VT Issues

[valleylady123]

Hi everyone

I am new to the site and would really appreciate advice with an issue I am having trying to help my son VT his car. Help :-)

[R0b]

Re: VT Issues

Hi everyone

I am new to the site and would really appreciate advice with an issue I am having trying to help my son VT his car. Help :-)

Hello, in response to your message you will need to check your agreement. As long as you have paid 50% of the total amount payable then you are entitled to terminate without further liability. If they are claiming you need to pay the balloon payment and that takes you over the 50% mark then that is incorrect.

The agreement will state usually on the front sheet that provided you have paid £X then you can terminate and pay no more. If you have terminated and not reached the 50% mark, then you do owe the money.

[valleylady123]

Re: VT Issues

Hi Rob

Thank you for your quick response. Unfortunately my son has lost his copy of the agreement. If I request a copy are they entitled to forward it to me?

Thanks

[R0b]

Re: VT Issues

Hi Rob

Thank you for your quick response. Unfortunately my son has lost his copy of the agreement. If I request a copy are they entitled to forward it to me?

Thanks

Yes you are entitled to a copy of the agreement, you can request one from them informally and they usually comply. Without seeing a copy of it, I can't tell you whether your son owes all, some or none of the balloon payment. The balloon payment is not normally paid but it depends on how the contract is set up.