Voluntary Termination the aftermath

[Mr Silva]

wow, great information being passed on here, thanks so much! i'm brand new to the forum and as many of you before me I have a question about VT's.
I'd like to vt a motorhome that I've had for around 19 months now. The finance is with black horse. I borrowed 27k (over 10 years) to buy the vehicle and have made just over 7k in payments. I rang them today to request a settlement figure and was told 25k. i understand they front load these agreements with interest so not much of a surprise. I obviously haven't made 50% of the payments required not to be charged but I am somewhat prepared for this. The original agreement stated that the total payable after 120 payments would be 44k (approx). My question is this, when i VT this agreement am i liable to pay the 25k (stated as the settlement figure) minus what they auction the motorhome for or am I liable to pay 50% of that 44k total minus what they auction it for(22k)? Also do they take into account the 7k in payments already made? It's all a bit confusing, hope you can help?

[mrsimpson]

Voluntary Termination the aftermath

Hi

Hope you can help us as we are looking for a legal answer to this -

We just terminated our new car early with Santander as due to illness we had to give the car back and understand we are due the remaining amount up to the 50% of the agreement. The figure has been issued to us now the car has been taken away but are unsure on what they can do to get the remaining amount back from us as our income is very low at the moment. Are they allowed to ask for a monthly income & outgoings sheet or are they obliged to take what we can offer or could they take this further to get a figure they think is sufficient.

Can you suggest the best way to handle this as this is causing us a lot of stress and anxiety.

Thanks

G & C

[Tools]

Re: Voluntary Termination the aftermath

How much is the amount they are asking for and despite your incomes, do you have any assets/property on which they may claim against in court?

[mrsimpson]

Re: Voluntary Termination the aftermath

no assets sadly and they are looking for £10,000 to make up to the 50%

Do you think they will go to court or just be resolved amicably

[Tools]

Re: Voluntary Termination the aftermath

The best way is to approach them and ask them. Have they given you a proposal for repayment or just the final figure.

[Tools]

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

I have also copied your post from the other thread for info.

[mrsimpson]

Re: Voluntary Termination the aftermath

Santander are asking for an income and outgoings

how far can they go to find out what we do or do not have as in savings etc

Can they use what is in our childrens savings account into equation

Can they ask for bank statements etc with force or can we prove other ways of monthly expenditure

We have terminated the car how is the amount left to pay in Santander's view a reasonable term to return it eg 3 -5 years etc is there a norm or a rule they work to.

And if the agreement is broken in this way, can we not just say as many people say you tell them what you are willing to pay and they must accept.

What is the law on the remaining amount and how can they proceed if it went badly.

Thanks All

Hope this is helping us and others understand the VT side once you have returned the product etc

[Guest]

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

wow, great information being passed on here, thanks so much! i'm brand new to the forum and as many of you before me I have a question about VT's.
I'd like to vt a motorhome that I've had for around 19 months now. The finance is with black horse. I borrowed 27k (over 10 years) to buy the vehicle and have made just over 7k in payments. I rang them today to request a settlement figure and was told 25k. i understand they front load these agreements with interest so not much of a surprise. I obviously haven't made 50% of the payments required not to be charged but I am somewhat prepared for this. The original agreement stated that the total payable after 120 payments would be 44k (approx). My question is this, when i VT this agreement am i liable to pay the 25k (stated as the settlement figure) minus what they auction the motorhome for or am I liable to pay 50% of that 44k total minus what they auction it for(22k)? Also do they take into account the 7k in payments already made? It's all a bit confusing, hope you can help?

Answered on the other thread.