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Hi
Firstly must say this forum seems absolutely amazing with help and advice.
Looking for some advice on the email received from finance company regarding voluntary termination of car on HP agreement.
I have paid over the 50% balance amount.
With regards to the email, I am slightly confused after reading other posts. Are charges a reason for holding up the VT or are they a seperate matter and not added taddhe finance amount account.
The car does have some paintwork damage, so can expect some charges - however are these dealt with after the fact of the VT or are they included as part of the process. The car is 13 year old with 120k miles on, so not showroom condition - but also not trashed at the same time.
Email from finance company;
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Please find a brief explanation of a voluntary termination. From us sending out the link for you to complete to the voluntary termination your agreement it will be showing on your credit profile within 6-8 weeks.
Please be aware that the voluntary termination of your agreement is subject to your vehicle being in reasonable working order and roadworthy condition, with a valid MOT that won’t expire until at least 1 month after you look to voluntary terminate.
If the vehicle isn’t in reasonable working order, then it could mean that the voluntary termination is rejected or there may be “make-good” costs to get the vehicle into roadworthy condition.
If there are “make-good” costs and these aren’t paid in one payment, then this could lead to a default being applied to account and the voluntary termination being with liability until this balance is paid.
If there are “make-good” costs, we would look to contact you to advise you of these and discuss how you would wish to proceed.
If you have paid half the total amount payable on your credit agreement and your account is up to date, the vehicle is roadworthy, then you can hand the vehicle back with no outstanding balance left to pay and no impact to your credit file.
If you have not paid half the total amount payable on your credit agreement, you can still hand the vehicle back, but you would have an outstanding balance left to pay ,up to the halfway payable stage and this would be added to your credit file as a 6-year default.
If you wish to go ahead with the voluntary termination process, we will send out a voluntary termination link for you to complete. Please ensure you include pictures of all four sides of the vehicle, pictures of the interior and a picture of your dashboard with the engine switched on.
Once this link has been submitted and reviewed, we will then send you a zero-damage estimate email for you to accept.
Once you accept the zero-damage estimate email, we will then book the vehicle in for collection with our third-party company The Motor Auction group, who will call you within 7 days to arrange a time and place that is .
Many thanks
Firstly must say this forum seems absolutely amazing with help and advice.
Looking for some advice on the email received from finance company regarding voluntary termination of car on HP agreement.
I have paid over the 50% balance amount.
With regards to the email, I am slightly confused after reading other posts. Are charges a reason for holding up the VT or are they a seperate matter and not added taddhe finance amount account.
The car does have some paintwork damage, so can expect some charges - however are these dealt with after the fact of the VT or are they included as part of the process. The car is 13 year old with 120k miles on, so not showroom condition - but also not trashed at the same time.
Email from finance company;
--------------
Please find a brief explanation of a voluntary termination. From us sending out the link for you to complete to the voluntary termination your agreement it will be showing on your credit profile within 6-8 weeks.
Please be aware that the voluntary termination of your agreement is subject to your vehicle being in reasonable working order and roadworthy condition, with a valid MOT that won’t expire until at least 1 month after you look to voluntary terminate.
If the vehicle isn’t in reasonable working order, then it could mean that the voluntary termination is rejected or there may be “make-good” costs to get the vehicle into roadworthy condition.
If there are “make-good” costs and these aren’t paid in one payment, then this could lead to a default being applied to account and the voluntary termination being with liability until this balance is paid.
If there are “make-good” costs, we would look to contact you to advise you of these and discuss how you would wish to proceed.
If you have paid half the total amount payable on your credit agreement and your account is up to date, the vehicle is roadworthy, then you can hand the vehicle back with no outstanding balance left to pay and no impact to your credit file.
If you have not paid half the total amount payable on your credit agreement, you can still hand the vehicle back, but you would have an outstanding balance left to pay ,up to the halfway payable stage and this would be added to your credit file as a 6-year default.
If you wish to go ahead with the voluntary termination process, we will send out a voluntary termination link for you to complete. Please ensure you include pictures of all four sides of the vehicle, pictures of the interior and a picture of your dashboard with the engine switched on.
Once this link has been submitted and reviewed, we will then send you a zero-damage estimate email for you to accept.
Once you accept the zero-damage estimate email, we will then book the vehicle in for collection with our third-party company The Motor Auction group, who will call you within 7 days to arrange a time and place that is .
Many thanks
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