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Hi I'm new here.
l have car finance with Moneyway, and have paid about 55% of the agreement. Unfortunately l lost my job end of July and can no longer keep up with the payments. My account was one month in arrears. After reading through this forum, l decided that voluntary termination was the best option, so l sent a letter requesting this.
I have received a letter back saying l can't do a voluntary termination because my agreement was terminated 2 years ago, my only option is to voluntary surrender. I'm confused about this, l know l had issues with the lender 2 years ago, when l had a debt management plan, though the car finance was not part of it, they terminated the agreement and attempted to repossess the car. After clarify the issue, l kept the car and they have continued to collect the payments and send me statements and update it on my credit file.
They even issued me with a default notice when my account fell 2 months behind in September. I have talked to them about this but they still insist that my agreement was terminated, so l have lost my right to voluntary terminate, but l can voluntary surrender or they will repossess the vehicle.
What are my options here please? Or do l just have to voluntary surrender to them?
Thank you for your help.
l have car finance with Moneyway, and have paid about 55% of the agreement. Unfortunately l lost my job end of July and can no longer keep up with the payments. My account was one month in arrears. After reading through this forum, l decided that voluntary termination was the best option, so l sent a letter requesting this.
I have received a letter back saying l can't do a voluntary termination because my agreement was terminated 2 years ago, my only option is to voluntary surrender. I'm confused about this, l know l had issues with the lender 2 years ago, when l had a debt management plan, though the car finance was not part of it, they terminated the agreement and attempted to repossess the car. After clarify the issue, l kept the car and they have continued to collect the payments and send me statements and update it on my credit file.
They even issued me with a default notice when my account fell 2 months behind in September. I have talked to them about this but they still insist that my agreement was terminated, so l have lost my right to voluntary terminate, but l can voluntary surrender or they will repossess the vehicle.
What are my options here please? Or do l just have to voluntary surrender to them?
Thank you for your help.
