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

[Bigley]

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

((I was also well under my milage - 4,000 a year and i only did 7.5k over 2years, 7 months))

[R0b]

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

Hi.

In September 14 I purchased a car on finance. April 17, bought a new car and called to have VT quote sent to me. I had paid 50% + and had to pay £100 for collection....

After delays (not bein booked in) finally got the quote and someone came out to inspect my car. It was agreed it was in a good state and the small scuff on back bumper was down to fair wear and tear, happy about this, ive signed, dad signed and the guy signed to confirm this.

now RMS receivables are huntig me down for around £180 even though they have sold the car on immediately. I have checked the car, it was taxed early June.

What rights do i have? I have not yet responded as i do not think this is fair to try charge me for this after messing me around (The dealership also messed me around) and having a full tank of fuel in the car upon collection!

Help, please!
i'm only 22 and would not want this affecting my credit score etc. For when i want to fly the nest and have a mortage.

Hi Bigley,

What exactly are they claiming the £180 to be - did you get a copy of the condition report carried out? RMS Receiveables are simply a debt collection agency they have no powers. I can't tell you how you should go about this but if you feel strongly about it then make a complaint to the lender with the necessary evidence as they have 8 weeks to give you a final decision. If they don't uphold your complaint then you can go to the Financial Ombudsman.

[Bigley]

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

Hi Bigley,

What exactly are they claiming the £180 to be - did you get a copy of the condition report carried out? RMS Receiveables are simply a debt collection agency they have no powers. I can't tell you how you should go about this but if you feel strongly about it then make a complaint to the lender with the necessary evidence as they have 8 weeks to give you a final decision. If they don't uphold your complaint then you can go to the Financial Ombudsman.

Hi Rob.

Thanks for the reply.

On the day I did not get a copy of the report, just signed it happy the guy confirmed it was all fair wear and tear.

It was a small scuff on the back bumper, the paint had come off and was back to black. Probably the size of a 50P coin, maybe even smaller.

The took it to auction in the condition it was in and it has clearly been sold and she was in great condition, good mileage. It was a 64 plate with around 7.5k miles. Bargain to anyone. The car has been taxed.

I have already put in a complaint to Peugeot Finance. Need to supply them with further information.

Can then even try charge me £175 for "damage" on a car they no longer own/have? Can the get legal action on me, would they for £175?

Thanks,
Rebecca

[R0b]

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

Hi Rebecca,

Perhaps you might want to read the link below if you haven't already, it answers quite a few common questions. But the short answer is that they need to prove their damages and sometimes it is unreasonably high, if you took photos of the car that would be of assistance but if not you have your dad as a witness who also signed to say reasonable wear and tear.

They could take action but realistically for the price, its probably not going to be commercially viable - some lenders issue a default on your credit file if you object to paying them (wrongly and unlawfully in my opinion) which is probably worse especially if as you say you want to get a mortgage in the future.

http://legalbeagles.info/forums/show...on-Your-rights

[Bigley]

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

Hi Rob,

Thanks for that, it's a huge help.

What do you think the best way forward would be? My boyfriend thinks to ignore the letters as he has had one similar (re a parking fine) they kept chasing him and threatening to take legal action a nd eventually left him alone...

Not sure whether to follow his footsteps or to respond back to the complaint with Peugeot to give them the information they need and hope to get some compo there. Also whether to write to Peugeot Finance rejecting RMS's request for further money, write to RMS directly?

Just all seems a lot of stress and worry over £175 but if they said at the time "you may get charged for this" and it was reasonable for them to ask for that amount, I'd be happy to pay but as it was minor and they messed me around, had to pay for terminated the agreement (although I had paid more than 50%) AND they had a full tank of fuel. I believe it to be unfair.

Many thanks,

Rebecca

[Bigley]

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

Hi Rob,

Thanks for that, it's a huge help.

What do you think the best way forward would be? My boyfriend thinks to ignore the letters as he has had one similar (re a parking fine) they kept chasing him and threatening to take legal action a nd eventually left him alone...

Not sure whether to follow his footsteps or to respond back to the complaint with Peugeot to give them the information they need and hope to get some compo there. Also whether to write to Peugeot Finance rejecting RMS's request for further money, write to RMS directly?

Just all seems a lot of stress and worry over £175 but if they said at the time "you may get charged for this" and it was reasonable for them to ask for that amount, I'd be happy to pay but as it was minor and they messed me around, had to pay for terminated the agreement (although I had paid more than 50%) AND they had a full tank of fuel. I believe it to be unfair.

Many thanks,

Rebecca

[beagleeason]

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

Hi,

I am thinking about the VT option on my Audi A4.

Questions I have if I may;

1. If its due a service at the end of this month and I wanted to invoke VT next week where do I stand on this? Will they do me for servicing?
2. Has anyone got experience of Audi and paint damage costs they invoke? Mine has a few dinks, is it worth just getting it repaired and not being overcharged.

[viion]

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

Hello,

This may be a basic question. I have just sent my letter off signed delivery, when do I cancel the Car Insurance? Should I do it on the day the car is collected or can I do it now? (It is parked on a driveway but I don't think this matters). Where I live no police car would "spot" it and I wouldn't be driving it either. I do not mind waiting as I've already paid this months a few days ago.

[xs2man]

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

I would personally wait until it has been collected, or if they are playing funny with collection, until you tell them it will be parked on the street, uninsured, and you are accepting no further responsibility.

[Locouk2]

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

Hi all.

Im about to VT my HP. As it says in agreement half way for me is £6,204. I already paid 5,080 during my 25mobths. My question is how do i start now? Im aware and ready to pay outstanding £1184 which Im obliged to. Should I first ring them, tell them i want to VT and ask to pay remaining balance over the phone?
or just use Yours templates letter and send it to them and after they will contact me to pay rest of money?
Thank You in advance good people!

Regards

[viion]

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

Hi all.

Im about to VT my HP. As it says in agreement half way for me is £6,204. I already paid 5,080 during my 25mobths. My question is how do i start now? Im aware and ready to pay outstanding £1184 which Im obliged to. Should I first ring them, tell them i want to VT and ask to pay remaining balance over the phone?
or just use Yours templates letter and send it to them and after they will contact me to pay rest of money?
Thank You in advance good people!

Regards

You should send a letter to start with and have it signed, this will be your proof that they received your request. The problem with phone is proving they agreed to accept your VT request. They're not going to go out their way to dig up a recording Send a letter, send it signed recorded. Once you get confirmation you could call them up and speak to them or wait until they phone you. Also since you do owe them expect to go through a lot of hassle, fees and what not.

[xs2man]

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

Use the template and send it off to them, assuming you are sure on your numbers. Once they have the letter, then they will contact you regarding paying the outstanding balance. I paid the outstanding balance on mine the day of collection.

[Locouk2]

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

Use the template and send it off to them, assuming you are sure on your numbers. Once they have the letter, then they will contact you regarding paying the outstanding balance. I paid the outstanding balance on mine the day of collection.

thank You for a quick response!

Yep Im about correct with the number my Tital amount oayable is £12,408. My 25th direct debit is going out this week. 25x200,80 = 5,020. So £1184 left and finally getting rid of this high apr finance i impulsively went for :/.

Also once they come over to do conditon report and assuming they will want any money from me is it meant to be paid straight on same day to inspector? As I have read one post on forum that inspector wanted the money or he refused to pick up the car plus £90 failed collection charges - is it right or were they just treating?

I hope my goes well only thing my break pads are %90 worn and i was late with service about 4months. ( didnt get any service book with the car tho, plus been given one key and two scuffs on dashboard )

[iamchriskennedy]

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

Hi guys... I really really REALLY need some advice/help. This thread has been amazing, but nothing quite matches my predicament!

So I have a HP agreement, in my Dads name (i'm the registered keeper of the car) - long story... musician life - no credit LOL.

However, I've had a job proposition overseas... and my Dad is retired, and has his own new car... so there is no need for it anymore.

The HP is with Black Horse, and its over 60 months. I've currently paid 20 months. The total amount of credit taken at the start of the agreement was £8,811.76 however further down in the contract it says "The total amount you will have to pay: £12,146.80".

My Dad phoned Black Horse, and they told him that he had to either sell the car privately or to a dealer (totally misadvised as it has HPI on it) and that the current settlement figure for the car is £6,800. I understand from reading through other posts that the company will try and deter you from a Voluntary Termination as they dislike them - alot!!

So I really need to know what my options are.

If I do a VT, i'll obviously have an outstanding balance to pay as I haven't reached the 50% mark of my HP agreement - will they expect this as a lump sum?

I really just need some advice as to where to go from here... I'm on my knees!

Cheers,

Chris

[viion]

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

I have a question about "when" the agreement is actually terminated. I sent a letter on the 24th, signed recorded delivery on the 25th of August. In the letter I gave them 14 days to arrange collection, if we count only "business days" that ends on the 14th of September.

Does my agreement end on that date? I phoned up as I've had no response and they confirmed my VT and my letter and said they're sending a pack which can take 10-12 business days (wtf?). The lady on the phone said I would be responsible paying Septembers monthly payment otherwise it will be marked on my credit report.

I was under the impression that as soon as they verify/confirm/sign my termination the agreement is 100% done and over and no more payments should go out.

Worst comes, I will pay as I don't want a "missed payment" on my credit report, but doing so feels like it puts me in a bad position.