HP car can’t pay

[00kitty]

R0b
Hi, Wondering if I can VT took new car out on HP in Dec 2017 payments at £400 per month. APR 15% total to pay near on 24k over 5 years.
long story short I got a new job 6 months ago and no longer need car, I’m £1700 behind on payments due to other expenses, have only paid £3k off vehicle. Can I VT when I’m in debt to them, I have emailed asking them to collect vehicle but wondering if I should send official VT template by letter and email (as thinking this may work out cheaper than them classing as repossession). Or would I need to try and pay the £1700 (possible on payday but would then be skint for month) and then VT?
advice much appreciated and realise I should have probably asked for help 3 months ago

Thanks

[00kitty]

They have already issued me with a default notice if this makes any difference

[R0b]

Has the default notice expired? If not, you should be eligible to terminate the agreement. I'm pretty certain that the default notice must tell you that you have the right to terminate the agreement under section 99 i.e. VT. Usually exercising the VT right is the cheaper option, if you don't do that or comply before the deadline which is usually minimum of 14 days, then you will owe the full balance.

You could, as recently discussed, make an application for what is known as a Time Order and ask the court to re-calculate the repayments on top of your monthly instalments without being in default. It effectively reverses the position of the finance co. terminating the agreement.

If you could, it would be helpful to post up a copy of the default notice, with your personal info redacted.

[00kitty]

The default notice expired on 30/12/18

[00kitty]

Have no use for the car now due to job change so though I’ve thought about the time order really just want rid of it now and to resolve, they are saying they have instructed collection already though up until yesterday I was offering to pay £800 this month (this Friday) and £800 next they say they want all arrears this Friday