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

THIS THREAD IS NOW GENERALLY USED FOR QUERIES - AN UPDATED VERSION OF YOUR RIGHTS TO VT & FAQS CAN BE FOUND HERE -> http://www.legalbeagles.info/forums/...ment-*UPDATED*

[Locouk2]

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

I do found old pictures i did of the damages when i collected the car my first time but theres no date on pictures. I will attach them to invoice of a car just in case. I was thinking also about adding a line saying that witness statement was wrote down confirming that the resr bumper and dashboard had marks when i was collecting the car. I do not have any statement but You think it could help in case they will try to charge me for it? I was with other person which was with me that could confirm it in writing

does signing condition report means i agree to pay for everything stated on it? As letter from finance company says ".....[...] will require you to pay the damages equivalent to the repair costs identified in the report. The damages should ideally be paid at the time vehicle is voluntary surrended". Do i need to sign it?

[Locouk2]

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

Hi, i followed Yours templates on send my termination letter. I got a call back and car is arranged for collection on this monday. I received a letter also saying that any damages found during condition report should be paid on collection day. I mean theres no damages i did at alk - rear bumper is scratched and there are two ,holes, on dadhboard but that was already when i got the car. Will they try to blame it on me? Fo i need pay for anything on collection day? Rear brakes were %90 worn on last service - will they put it in their charges? Also i got advisory 'gaitor split requires lower arm' - but i changed just the gaitor for few quids as there was no need to change whole arm just the service garage wanted more money off me but i dont have any invoice for changing that gaitor as my friend did it that was 10min job

[R0b]

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

They should tell you what the 'small sum' is, can't be the deposit since that counts towards the 50% of the total amount payable so it might be GAP insurance or some other insurance you may have taken out, unless you have underpaid.

Blackhorse cannot put a default on your file because you haven't actually defaulted on your instalments. The agreement is terminated and providing you have paid everything up to date then no default occurs - it is deceiving and false. Like I say to everyone, if they put a default on there then you have a remedy for breach of data protection. Whether you want to pursue that in court is entirely up to you.

There's no need to strike out the sentence about reasonable care because that is implied anyway under the CCA, if you've not taken reasonable care then they are entitled to compensation. It is not automatic but they have to prove it. I suggest you read over the VT guide about taking photos of the car and copies of servicing etc. as evidence - or take a photo of it all.

You don't need to fill any other mileage or other things, your under no obligation to do anything except give notice to terminate but again whether you do is your choice.

[viion]

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

Hello,

I got my letter response for VT, the "Black Horse VT Pack". It says I have to pay a small sum, I think this is because I paid a deposit which I realise now doesn't count in my favour (even though I have paid over the amount that the contract says I have to? so not sure), maybe its gap insurance or something..., luckily the amount is small so that isn't a problem. They say that I must sign a letter (how unexpected... /sign), but of course reading many threads I know I don't need to.

I have a question though, it says "please tick as applicable", and the options are:

1) I will deliver the goods to auction X at date Y
2) I wish to have the good collected
3) I have enclosed payment for further sums
??) I also understand that i may have additional liability if I have not taken reasonable care of the goods.

That last one, isn't a "tick" box, so by signing I assume I auto agree, I agree to #1 and I have paid the sums in #3 however I don't agree to the additional liability. The car is in 100% perfect condition, not a single scratch, bump, or issue. Brand new tires, serviced twice a year (full service...). However I don't trust them. Knowing my luck they'll charge me £100 to remove a speck of dust.

Should I just cross out the liability and write I do not agree and sign? or just don't sign at all? I have to fill out the rest as it includes mileage and stuff.

It also says until I sign and return this, as the goods are in my possession I have to keep up monthly payments... Hoping I can take this to an auction early next week then it "wont" be in my possession.

Also this paperwork says I will get a default on my credit file....

[R0b]

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

They should fill in the V5 but sending by post can take time to update and you are relying on them to do it. You do have an obligation to notify the DVLA yourself so I always suggest doing it online to avoid any doubt, which you can do now if you like by going to https://www.gov.uk/sold-bought-vehicle

[viion]

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

Hi Rob, thanks again for your support. If I hear nothing next week I will call and get a "verbal confirmation" and record that if I ever need it. I won't be signing anything as has been advised here, I've read that VT guide a few times now but sometimes worry can get the better of me. I did feel the lady on the phone was almost trying to do a scare tactic.

She mentioned that the pack also provides instructions for the V5C, do I have to wait for the guy collecting the car to fill this in?, or if I take it somewhere, someone at the auction will fill in the traders section?

[R0b]

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

If you read previous threads about this, the pack will contain common documents which is usually a document requesting information about the car and maybe its mileage plus a document saying you agree to VT and be liable for any damage or other costs on inspection.

There is no legal obligation for you to sign anything and is a common mistake for many people who VT - your obligations only extend to giving written notice to terminate, nothing else.

The lady you had spoken to is quite wrong, I would suggest that you read the VT guide if you haven't specifically on the section about the law on voluntary termination (section 5). Section 99 explicitly says that you may terminate at any time.

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

If you are not available you can have someone attend the inspection but I strongly suggest against signing anything as they are acting on your behalf and could be liable for their actions.

P.s. when I said keep communications to a minimum I actually meant in writing.

[viion]

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

Termination and arranging collection are two different things. If the letter says you are terminating with immediate effect, the agreement terminates as soon as they receive the letter in accordance with normal postal rules and you have proof of postage. In this case it was signed for on 25 August and so that would be the effective termination date. The termination of the agreement does not occur when the relevant person chooses to read your letter, as long as you have sent it to the company and the correct address that is sufficient notice.

If they mark your credit report you can sue them for breach of data protection, as your obligations to pay further instalments end as soon as the agreement is terminated. If there are any outstanding arrears or you have not yet paid the 50% that becomes a debt for which they can take you to court over, but it still does not oblige you to continue making the instalments.

You should really keep communications to a minimum and if you do call them then perhaps record the call so that you can use it as evidence as to what was discussed, should they deny that was said.

Thank you for the response, that makes it more clear. One thing I'm a bit paranoid at the moment is from the 14th to the 17th I'm away managing a friends Wedding and will have zero time to handle any of this (and won't be in the country to arrange collection). The next due date is the 17th. My hope is the pack come Monday and I can just drop off the car somewhere... (wishful thinking)

I have proof of postage (even printed the proof), they confirmed on the phone but I don't have a recording of this (I could phone one and get verbal confirmation, unsure on the laws about this...). I have also paid over the 50% amount by a couple hundred (the amount is on my contract), and all my extras (GAP Insurance etc) were included part of the monthly payments. So I think I am all covered there.

The lady on the phone was adamant that the termination cannot go through until I sign the pack.

[R0b]

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

Termination and arranging collection are two different things. If the letter says you are terminating with immediate effect, the agreement terminates as soon as they receive the letter in accordance with normal postal rules and you have proof of postage. In this case it was signed for on 25 August and so that would be the effective termination date. The termination of the agreement does not occur when the relevant person chooses to read your letter, as long as you have sent it to the company and the correct address that is sufficient notice.

If they mark your credit report you can sue them for breach of data protection, as your obligations to pay further instalments end as soon as the agreement is terminated. If there are any outstanding arrears or you have not yet paid the 50% that becomes a debt for which they can take you to court over, but it still does not oblige you to continue making the instalments.

You should really keep communications to a minimum and if you do call them then perhaps record the call so that you can use it as evidence as to what was discussed, should they deny that was said.

[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.

[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

[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 )

[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.

[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.