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Hi, I’ve requested to VT my car due to a massive change in my circumstances and no longer being able to afford the car. I only have 5 months of the 48 payments left and was advised by Barclays I had paid over the 50% required. They sent me some documents out to sign which they said I needed to sign to process the VT. I did as they asked and signed and returned these. I have also arranged to drop my car at the auction this Friday. I will be taking lots of time stamped photos and videos as per advice. My main concern however is from reading these posts everyone says not to sign the documents they send you - but I signed mine ??! The documents asked when was the Mot next due? Was the car in a drivable condition etc? What date and which auction house would I be dropping it off at etc? They all seemed pretty standard questions. The only one which I have reread back that now concerns me is this statement:
I understand that I will be liable to you for the amount calculated under the formula in section 100 of the consumer credit act 1974. Can anyone explain what this means? What formula?
have I massively shot myself in the foot by diving this?
Also my main concern and las question is when I spoke to a man in BPF to advise I was returning the car this Friday he stated that the balance with balloon payment was £15800 minus interest and that if the car sold for £13k at auction I’d be liable to pay the outstanding £2800 ? But I have paid over 50% and this is surely going against what the VT stands for as I can’t afford this payment? Can anyone help me please I’m worried sick.
I understand that I will be liable to you for the amount calculated under the formula in section 100 of the consumer credit act 1974. Can anyone explain what this means? What formula?
have I massively shot myself in the foot by diving this?
Also my main concern and las question is when I spoke to a man in BPF to advise I was returning the car this Friday he stated that the balance with balloon payment was £15800 minus interest and that if the car sold for £13k at auction I’d be liable to pay the outstanding £2800 ? But I have paid over 50% and this is surely going against what the VT stands for as I can’t afford this payment? Can anyone help me please I’m worried sick.
