Voluntary Termination of Hire Purchase with Marsh Finance

[scarr77]

Hi,

I was wondering if you could provide some help? Using the template from the earlier thread I wrote to my finance company on the 31st July 2013 advising cancellation of the agreement. They wrote back imidiately stating I owed additional £300 to reach the mid way point.

I payed this via bank transfer today and they confirmed via telephone they have received the payment. They have said that I have a payment due on the 15th of August and if I still have the car then I need to make that payment. Is this true? Have I not already cancelled using the letter and paying the outstanding monies to take me to half way ?

Any help would be much appreciated.

[Guest]

Re: Voluntary Termination of Hire Purchase with Marsh Finance

Hi

You need to set the timescale for the termination, one months noticed is recommended, inform them that you will not be requiring the vehicle after that date, and that they must enable you to facilitate its return, tell them that if they do not you will charge them storage for their vehicle at £xx per day until it is collected.
Ensure that all your correspondence is recorded.

Have they not said how the car must be returned ?

[scarr77]

Re: Voluntary Termination of Hire Purchase with Marsh Finance

Hi Andy,

i sent the letter below which I found using an earlier thread. they have said British Car Auctions would collect from my home and would be in touch within 5 days to arrange a date. my worry is if they take the full 5 days to contact me then cant arrange a pick up for some time would I be liable for interest payments?

Many Thanks

"I am/we are writing to notify you that I am/we are exercising my/our right to terminate the above Agreement under Section 99 of the Consumer Credit Act 1974. You will understand that the aforementioned section permits the debtor to terminate the agreement at any time before the last payment is due. There is no restriction regarding the exercising this statutory right, particularly none in respect of any perceived arrears or monies due on termination

I/we understand that I shall/we will be liable to you for the amount calculated under the formula in Section 100 of the Consumer Credit Act 1974. Please forward notice of any sums lawfully due for consideration and payment.
The above agreement will be terminated 14 days from the date of this notice.**

Please send me/us details of how the vehicle can be returned to you.
You will be aware that statute prevents you from levying a charge for the recovery of this vehicle; guidelines also state that if you require me to deliver this vehicle it must be no more than a short (reasonable distance) from my registered address.
Please confirm receipt of this request by telephone/fax to me/us on (your telephone number or fax number).

Yours faithfully
(Your Signature)

REMEMBER
TO KEEP A COPY OF LETTERS YOU SEND TO YOUR CREDITORS"

[Guest]

Re: Voluntary Termination of Hire Purchase with Marsh Finance

No as long as you have given the statutory notice, the agreement will be terminated from that date, they may say otherwise however, but I assure you that they would not be able to enforce any demand for additional payment, just make sure you have all your paperwork and copies of all correspondence.

[scarr77]

Re: Voluntary Termination of Hire Purchase with Marsh Finance

Many Thanks Andy much appreciated. Will post how it goes

[Guest]

Re: Voluntary Termination of Hire Purchase with Marsh Finance

No as long as you have given the statutory notice, the agreement will be terminated from that date, they may say otherwise however, but I assure you that they would not be able to enforce any demand for additional payment, just make sure you have all your paperwork and copies of all correspondence.

Yes you need to stop any direct debits, and remove any authority if you have made any payments to them via debit/ credit card. (you can do this by contacting your bank/credit provider)

[labman]

Re: Voluntary Termination of Hire Purchase with Marsh Finance

Also remember the only thing further you should now sign (and only then if you're happy with it) is the condition report when you hand the car over. Take photographs of the inside and outside in detail with a copy of that days newspaper on them as proof of date. Do not agree to anything you consider unreasonable, as fair wear and tear is expected.

You may also have pressure applied to sign other documents - don't!

[Leswee]

Re: Voluntary Termination of Hire Purchase with Marsh Finance

Also remember the only thing further you should now sign (and only then if you're happy with it) is the condition report when you hand the car over. Take photographs of the inside and outside in detail with a copy of that days newspaper on them as proof of date. Do not agree to anything you consider unreasonable, as fair wear and tear is expected.

You may also have pressure applied to sign other documents - don't!

If you are not happy with the condition report they are saying, can you right that on the report and not sign it, but get a copy you think?

[Guest]

Re: Voluntary Termination of Hire Purchase with Marsh Finance

If you are not happy with the condition report they are saying, can you right that on the report and not sign it, but get a copy you think?

Personally I would not sign anything unless i was totally happy with what they put, and only then if got a carbon, so that nothing could be added later.

[labman]

Re: Voluntary Termination of Hire Purchase with Marsh Finance

Ditto! Your legal obligation has been fulfilled. The photographs are a very sensible precaution though (with the newspaper)

[zippy2014]

Re: Voluntary Termination of Hire Purchase with Marsh Finance

my car is in negative equity after over 2 and a half years will marsh charge for this?

[zippy2014]

Re: Voluntary Termination of Hire Purchase with Marsh Finance

marsh finance are refusing to take the car back and said that they have terminated the right for me to v.t is this true?

[Guest]

Re: Voluntary Termination of Hire Purchase with Marsh Finance

marsh finance are refusing to take the car back and said that they have terminated the right for me to v.t is this true?

NO they cannot, as long a this is a HP agreement and they have not already terminated it, you can VT they cannot prevent it.

[zippy2014]

Re: Voluntary Termination of Hire Purchase with Marsh Finance

NO they cannot, as long a this is a HP agreement and they have not already terminated it, you can VT they cannot prevent it.

hi after i sent of the vt and gave them a date they still refused. a day after tgat trading standards got intouch and have now taken over. they want to know why they told me this as not allowed and that if they have then why have i still got the car and been paying for it. i dont think they very happy as i am 2 months over the halfway point to hand back. im told that they wouldnt cooperate and would try allsorts

[ostell]

Re: Voluntary Termination of Hire Purchase with Marsh Finance

This sound like you have continued to make payments after the VT. Is this correct?