Hello - VT Car Finance

[Froz]

Hi

I am now terminating my PCP contract. I have sent the letter as per the sample on this site and await confirmation. I did ring them two days ago and they said they are sending some forms in the post and once they receive them they will arrange cancellation. I have since read that the contract can be terminated from the date of my letter and I have stated this in the letter. Do I still complete whatever forms they send me? My next direct debit is due to come out next week - shall I cancel it? I do not want any arrears to show on my credit file but I am also over the amount that is the halfway point where I can terminate. I have a private plate on my car so do I just contact DVLA now to get my plate placed on retention and a new plate allocated to the vehicle being returned. Will this cause any confusion with the finance company? Sorry for so many questions.thanks

[R0b]

Morning,

The link below answers your queries, take a look at it first.

http://legalbeagles.info/forums/foru...on-your-rights

[Froz]

Thank you. I have read this - there is so much to take in. I understand that I am within my rights to cancel the monthly instalment but I am scared my credit will be affected and do not object to paying, however, the mileage agreed on the car over 37 months was 30,833 and now after 30 months I have done 33,150. I have calculated that they could charge me over £400. Again I accept this could be the case but by paying both the instalment and the mileage amounts to a lot of money. I guess it is a risk I choose to take regarding my credit score. I am due to re-new my mortgage in a few months so timing isn't good. Can I go ahead and change the registration plate today?

[R0b]

You should ideally change your plate as early as possible because the finance company is likely to reject it or not collect if the plate isn't original, and any costs incurred which are your fault by failing to inform them or make the necessary changes prior to them coming out to collect the vehicle might fall at your feet.

If you were to cancel your broadband contact and the date for that cancellation is 1 July 2018, would you pay your broadband company for the following month? Of course you wouldn't because the contract is cancelled and you would have overpaid. The same principle applies to your hire purchase contract but if you are too scared to even cancel your direct debit then you might as well pay the finance company the excess mileage because that is a lot more hassle.

Only you can make your own choice and what's best for you.

[Froz]

Ok thank you for that. I will go ahead and cancel the direct debit then. I would rather not have a fight over mileage as I know it is far more of a grey area and I know I will have to pay something at least. I will today sort the registration as I know DVLA do it immediately. Thanks again.

[Froz]

I have just received the forms from Honda in the post this morning. They are asking for me to sign the following;

"I wish to exercise my rights under Section 99 of the Consumer Credit Act (1974) and terminate my agreement with you. I understand that if an inspection of the vehicle shows that it is not in good condition for its age and mileage or I have failed to adhere to my obligations in respect of maintenance and servicing, the amount owed may be increased to cover any loss in value"

Do I not sign this and just send me registered letter and this will suffice? I know they are just trying to get me to sign so they can charge me for anything.

thanks again