VT - can i cancel my direct debit?

[thischarmingman]

Hi all.

I have a HP agreement and have notified the finance company via the phone that i wanted to voluntary terminate as i wanted to drive a different car and have paid in excess of 50% of the total amount payable.

They sent me a form which i completed before finding this forum - hope i haven't signed my life away.

Form reads "I wish to exercise my statutory right to Voluntary Terminate my agreement with you.I confirm that I have read and understood the contents of this letter, and confirm I understand
I may have an additional liability if I have not taken reasonable care of the goods and the
resale price is adversely affected.
Signed "

My initial question is as i have paid in excess of 50% of the total amount payable can i cancel my current direct debit. I spoke to a lady in the call centre and she told me that the normal process was to keep the direct debit going i advised that i thought my liability was 50% of the original agreement and that i could cancel, response was as i still had access to the car i should keep it going.

Can someone advise what i am able to do without blackening my credit rating.

Paul

[ostell]

Re: VT - can i cancel my direct debit?

If they have received the form then there is no agreement and therefore no need go pay any more. Phone up just to check they gave received the form before you cancel.

[thischarmingman]

Re: VT - can i cancel my direct debit?

Many thanks ostell.

I have written to the FInance company and advised of my action.

I've also asked them to confirm the total amount payable, the total i have paid including trade in / deposit and also whether any payment still due (the now cancelled Direct debit) can be taken from the excess of what i have paid vs what i needed to pay.

I've asked when and to whom i should transfer the registered keeper over - this bit still confuses me!

Paul

[ostell]

Re: VT - can i cancel my direct debit?

If they have received the signed form then there is no further liability as long as you have met the 50% figure. The figure should have been on your agreement. The car now belongs to the finance company so you can change the V5 details and that can be done online. Tell the company that you are doing that and therefore they will need to provide insurance and tax for the vehicle