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I have read the really useful Sticky's about VT and made my decision to VT my current contract
I wrote to the lender and they have confirmed I am still short of the 50% figure, but can pay this balance and then end the agreement. What it means in practise is that after this months direct debit payment ( on the 25th of the month I will then only be a relatively small amount outstanding before I reach the threshold .
The paperwork I received says that once the balance is paid someone will be in touch within 5 days to arrange collection of the vehicle
My question is, once I have reached the 50% figure and let them know about my termination can I then safely cancel the direct debit due on the 25th April ?
Should I wait until the vehicle is collected before stopping any payments and therefore give them sufficient time to arrange ?
I'm arranging for a new car, but would need the current car for as long as possible, without having to pay the April payment.
I know that a VT doesnt negatively affect your credit score, but a missed direct debit payment can. A couple of cars ago I returned a vehicle at the end of the contract and Lex leasing continued to try to take a payment that wasnt due. It was marked on my file as a missed payment and meant I was refused on my next application , ( which started another mess , trying to get my credit rating repaired after someone else had caused the issue, grrrr)
Would welcome any advice
Thanks
I wrote to the lender and they have confirmed I am still short of the 50% figure, but can pay this balance and then end the agreement. What it means in practise is that after this months direct debit payment ( on the 25th of the month I will then only be a relatively small amount outstanding before I reach the threshold .
The paperwork I received says that once the balance is paid someone will be in touch within 5 days to arrange collection of the vehicle
My question is, once I have reached the 50% figure and let them know about my termination can I then safely cancel the direct debit due on the 25th April ?
Should I wait until the vehicle is collected before stopping any payments and therefore give them sufficient time to arrange ?
I'm arranging for a new car, but would need the current car for as long as possible, without having to pay the April payment.
I know that a VT doesnt negatively affect your credit score, but a missed direct debit payment can. A couple of cars ago I returned a vehicle at the end of the contract and Lex leasing continued to try to take a payment that wasnt due. It was marked on my file as a missed payment and meant I was refused on my next application , ( which started another mess , trying to get my credit rating repaired after someone else had caused the issue, grrrr)
Would welcome any advice
Thanks
