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I'm sure you're sick of reading about these, but I'm in a slightly different situation to other people who have posted about this topic.
On 26th January 2021 I sent my finance company a letter (and also an email):
Dear Sir / Madam,
TERMINATION OF AGREEMENT PURSUANT TO S.99
OF THE CONSUMER CREDIT ACT 1974
Agreement number: ************
Registration: ******
I am writing to notify you that I wish to invoke my statutory right under section 99 of the Consumer Credit Act 1974 and hereby give you notice that the agreement is terminated effective immediately from the date of this letter. Please confirm by return acknowledgement of this letter and to make arrangements for collection of the vehicle.
The condition of the car is noted as being in a reasonable condition for its age and photographic evidence has been taken in the event of any future dispute as to the condition of the vehicle.
You will be aware that the Consumer Credit Act limits my liability to half of the total amount payable under the agreement but excludes any sum payable as a penalty, compensation or damages for a breach of the terms of the agreement. Such terms imposed are inconsistent with my rights under the Act and are therefore deemed void and unenforceable.
The vehicle is now available for collection and I would be grateful if you could contact me on *********** to arrange a suitable time within the next 14 days.
Yours faithfully,
At the time of sending the letter & email, I only had 2 months left of my finance agreement. I have never missed a payment.
My next payment is March 1st 2021 and that would be my final payment before having to either give the car back (and pay £2K for extra mileage) or pay a balloon payment of £5000 (plus an extra £2K for mileage) to keep car (I do not want to keep it and cannot afford the extra mileage).
I've read that if my final payment in March is taken, then I am unable to invoke my statutory right under section 99 of the Consumer Credit Act 1974 to terminate my agreement because it's come to the end. Is that right?
Thanks very much
On 26th January 2021 I sent my finance company a letter (and also an email):
Dear Sir / Madam,
TERMINATION OF AGREEMENT PURSUANT TO S.99
OF THE CONSUMER CREDIT ACT 1974
Agreement number: ************
Registration: ******
I am writing to notify you that I wish to invoke my statutory right under section 99 of the Consumer Credit Act 1974 and hereby give you notice that the agreement is terminated effective immediately from the date of this letter. Please confirm by return acknowledgement of this letter and to make arrangements for collection of the vehicle.
The condition of the car is noted as being in a reasonable condition for its age and photographic evidence has been taken in the event of any future dispute as to the condition of the vehicle.
You will be aware that the Consumer Credit Act limits my liability to half of the total amount payable under the agreement but excludes any sum payable as a penalty, compensation or damages for a breach of the terms of the agreement. Such terms imposed are inconsistent with my rights under the Act and are therefore deemed void and unenforceable.
The vehicle is now available for collection and I would be grateful if you could contact me on *********** to arrange a suitable time within the next 14 days.
Yours faithfully,
At the time of sending the letter & email, I only had 2 months left of my finance agreement. I have never missed a payment.
My next payment is March 1st 2021 and that would be my final payment before having to either give the car back (and pay £2K for extra mileage) or pay a balloon payment of £5000 (plus an extra £2K for mileage) to keep car (I do not want to keep it and cannot afford the extra mileage).
I've read that if my final payment in March is taken, then I am unable to invoke my statutory right under section 99 of the Consumer Credit Act 1974 to terminate my agreement because it's come to the end. Is that right?
Thanks very much
