Hi there... could anyone please help with voluntary termination

[Shutterz]

Hello... Ive been scouring your site for hours for advice on voluntary terminating my peugeot. I called peugeot to ask them how to go about terminating my agreement and the lady said I had to put my request in writing. I was on the passport scheme and had a balloon payment at the end. My contract finance agreement states HIRE PURCHASE at the top.

I received a letter back from peugeot stating that I had to sign a document declaring I would pay any excess milage and that i would be liable for any damage to the car.

I read on this forum in a previous post that I do not have to sign anything... Does this apply to this letter that I have received today because the lady from peugeot finance said I have to sign this to begin the VT process. Am I better off sending one of your template letters? If so could you tell me which one?

I have to pay a sum of £900 to get to the 50% mark even though I am on month 26 of a 37 month agreement but Im assuming that this is because of the balloon payment and the added interest of the whole term?

The final question I have is regarding the excess milage. I have read that under the consumer credit act I do not have to pay any excess milage because I have paid the 50% under voluntary termination and under the consumer act it states "there is nothing else to pay". I am scared to go ahead and terminate and then be billed for 6000 worth of excess miles.

I would be so grateful for any help you could give me.... Thank you.

[ostell]

Re: Hi there... could anyone please help with voluntary termination

Have you read the sticky here ?

[Wombats]

Re: Hi there... could anyone please help with voluntary termination

Have a read here:



http://www.legalbeagles.info/forums/showthread.php?34548-Voluntary-Termination-of-a-Hire-purchase-or-conditional-loan-under-the-CCA-1974



Edit: Ostell beat me to it!

[Shutterz]

Re: Hi there... could anyone please help with voluntary termination

Hi there.. Thanks very much for the reply.. I will have a good read through tomorrow and get back to you! My eyes are burning from all the reading so far... Theres so many clever peeps on here. Thanks again and I'll be in touch

[Wombats]

Re: Hi there... could anyone please help with voluntary termination

If it helps, I think there was a case similar to yours recently, so reading the last few pages may give you your answer.

[Shutterz]

Re: Hi there... could anyone please help with voluntary termination

Hi there.. Thanks very much for the reply.. I will have a good read through tomorrow and get back to you! My eyes are burning from all the reading so far... Theres so many clever peeps on here. Thanks again and I'll be in touch

Hi again...

ive read the stickies you sent me and thanks so much for the point in the right direction. Your advice and knowledge is amazing!! Just wonder if I could clarify a few points before I start the ball rolling?

1. Do you think I should send one of your template letters so that I'm not signing their VT letter where I would be signing that I agree to pay the excess milage?

2. I have a receipt for £200 deposit that I paid to the dealer. Peugeot finance state that this money has nothing to do with the finance agreement I took out and I would have to take this up with the garage and therefore would not come off the £976 that I owe them to take me up to the 50% mark.

3. Do you think I will have to pay for the excess milage or do u think I have grounds to fight this? I am in 19500 miles ( was contracted for 6000 miles per year) the car is 2 years old. I read a couple of others experience of this in your posts.

Thank you very much much for any advice

[Wombats]

Re: Hi there... could anyone please help with voluntary termination

Hi again...

ive read the stickies you sent me and thanks so much for the point in the right direction. Your advice and knowledge is amazing!! Just wonder if I could clarify a few points before I start the ball rolling?


1. Do you think I should send one of your template letters so that I'm not signing their VT letter where I would be signing that I agree to pay the excess milage?

It won't harm to take the upper hand and send one from here.

2. I have a receipt for £200 deposit that I paid to the dealer. Peugeot finance state that this money has nothing to do with the finance agreement I took out and I would have to take this up with the garage and therefore would not come off the £976 that I owe them to take me up to the 50% mark.

Any deposit should be taken into account - the agreement should state the amount you need to reach.

3. Do you think I will have to pay for the excess milage or do u think I have grounds to fight this? I am in 19500 miles ( was contracted for 6000 miles per year) the car is 2 years old. I read a couple of others experience of this in your posts.

Always difficult. Can a contractual term take precedence over legislation? We would argue it can't, they would argue it can. Legislation states normal wear and tear, so 2 years = 24-30K miles, you're under both. I'm sure your mileage was going to reduce substantially to bring it within the 6K per year over the remaining term anyway! :tinysmile_twink_t2:

Thank you very much much for any advice

Wombats

[Shutterz]

Re: Hi there... could anyone please help with voluntary termination

Hee hee to your answer about the milage... That was my plan exactly! :heh:Thank you very much for your advice! I'll post my progress soon. I'm taking the car for its 2 years service tomorrow then I'm sending the letter! Eeeek! Time to cut my losses with peugeot! They've had me by the short and curlies since 2009! I'm onto my third car and negative equity is spiralling out of control. Each time the dealer has persuaded me into a new deal saying it's the only way to avoid the excess milage charges! Wish I'd known about this VT business 2 years ago!! Anyhoo rant over... I'll keep in touch and thank u again!

[Shutterz]

Re: Hi there... could anyone please help with voluntary termination

Hi Wombats,

Well I'm ready to hand my old car back now... I have had a new quote to return it to them which is £214.60. As I mentioned earlier I have the receipt for a £200 deposit which I paid to the dealer. Peugeot finance are saying that this does not count. I have rang the garage where I bought the car and they say that it should count. Can I pay the £14.60 that I owe to take it to the 50% mark and demand they collect the car or do I have to pay the £214.60 and try and recoup the money later?

Thanks so much for any advice

Claire.