PCP Agreement

[Beau1]

I have paid 46 of 48 payments on a PCP agreement prior to balloon payment due. Having exercised my right to terminate agreement I have received a letter stating there is a 2nd Schedule fee to pay under the agreement terms. What is this? I cannot find anything in the documents about it. Also there is a form to complete and send back with the payment which also states "i also understand that I may have an additional liability if I have not taken reasonable care of the goods and the resale price is adversely affected". The car incidently is immaculate and only be returned due to ill health effecting my income. If I sign this I am worried about further financial implications....

[R0b]

Having exercised my right to terminate agreement I have received a letter stating there is a 2nd Schedule fee to pay under the agreement terms. What is this?

If you don't know what the 2nd Schedule fee is, I'm not sure what makes you think we do as we aren't party to the contract! Have you asked the finance co. what the 2nd Schedule fee is? Some of the people you talk to make it up as they go along so it's best to simply put the question to them than play detective, unless your HP agreement clearly states what a 2nd schedule fee is.

Also there is a form to complete and send back with the payment which also states "i also understand that I may have an additional liability if I have not taken reasonable care of the goods and the resale price is adversely affected".

You are not required to sign any paperwork in order to exercise your right to VT. Secondly, your liability on exercising that right is limited to taking reasonable care of the goods; it doesn't extend to whether the re-sale price is adversely affected because the sale price is not indicative of the car being in an unreasonable condition. There is authority from the courts that this is the case and it is up to the finance co. to prove the condition before the agreement and at the end. No proof, no loss.

My VT guide gives you pretty much everything you need to know.

https://legalbeagles.info/forums/for...on-your-rights