Moneyway VT expectations

[Narlynat]

Good evening all

Just after a bit of advice for VTing my car with Moneyway. It is a 2009 Ford Fiesta 3 door bought from the dealership for £6000 and taken on by Moneyway with a finance of £11500 over 6 years.. extortionate I know and I only owe £3451.00 left so I'm well over 50%.

I live alone and struggling to maintain the £176.00 monthly payments. I have a company vehicle that I have used for the past 2 years and haven't driven the fiesta for about the same time, a lot of dead money wasted but I wasn't aware of the options I had. So finally I have found out about being able to VT, and I'm going to immediately go through with it posting a letter Monday morning giving them 14 days notice and cancelling my direct debit for 1st November. This will help me out a lot and hopefully vastly improve my ability to handle my finances better.

The car over the past few years has been in a garage, it has no MOT flat tyres, flat battery, crack in the rear bumper, drivers seat missing some fabric on the side due to entering wearing work pants. And some other general dints bumps and scratches, this is the only part of this that I am fearing. I have read a lot about Moneyway being a stickler when it comes to recovering and inspecting your car. I can obviously do all the cosmetic stuff on the car like a valet, pump tyres, charge battery and get the car back to a very reasonable condition. But does the car have to be MOT'd on return? Will the cracked bumper and damaged seat fabric come under their wear & tear requirements? What's the likelyhood of me getting stuck with a very large bill and what should I do with that bill?
If anyone could help with any of the above that'd be greatly appreciated, have a good night all.

Nat

Edit- Just on that last note I remember seeing that if I do get stuck with a bill of let's say £1000. Can this be covered by the profit (£1549) Moneyway has made at my expense? And obviously these days the car is probably only worth around £3000/£4000

[R0b]

Re: Moneyway VT expectations

Hello,

First of all, you don't need to give the compan 14 days notice to terminate and bear in mind if there is a payment due in that time, you will need to make it. There are template letters I've made that you can use which will terminate the agreement immediately if you so wish.

As for your questions on conditions and what not, I suggest you read the link below. It also contains a link at the top for the template letters.

http://www.legalbeagles.info/forums/...nce-and-Issues

Edit- Just on that last note I remember seeing that if I do get stuck with a bill of let's say £1000. Can this be covered by the profit (£1549) Moneyway has made at my expense? And obviously these days the car is probably only worth around £3000/£4000

It's an argument you could make in that the payments beyond 50% plus the car's value would cover the losses under the agreement. In any event its a second hand car which is now circa 8 years old, so you would expect some wear and tear on it than you would with a newer car. As stated, the above link gives you an outline of your rights.

[Narlynat]

Re: Moneyway VT expectations

Hello,

First of all, you don't need to give the compan 14 days notice to terminate and bear in mind if there is a payment due in that time, you will need to make it. There are template letters I've made that you can use which will terminate the agreement immediately if you so wish.

As for your questions on conditions and what not, I suggest you read the link below. It also contains a link at the top for the template letters.

http://www.legalbeagles.info/forums/...nce-and-Issues




It's an argument you could make in that the payments beyond 50% plus the car's value would cover the losses under the agreement. In any event its a second hand car which is now circa 8 years old, so you would expect some wear and tear on it than you would with a newer car. As stated, the above link gives you an outline of your rights.

Hi rob
just had my first interaction with Moneyway over the phone as they told me to ring them, I sent my VT form in on recorded post. They're trying to say because the letter wasn't physically signed and only signed with an electronic name the VT form was invalid and I was still liable for this months payment. Also said that because the car has no tax/mot I would have to pay £150 for collection and £75 to get it upto date on the mot. They tried to get me to agree to all damages etc on the car but I stuck to my guns and replied with "the car is in reasonable condition" for pretty much every question.. I knew this was going to be a pain situation and it has already begun! Hahah any advice mate? They said if I get the car mot/taxed before collection I don't have to pay the above sums.. I argued that because my VT has now gone through the car is no longer mine and I shouldn't have to pay for their collection, any information you could give back would be great mate as I'm lost in this on my own haha have a good day looking forward to hearing from you.
nathaniel

[R0b]

Re: Moneyway VT expectations

When you terminated the agreement, had the MOT expired already or has it expired since giving your notice to VT? It's an arguable point as to whether or not a car without a valid MOT is reasonable or not so it might be best to just put it through its MOT if you feel there's nothing wrong with it. Moneyway might argue that its unreasonable not to have a valid MOT but on the other hand a valid MOT only proves that the car was in a roadworthy condition at the time of it being tested.

As for the tax, well the agreement has terminated so you have no further obligation to tax it and in any event, your liability is limited under section 100 when you VT. On top of this, section 173 says any contractual provisions which provide for additional liability directly or indirectly and contradict the provisions of the CCA shall be void. Having to maintain the tax beyond the agreement is an additional liability, you could probably say that it is encouraged by government/DVLA that tax should be cancelled when you no longer have use of the car and that the owner should be taxing it themselves.

In terms of collection fees, the same applies as per the above on the tax issues.

Clearly Moneyway employees have no idea of the law and will say anything to try to make you think the VT was not valid - when you sent your letter to them, did you put your name at the bottom of it e.g. 'Yours faithfully, [your name]'?