Voluntary termination

[irnbrukid207]

Re: Voluntary termination

We buy any van values it at only £1350

[Guest]

Re: Voluntary termination

Well going off that there doesn't seem to be much in it. TBH
VS

There has been 7 payments ? which would be £1018

Including the early settlement discount you should owe £2448

Less the value of the van which you say isn 1350 would leave you owing £1098 Approx

Against 924 for the VT, basing in mind of course that they have the opportunity to rip you off on the sale of the vehicle on VS

[irnbrukid207]

Re: Voluntary termination

Yeh they took a weeks payment off my card last week of £33, am a best to ask for a settlement figure then, I just thought it would be £4952.60 less what I paid £1052.10 leaves £3900.50 less sale of van, I didn't think they would give a early settlement discount

[Guest]

Re: Voluntary termination

Yes they have to give you an early settlement discount as calculated by the regulations, I have included it in the figure. The problem is, you are dependent on them getting a reasonable price at auction.
I think if I were you I would send the VT letter and see what happens besides a £150 is worth having.

[irnbrukid207]

Re: Voluntary termination

Ill ask them Monday Andy what the voluntary surrender figure less early settlement figure is then, hopefully is just like you say, but there awkward people

[irnbrukid207]

Re: Voluntary termination

Out of interest Andy what is the discount as calculated by the regulations

[irnbrukid207]

Re: Voluntary termination

Just out of interest what is early settlement discount, how do they work it out,

[Guest]

Re: Voluntary termination

Some info here, the calculation is quite complex, but there are calculators available on the web I think

http://oft.gov.uk/about-the-oft/lega...t#.U0rAdvldVzU

[irnbrukid207]

Re: Voluntary termination

Does doing a voluntary surrender still count as a early settlement

[Guest]

Re: Voluntary termination

Does doing a voluntary surrender still count as a early settlement

No the procedure in VT is different, you are liable for one half of the contract price plus any arrears upto date of termination, if before the half way point it is just half the and that is all.

Sometimes you are better off doing a VS. VT is a consumer protection device, in that if they had sold you a load of rubbish you could give it them back after the half way point and the creditor would make a loss on the resale, this is why the trade do not like them. There was a huge consultation a couple of years ago and a lot of pressure to get the facility repealed by traders, fortunately the OFT dug their heals in and said no.

[irnbrukid207]

Re: Voluntary termination

Cheers Andy, so I would still be legally entitled to a early settlement discount if I proceed with a voluntary surrender instead of the voluntary termination

[Guest]

Re: Voluntary termination

Cheers Andy, so I would still be legally entitled to a early settlement discount if I proceed with a voluntary surrender instead of the voluntary termination

Yes however if it were me I would pursue the VT.

[irnbrukid207]

Re: Voluntary termination

I would get a rebate of interest if I settle early, but that must be paid in full, if I voluntary surrender the vehicle I would not get a rebate or discount, I would be liable for the hole balance less what ever they get at auction, surley that's not right

[wales01man]

Re: Voluntary termination

If its in the contract and that is legally binding they are probably correct. I know you want the best deal but they do as well .

Some ideas might be forthcoming from other members on here

[irnbrukid207]

Re: Voluntary termination

Am probably best charging on with the vt then, they have signed for 2 letters today with the notice, and confirmed by email last week, they told me balance is £3900.50