Ford credit - 50% confusion

[jbirkby]

Morning

After a bit of help.

I have a 2 year pcp on ford options which started last October therefore is more than half way through the term.

I've written and want to VT and sent the template letter from this site. They've now come back to me and said I need to pay a further £2700 ish to make upto 50%? and have threatened default notices etc.

Is this the company just trying to recover and hope the threat scares people? Or am I liable for this and should just pay?

Thanks

[R0b]

Re: Ford credit - 50% confusion

Hello,

Have you checked your agreement? There will usually be a box on the pre-contract information which says the amount you must pay before you can terminate. Alternatively, work out the total amount you've paid so far based on your monthly payments and if that is half of the total amount payable then you will have hit that mark.

Do you have the letter to hand that you could upload with your details omitted so I can take a look?

[jbirkby]

Re: Ford credit - 50% confusion

Sorry not got anything to hand as I'm at work.

My first monthly payment was in October 14 and I've paid on time every month so to date I've paid 18 payments out of what they said was a 25m agreement.

I've got the money to pay but don't want to pay if I don't technically need to as I'd sooner have the money obviously. I'm going to go with my argument for aslong as possible and if I find I'm getting nowhere i'll just pay before it starts to effect my credit rating etc. I just don't want to fall short of their hard talking tactics to get people who are scared to pay it etc.

[Amethyst]

Re: Ford credit - 50% confusion

Sometimes if the agreement has a lump sum due at the end of the monthly bits the 50% won't be till near the end of the monthly payments bit.

As R0b said it will depend on your agreement. What advance payment did you pay, what monthly payments have you paid so far - and do they add up to more than 50% of the total cost of the car ?