Voluntary Termination - V5 Doc process /

[Rossifume]

Having just initiated the VT process using the quality advice and template letter available on this forum (thanks) I was wondering what the process would be with the V5 doc when the finance company representative comes to collect the car ?

Normally the owner would give part 2 of the V5 doc to the new owner and then send the rest of the V5 doc to the DVLA which would include the signature of the owner and then the details of the new owner plus their signature.

Any guidance would be appreciated

Thanks

[R0b]

Re: Voluntary Termination - V5 Doc process /

Having just initiated the VT process using the quality advice and template letter available on this forum (thanks) I was wondering what the process would be with the V5 doc when the finance company representative comes to collect the car ?

Normally the owner would give part 2 of the V5 doc to the new owner and then send the rest of the V5 doc to the DVLA which would include the signature of the owner and then the details of the new owner plus their signature.

Any guidance would be appreciated

Thanks

Send it off, or notify the DVLA online by going to https://www.gov.uk/sold-bought-vehicle

I usually opt for the latter so there's proof as you get notified.

[seduraed]

Re: Voluntary Termination - V5 Doc process /

Get a proof of posting free from the post office

[Rossifume]

Re: Voluntary Termination - V5 Doc process /

Send it off, or notify the DVLA online by going to https://www.gov.uk/sold-bought-vehicle

I usually opt for the latter so there's proof as you get notified.

Thanks Rob - so do I put the name of the new owner as being the company that the PCP finance agreement is with ? And would I give the person who picks up the car the part 2 that you give normally to the new owner before sending the main part of the V5 to the DVLA ? I need to notify the DVLA as to who the new owner is, by either post or online.

Thanks

[R0b]

Re: Voluntary Termination - V5 Doc process /

If you do it online, you don't need to fill out the V5 just hand them a copy of the confirmation that you receive from the DVLA.

The name of the registered keeper should be the name of the lender under the PCP agreement.

[Rossifume]

Re: Voluntary Termination - V5 Doc process /

If you do it online, you don't need to fill out the V5 just hand them a copy of the confirmation that you receive from the DVLA.

The name of the registered keeper should be the name of the lender under the PCP agreement.

Got it - thanks

[clooney74]

Re: Voluntary Termination - Arrears Payment


clooney74

Junior Member

JoinedOct 2017Posts0Mentions0 Post(s)

Voluntarily Termination

Could you help me please. I’ve just sent a Voluntary Termination letter to my finance company to end my HP contract with them. I’m in arrears which I know I will have to pay but do I have to pay it all as Immediately or do I have a right to pay a bit each month, spread the arrears over 3 months?

Many thanks for your help in this matter.

Kind regards
Craig Stowell

[clooney74]

Re: Voluntary Termination - V5 Doc process /

Also my insurance ran out and I didn’t want to renew because I am in the process of VT so I’ve had SORN the vehicle with the DVLA. I hope I have done this correct, I haven’t been driving it since the insurance ran out but I discovered that it still has to be insured even if it’s sat on my driveway and I’m not using it!

[R0b]

Re: Voluntary Termination - V5 Doc process /

Hi Clooney

There are FCA rules in which lenders must give due consideration to those who are not able to afford the payment in one lump sum and should be reasonable in coming to an instalment plan.

If you sent your letter by post make sure you kept proof of postage, but in situations like this, it would be more beneficial to send an email to the lender's customer service email (if they have one) so that you have an electronic record and they can't deny it was every received.

[clooney74]

Re: Voluntary Termination - V5 Doc process /

Thanks pal. I sent the letter recorded delivery so I no they have signed and received it this morning.