Help with VT point on HP agreement.

[GazNicki]

Can someone please help me with understanding my rights to VT on a HP agreement?

I purchased the caravan for £11995.
I paid a cash deposit of £5691.
I took out a HP agreement on the remaining balance of £6304.

Including the interest at 12.9% APR, the total amount repayable is £7997.28

Am I right in thinking that the VT point of this is 50% of the total amount repayable? So the VT amount should be £3998.64?

[R0b]

Re: Help with VT point on HP agreement.

The calculation for the total amount payable is as follows:

Total credit + Total charge for credit + any advance payment (deposit for example) = Total amount payable

As I understand it from your post it would be:

11995 + Total Charge for Credit + 5691 = Total amount payable

You should be able to see all of these calculations on your contract usually on the pre-contractual information page. There will also be a clause somewhere saying "Termination: Your Rights" which says how much you need to pay to terminate without any further liability. You can then calculate your monthly payments to date together with your deposit and see if you have reach the 50% mark.