VT -no response should I continue paying?

[lexx0r]

Hi all,

First post and hopefully last.
I have a car from The Car Finance Company at high interest rate and it's now been half the contract with them. It's no longer visable to keep the car as its not even worth what I have paid.

I have sent a letter to The Car Finance Company and followed up by email today demanding some response. The car is in good shape and I only recently had a full service and MOT done which it passed with flying colors. Pleased cause it should stop them being a pain at handover.

Should I continue to pay them e.g go over the 50% mark as I haven't heard back or simple cancel payment so that they are forced to speak back to me.

I used the 14 day warning template from here and don't want to overpay but also don't want a bad credit file. I have a new car with Blackhorse now on only 3% which is better than TCFC 39.5%

Thanks in advance
Nathan

[ostell]

Re: VT -no response should I continue paying?

As long as you can show that you sent the letter and that they received it then stop paying. It will at least force the issue

[Guest]

Re: VT -no response should I continue paying?

First of ll you need to ensure that what you have is a hire purchase or conditional sale agreement, as the facility to voluntarily terminate only applies to these types of agreement, not to fixed sum loans made to buy a vehicle..
If It is a HP agreement you need to send them a letter saying that you are terminating the agreement under section 99 of the consumer credit act, there is a thread on here with a template letter, give them two weeks notice, I usually recommend tht you send the letter halfway thorough the billing period so that you would pay the last installment when the notice is due, tis gives them plenty of time to recover the vehicle, send the letter registered post and also if they have an emails duplicate it to there. Much more info on the thread mentioned.