Voluntary Termination H.P

[mgwhitter]

Hi read an article on here about this

[url]http://www.legalbeagles.info/forums/showthread.php?77612-How-to-Voluntary-Terminate-a-HP-Agreement-*UPDATED*[/url] written by username: R0b

Got in touch with my finance company informed them that would like to exercise the right as i am getting a car through a work scheme and would make no sense keeping both cars.

I also sent i a letter as per the article.

I've had the car on the finance for last 2 and half years on a 4year plan so assumed that would be over half the agreement.

However just got a letter from Blackhorse who are the finance company to say im not half way through the agreement as to them half is when i've covered half the value of the full agreement including the interest rates.

So if i was to hand the car back in there will be a payment to make quite significant. Then the letter goes on to state that if i do agree to end the agreement they are also going to record a DEFAULT on my credit file to say i didnt complete the agreement.

Now i read in the article above that this doesnt affect you credit score, so guess my question is are the finance company right in recording such marker on my credit report or its that something that i can fight?

If not then leaves me with no option but to keep the car as i cant afford to have that marker on my credit file.

Please help!

[mgwhitter]

Re: Voluntary Termination H.P

apologies if I've posted this in the wrong thread

[R0b]

Re: Voluntary Termination H.P

Hello

Are you able to post up this letter that you received? It is very misleading if they are saying they are going to record a default on your credit report. The right to terminate is a statutory right and there is no default in exercising it. Blackhorse would be in breach of data protection if they did that and you would have a claim against them.

It is wrong to assume that because you have paid half of the contract you must have paid half the amount - you should have read the guide more carefully as it does explicitly set out the different types of agreements and also how to calculate how much you have paid.

Strictly speaking, if you have already given notice to terminate then you can't withdraw that notice although you could simply carry on as normal if both parties agree, though technically that would be a new agreement in itself.

If you post up the letter with your personal info redacted then I can comment further - you can do this on the forum itself or you can go to an image hosting site like https://postimages.org/ and provide the thumbnail link.

[mgwhitter]

Re: Voluntary Termination H.P

Thanks for your reply Rob.

Yeah that was an error on my end didn't read your thread thoroughly, that's my mistake sorry about that.

I have attached a copy of the first two pages of the letter that I received.

Thanks

[R0b]

Re: Voluntary Termination H.P

Could you upload the second page again, can't seem to open it properly.

[mgwhitter]

Re: Voluntary Termination H.P

Hope this one is better


Thanks