Voluntary termination

[irnbrukid207]

Hi looking for a bit of advice.

I am trying to VT my vehicle due to loss of my job, my fee to terminate and walk away
is £1089.

Is this fee payable or due immediately as I cant pay it at the moment and was intending to pay
it up to them, the agreement paper work says, you must immediately pay us the amount.


Will this stop me being able to VT the vehicle like the finance company says it will.


The only other option they told is voluntary surrender, which will cost me a lot lot more.


Any advice would be great.

[Guest]

Re: Voluntary termination

HI

I got Your PM, we have to give our opinions on the open forum otherwise we get our legs slapped

If you have read the VT thread on here, you will see that you do not need the creditors permission to VT under section 99 of the act. Just send them a letter stating that you wish to VT and that they have 14 days to arrange for the return of the vehicle, point out that the next payment will be the last under the agreement.

Ensure that you keep a copy and that the letter is sent recorded delivery. If there are any sums due post termination they can bill you. You will need to be firm, have a look at some of the other threads on here, they have no option but to comply, the legislation is clear.

[irnbrukid207]

Re: Voluntary termination

Thanks Andy, the finance paperwork says total amount payable immediately before termination, is that just a scare tactic from them, because they keep going on about the paper work states this so its correct, and that's it.

[Guest]

Re: Voluntary termination

Thanks Andy, the finance paperwork says total amount payable immediately before termination, is that just a scare tactic from them, because they keep going on about the paper work states this so its correct, and that's it.

There is nothing in the act that says you must pay anything before you can terminate.

http://www.legislation.gov.uk/ukpga/1974/39/section/99

(1)

At any time before the final payment by the debtor under a regulated hire-purchase or regulated conditional sale agreement falls due, the debtor shall be entitled to terminate the agreement by giving notice to any person entitled or authorised to receive the sums payable under the agreement.

https://www.nationaldebtline.org/EW/...spx#quicklink1

[irnbrukid207]

Re: Voluntary termination

Thanks Andy your a great help.

Is there anything you could suggest I should say to them, they just want the VT done via email.


Thanks

[Guest]

Re: Voluntary termination

Thanks Andy your a great help.

Is there anything you could suggest I should say to them, they just want the VT done via email.


Thanks

You need to be firm and stick to hour guns, have a look on here at the experience of others on here. They know the score as well as we do, but they will attempt to intimidate you and get you to forgo your rights under the act.

You can quote the legislation mentioned in the previous post, but as said they already know the score. Once you have it on record that you have terminated there is little they can do, if they want to do it via email that is not a problem, personally I would put "hard copy to follow" at the end and send recorded delivery as well.

[irnbrukid207]

Re: Voluntary termination

Whats the best template to use Andy

[Guest]

Re: Voluntary termination

Whats the best template to use Andy

http://www.legalbeagles.info/forums/...ight=peterbard

Post 4

[irnbrukid207]

Re: Voluntary termination

Hi Andy

This is getting awkward with this finance company (1st stop car finance).


The contract I signed states I must return the vehicle to them at my own expense.


There is a payment due on Friday and they seem overly concerned by it, if it fails to clear they
will issue a immediate default notice and repossess the vehicle ( I am in Scotland so I guess the will need
a court order).

And also the contract I signed states that I must pay immediately the amount due before termination.

The best way would be voluntary surrender the vehicle to them, should I just do this to get shot of it , am in a hefty bit a debt at the moment, and hopefully sort it all out together, thanks
at the moment

[Guest]

Re: Voluntary termination

Hi Andy

This is getting awkward with this finance company (1st stop car finance).


The contract I signed states I must return the vehicle to them at my own expense.


There is a payment due on Friday and they seem overly concerned by it, if it fails to clear they
will issue a immediate default notice and repossess the vehicle ( I am in Scotland so I guess the will need
a court order).

And also the contract I signed states that I must pay immediately the amount due before termination.

The best way would be voluntary surrender the vehicle to them, should I just do this to get shot of it , am in a hefty bit a debt at the moment, and hopefully sort it all out together, thanks
at the moment

It is up to you , but it is irrelevant what it says on your agreement, the act cannot be contracted out. They cannot repossess the car without first issuing a default notice and then after 14 days commencing court proceedings and then getting a court order. You can VT at any time until the end of the remedy period of the default notice.

Have you worked out the difference in cost of the two options ?

[irnbrukid207]

Re: Voluntary termination

Yes the difference is 3k less the auction price to vol sur as it sub prime finance.

They tell me if I don't make Fridays payment and the default is issued I have lost the rite
to voluntary terminate, is this correct.

I issued them today with my intent to terminate, but they wont listen, they are only interested
in Fridays payment

[Guest]

Re: Voluntary termination

Yes the difference is 3k less the auction price to vol sur as it sub prime finance.

They tell me if I don't make Fridays payment and the default is issued I have lost the rite
to voluntary terminate, is this correct.

I issued them today with my intent to terminate, but they wont listen, they are only interested
in Fridays payment

As said they cannot terminate your agreement until they have issued a default notice and given you 14 days to remedy, and you can VT at any time before they terminate the agreement. If you VT now you will have to give 14 days notice any payment due in that time will be owed.

You say there is 3k difference how much is the vehicle worth.

[irnbrukid207]

Re: Voluntary termination

Its worth 2k at most its a works van 2008 reg, with 120k on the clock high miles.

Am guessing the best thing to do is pay this months payment, then re sent the vt letter.

What's the proper way of returning the vehicle to them, as my signed contract states I must

return the vehicle at my expense to them,

[Guest]

Re: Voluntary termination

Its worth 2k at most its a works van 2008 reg, with 120k on the clock high miles.

Am guessing the best thing to do is pay this months payment, then re sent the vt letter.

What's the proper way of returning the vehicle to them, as my signed contract states I must

return the vehicle at my expense to them,

If you have sent the vt letter then the agreement will be terminated when it says on your letter. They either make arrangements to collect or you will charge storage for their goods after this period. If they think that you owe any money post termination they should send you an itemized invoice.

[irnbrukid207]

Re: Voluntary termination

Thanks Andy, I take it then it doesn't matter what it says on the contract, its up to them to collect the vehicle.

If I don't make the full payment on Friday, say I call up and pay half can they still issue a notice of default.