Voluntary termination of HP car advice needed please :)

[darlingdarcy]

Hi,

I purchased a car through black horse in 2009, however, i ran into some money troubles and had difficulty meeting my monthly payments. I was sent a letter asking me to attend court to recover the car or i could hand it back voluntarily to prevent incurring court costs. It would go to auction to be sold and i would then be liable for any outstanding monies owed. I have paid more than 50% of the value and wondered where i stand with it all now if i'm handing the car back. Will i still have to pay the monthly instalments if i no longer own the car?

Thank you in advance

[Guest]

Re: Voluntary termination of HP car advice needed please

Do you wish to keep the car and can you afford to make payments in the future.

If the agreement has already been terminated(you received a default notice followed by a termination notice) you will not be able to do a voluntary termination.

[darlingdarcy]

Re: Voluntary termination of HP car advice needed please

Hey,

No, i want to give it back. I spoke to BH and they gave me the following options:

- clear the full balance
- attend court and either 1) be given option to keep the car and continue payment or 2) give car back immediately
- give back voluntarily, therefore not incurring court costs. Car will go to auction and i will have to pay anything outstanding.

However, i recently read something which mentioned if i had paid back 50% or more of value of the car that i was able to just give the car back and not pay anything further. But i'm not sure if i had read this very clearly and was hoping for a little more insight.

Thanks

[darlingdarcy]

Re: Voluntary termination of HP car advice needed please

I also read a few horror stories, where in fact they had given the car back and ended up owing more than to begin with. I have been asked to send/fax a letter confirming the voluntary termination, but i want to make sure i have the correct info i'm sending and not shoot myself in the foot.