Voluntary termination

[irnbrukid207]

Re: Voluntary termination

I hope you are well
We have sold the van at auction – as discussed we have an outstanding balance of liability of £924.40.

As previously advised you were happy to provide invoices and bank stats to document what you were earning, you have advised after that you are now not prepared to provide proofs and attached an income and expenditure report of which is meaningless without proofs to back up.

Your balance after the van is sold is £2472.50 – we have agreed for you to pay the liability by way of £70 per month, this will ensure this is paid within 13 months which we feel is acceptable.

If you wish to pay the £10 per month offered we would not be willing to accept, we would revoke your request to voluntary terminate the contract as you have failed to pay your liability in an agreed timescale, therefore we would be looking to collect the full balance on the agreement as above.

Can you please either provide proofs as requested so we can proceed with speaking to my boss with regards to your offer, if not as advised the account would be subject to further recovery action where you would be liable for all fees and charges in relation to this matter.

Please advise your thoughts as I feel we are being as reasonable as possible and in most cases the liability will be collected up front to save this from happening.

We accept debit cards, a cheque if you are confident will clear or if you are able to borrow the funds to pay and you can pay them back £10 per month if that’s what you can afford.

[irnbrukid207]

Re: Voluntary termination

Hi Andy, that's the latest email they send me,can they add fees and charges when I am willing to pay something to it each month,

[Guest]

Re: Voluntary termination

I hope you are well
We have sold the van at auction – as discussed we have an outstanding balance of liability of £924.40.

As previously advised you were happy to provide invoices and bank stats to document what you were earning, you have advised after that you are now not prepared to provide proofs and attached an income and expenditure report of which is meaningless without proofs to back up.

Your balance after the van is sold is £2472.50 – we have agreed for you to pay the liability by way of £70 per month, this will ensure this is paid within 13 months which we feel is acceptable.

If you wish to pay the £10 per month offered we would not be willing to accept, we would revoke your request to voluntary terminate the contract as you have failed to pay your liability in an agreed timescale, therefore we would be looking to collect the full balance on the agreement as above.

Can you please either provide proofs as requested so we can proceed with speaking to my boss with regards to your offer, if not as advised the account would be subject to further recovery action where you would be liable for all fees and charges in relation to this matter.

Please advise your thoughts as I feel we are being as reasonable as possible and in most cases the liability will be collected up front to save this from happening.

We accept debit cards, a cheque if you are confident will clear or if you are able to borrow the funds to pay and you can pay them back £10 per month if that’s what you can afford.

Thank you for your correspondence of xx;;xx;xxxx.

Briefly , as I am sure you are aware there is no facility within the Consumer Credit Act for a creditor to "revoke a Voluntary termination", for your reference the section is reproduced below.
99Right to terminate hire-purchase etc. agreements.

(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.

Please send me a statement of account calculated in accordance with section 100 of the act as required under the statute.

Many thanks

I

[irnbrukid207]

Re: Voluntary termination

Cheers, Andy ill send that away to them.

[Guest]

Re: Voluntary termination

Yes I am sure you understand this but.
whatever the got at auction for the van is completely irrelevant, they know this. Your liability is limited by the CCA to 50% of the total credit price of the goods(plus arrears and damage charges), anything else is just nonsense.

I feel you should be forwarding some of these emails to the FCA, although they will probably just refer you to the TS via the local CAB office.

[irnbrukid207]

Re: Voluntary termination

Yes I think your right Andy, should I possibly put that at the bottom of the email, that its my intension
to do so, stating that the false information they kept giving me over the VT was deliberate on there part, cheers

[Guest]

Re: Voluntary termination

Duplicate post

[J74]

Re: Voluntary termination

Hi all, I am at the halfway payment with my bmw finance agreement, (24 payments made from 47) I asked for VT and they replied stating that for me to do this I would need to pay half of the remaining payments due(another 12). Is this correct or can I hand the car back and not be liable to cover half of the outstanding agreement payments?

[Guest]

Re: Voluntary termination

Hi all, I am at the halfway payment with my bmw finance agreement, (24 payments made from 47) I asked for VT and they replied stating that for me to do this I would need to pay half of the remaining payments due(another 12). Is this correct or can I hand the car back and not be liable to cover half of the outstanding agreement payments?

Read the first post, you are only liable for half the total amount payable under the contract, after the car has been returned if you have already paid this you owe nothing(except arrears.)

http://www.legalbeagles.info/forums/...r-the-CCA-1974

[J74]

Re: Voluntary termination

Thanks Andy58, do you think bmw are just trying to stop me going ahead then by asking for 50% of my remaining payments?

[Guest]

Re: Voluntary termination

Thanks Andy58, do you think bmw are just trying to stop me going ahead then by asking for 50% of my remaining payments?

Certainly without doubt. I did one with them myself some years ago, they are past masters at it.
Just have to stick to your guns and tell them what you require them to do.

Start you own thread if you like. You do not have to pay anything in order to VT. It is your statutory right.

[J74]

Re: Voluntary termination

Thanks, I'll use one of the letter templates off here