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

Indeed - we all get the info from somewhere lol. Sure you work for a union and not Tesco?

[miliitant]

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



every little helps

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

Not 100%, but i'm fairly sure they can't enforce this, and the car just has to be in reasonable condition for it's age. Finance companies tend to add their own terms but I doubt they can enforce it.

TELL THEM YOU ARE GETTING YOUR ADVICE FROM A GOOD FRIEND WHO IS EMPLOYED BY A NATIONAL TRADE UNION AS A LEGAL AND MEDICAL SECRETARY

Taken From the National Debt Helpline: (post 4)
http://www.consumeractiongroup.co.uk...-Few-questions

Just so it is attributed correctly to National Debt Helpline - avoids potential problems.

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

I assumed you'd already VT'd it in writing. If you have, there is nothing they can do. They cannot refuse it. No need to tell them anything.

I dealt with one like this a few weeks back. We ended up taking the car back to the garage, handing the keys in and getting a signed receipt for them. We sent the log book off which annoyed the garage, but not much they could do - it made them the registered keeper whether they liked it or not. That might be worth bearing in mind.

Don't get into legal discussions would be my advice. They are trying it on and hoping you'll swallow it.

[miliitant]

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

Not 100%, but i'm fairly sure they can't enforce this, and the car just has to be in reasonable condition for it's age. Finance companies tend to add their own terms but I doubt they can enforce it.

are their any terms on the credit agreement that states the vehicle has to be maintained by a regular service history to terminate the agreement

they cannot make you agree new terms and deny you your rights under the consumer credit act 1974


You have the right to terminate and end your agreement under Section 99 of the Consumer Credit Act 1974 at any time before your last instalment is due, although you will have lost the right to terminate your agreement if the creditor has already terminated it or if the full balance of the agreement has become payable.

If you decide to terminate your agreement voluntarily and hand back the goods to the creditor, you should only have to pay up to half of the total amount payable under the agreement, minus sums that you have paid and sums that are due. Sums that you have paid include any deposit plus the instalments that you have paid: sums due are any arrears/missed payments due at the time of termination.

The one half or 50% figure is stated on the agreement in the box headed "Termination: Your Rights".

You will then also owe any arrears (missed payments) plus damages if you have failed to take reasonable care of the goods (over and above normal wear and tear). The creditor might argue that there will be an extra charge for damage or unusual wear and tear. It is important to look at any charges to see if they are reasonable.

It is very important that you tell your creditor in writing that you are terminating and ending your agreement. If you do not terminate in writing the creditor will not treat it as a voluntary termination and you will not be able to benefit from the 50% limit on your liability. Keep a copy of the letter of termination in case you need proof of this later. which you may want to adapt and to send to your creditor when terminating your agreement.

Warning: You may have a default notice sent to you by the creditor because you are behind with the payments on your agreement. Once the time has run out on the default notice this may mean you will have lost the right to end the agreement voluntarily and return the goods yourself. It depends upon your agreement. Your creditor may have called in or "terminated" the agreement when the default notice runs out. Some agreements say another notice to terminate the agreement has to be sent to you after the default notice has run out. Phone us for advice.

Warning: You do not need to have paid the "50%" to be able to terminate your agreement although some creditors say you do. All that is necessary is for you to give notice to the creditor in writing that you are terminating the agreement.

Also, where an Hire Purchase agreement contains a separate subsidiary agreement for insurance products (e.g. for payment protection insurance and/or a guarantee or warranty), it is not necessary to pay off this agreement before terminating the Hire Purchase agreement.

However, terminating/ending your Hire Purchase agreement does not terminate a subsidiary insurance agreement. You will remain liable to pay it.

Some creditors try to charge you for collecting the goods after the agreement has been terminated. It appears that this is not allowed under the Consumer Credit Act. If asked to pay an additional charge, you can complain to your Trading Standards Department or phone us for advice. Your agreement may say that you have to return the goods to your original supplier or somewhere similar. You should not be asked to return the goods further away than is reasonable on the grounds of cost and distance.


TELL THEM YOU ARE GETTING YOUR ADVICE FROM A GOOD FRIEND WHO IS EMPLOYED BY A NATIONAL TRADE UNION AS A LEGAL AND MEDICAL SECRETARY

[bazzler]

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

Oh. My. God. I'm fuming.... will explain later, but their disposal team are unwilling to allow the VT as I do not have a service history on the car due to there not being a service manual when I purchased it

Also, she wanted me to verbally say on a recorded call that I had read and agreed with the new T & C's they have sent out. GRRRRRRRRRRR

She is speaking to a manager about it tomorrow, kept asking who I was getting my advice from and felt like a fool because I couldn't just say some guys on a forum

Never been so angry on a phonecall. She would not move past the fact I would not confirm on the call I had read and was happy with everything on the documents they'd sent.

[bazzler]

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

Bazzler,

Trust ME here, I have overseen the best part of 50 or 60 VT's now and none have gone wrong. Do not sign anything at all other than a condition report on the vehicle which you MUST get a copy of. You can cancel the Direct Debit now, you have no need to wait at all. The agreement is ended.

Remember to photograph the vehicle at the auction house with a copy of that days paper in every photo so they cannot question the condition or the date - photos of both interior and exterior.

Get them to do the condition report, but refuse to sign it if you disagree with even the slightest thing on it. Write that you disagree with the specified points and have photographic evidence, and date this. Get a copy.

Then walk away - all done and dusted. I know this is asking a bit of a leap of faith, but I've done loads of these through my own consumer charity for people.

Excellent and most appreciated advice from everyone... I will update after my next call to get a drop off date sorted

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

Bazzler,

Trust ME here, I have overseen the best part of 50 or 60 VT's now and none have gone wrong. Do not sign anything at all other than a condition report on the vehicle which you MUST get a copy of. You can cancel the Direct Debit now, you have no need to wait at all. The agreement is ended.

Remember to photograph the vehicle at the auction house with a copy of that days paper in every photo so they cannot question the condition or the date - photos of both interior and exterior.

Get them to do the condition report, but refuse to sign it if you disagree with even the slightest thing on it. Write that you disagree with the specified points and have photographic evidence, and date this. Get a copy.

Then walk away - all done and dusted. I know this is asking a bit of a leap of faith, but I've done loads of these through my own consumer charity for people.

[miliitant]

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

if they start playing hard ball, then i will hit them wiith the required legislation

[bazzler]

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

Will do, thanks mate

[miliitant]

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

just phone up the finance company and ask when is the best time to take it to the auction house so they will be expecting you to do a vehicle condition report

dont mention about the added paperwork as it is irrelevant to your request to vt

when they have taken delivery of the vehicle, then you cancel the direct debit

keep me updated when you speak to the finance company

[bazzler]

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

when you purchase a second hand car, it is without doubt been purchased from an auction, that is why no service book etc

your only duty is to hand the car back to the finance company or take it to an auction house as directed.

they may send a bill for excessive damage, say the front wing has been caved it but the condition of the vehicle goes on its age

so a five year old car would expect to have stone chips, a few nicks

that is why i said get the vehicle condition report from the auction house and take losts of photographs at the auction house for evidence if needed

Thanks for all your advice!

The car has been extremely well looked after by myself and have only done 6,000 miles in 2.5 years! bringing the mileage up to 23,000 in total for an 07 reg car. There are a few slight, and I mean slight marks on the car/alloys as you'd expect, but no bodywork damage at all.

I presume now I just ring them back up, say I'm not going to sign the additional paperwork and ask to organise a time to take the car for inspection and dropoff...then cancel DD?

[miliitant]

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

when you purchase a second hand car, it is without doubt been purchased from an auction, that is why no service book etc

your only duty is to hand the car back to the finance company or take it to an auction house as directed.

they may send a bill for excessive damage, say the front wing has been caved it but the condition of the vehicle goes on its age

so a five year old car would expect to have stone chips, a few nicks

that is why i said get the vehicle condition report from the auction house and take losts of photographs at the auction house for evidence if needed

[bazzler]

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

The car did not come with a service book/log book when I bought it from the dealership. I presume this should not matter when I hand the car back as they were quite willing to lend the money on a car without one?

[miliitant]

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

what they are saying is crap

sign nothing as you will be signing away your rights under the consumer credit act

they have told you to take it to the auction house

take that letter with you and drop it off at the auction house and get the vehicle condition report

if they keep this up i would be charging them storage charges