voluntary termination of caravan finance

[R0b]

So the default notice dated 6 November 2019, is that the date of the notice or the date you must have made the repayment? I ask because they refer to your letter dated 18 November, so if you didn't give notice to terminate before the due deadline, you can't VT. As long as the date of termination in your letter precedes the due date in the default notice you should be on safe ground.

Are you able to provide a copy of the contract, they have referred to your agreement but no clause number.

If they have terminated the notice, then your argument has two grounds, first and foremost a repudiation of the agreement and then secondly, if no repudiation, the VT was valid.

I think your next step should be making a formal complaint but complying with the collection/return of the agreement.

[irnbrukid207]

Hi Rob, the default notice was issued on 6th November 2019 and payment was to be made before 22nd November 2019, the VT from myself was issuedÂ*
on 18th November 2019, hopefully you can read they attachments, thanksÂ*

[irnbrukid207]

Did you manage to read them Rob, thanksÂ*

[irnbrukid207]

Hi Rob, been in touch with the finance company this morning, there an unhelpful stubborn bunch and stated I have received there*
response and thats the end of it, do I make a formal complaint to them firstly before anywhere else, thanks*

[R0b]

Hi,*

I think a formal complaint is necessary at the very least, but I will answer properly later today

[R0b]

Just to follow up on this, I think you should make a formal complaint to the Financial Ombudsman, I have a feeling I've come across decisions from them i the past where they have categorically stated that the consumer can terminate the agreement at any time before the final payment becomes due and that includes when a default notice has been issued.*

Otherwise, your other option is to wait it out and see if they sue you, then counterclaim for wrongful terminate and seek all sums paid under the contract as damages (I believe there is case law authority on this too).

[irnbrukid207]

Hi Rob, i replied stating there interpretation of the law is wrong, asking them to point out where in the legislation it states i can only VT when half has been paid, also giving them 7 days to accept the VT or i will treat it as repudiatory breach of the agreement, and will write to them accepting there repudiation, discharging me from future obligations, i await there responce, thanks*

*

[irnbrukid207]

Hi Rob, got an update on this, I got a reply to my letter from there solicitors saying I am correct in regards to the VT, but I have to pay the shortfall, so I replied saying I agree, but I am going to complain to the ombudsman about there conduct etc lack of affordability check and lack of help to people in bad financial positions, today I got another reply from the finance company stating how much the shortfall will be, then it says they will continue with the repossession and will be writing off any outstanding debt once the caravan has been sold, I imagine this means I will owe them nothing, thanks*

[R0b]

Would you mind uploading the letter redacting personal information?

Difficult to know exactly what they might be saying without reading it in full context.

Also, the solicitor letter too if you don't mind.*

[irnbrukid207]

Hi Rob have attached, thanks*

[R0b]

The letter from the finance company doesn't make sense in some respects. The solicitor letter clearly states that you have the right to terminate but you remain liable for the outstanding amount making up 50% of the total price. That's not what the finance company says and then they go on to talk about repossesison of the caravan. The choice of words in my view makes it misleading and perhaps unclear.

It does seem like what they are saying is they are writing off the balance and to cancel your standing order so that point at least seems pretty clear. You could write to acknowledge this and expect that all records will be updated to reflect the fact that the account is now closed with nothing further to pay.

[irnbrukid207]

Have replied Rob just like you suggested, I will await there response, thanks again