default.

(if that makes sense?)

nem

[City1]

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

Morning, I have just received email from them, this doesn't relate to VT request.

Should I resend the email that I sent yesterday to the person I just received email from?

Or should I wait for a reply to the email that I sent yesterday?

Cheers

[R0b]

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

Does the email refer to your email at all or acknowledge receipt of it? What does their email response relate to?

I would simply refer them back to your email regarding VT and attach a copy of the email or forward your VT email onto them. There's no requirement for them to acknowledge receipt before the agreement is terminated but simply to give notice to them.

You should point out that the agreement is now terminated and you require them to collect the vehicle within the stated time.

[City1]

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

Does the email refer to your email at all or acknowledge receipt of it? What does their email response relate to?

I would simply refer them back to your email regarding VT and attach a copy of the email or forward your VT email onto them. There's no requirement for them to acknowledge receipt before the agreement is terminated but simply to give notice to them.

You should point out that the agreement is now terminated and you require them to collect the vehicle within the stated time.

It is only for me to contact them, I believe chasing payment, it is similar to others that I have received.

[nemesis45]

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

[QUOTE=City1;682973]Morning, I have just received email from them, this doesn't relate to VT request.

Should I resend the email that I sent yesterday to the person I just received email from?

Or should I wait for a reply to the email that I sent yesterday?

What's in the e-mail??

nem

- - - Updated - - -

[QUOTE=City1;682973]Morning, I have just received email from them, this doesn't relate to VT request.

Should I resend the email that I sent yesterday to the person I just received email from?

Or should I wait for a reply to the email that I sent yesterday?

What's in the e-mail??

nem

[Breadon]

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

Hi all, Where are the draft letters?