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Hello one and all.
I have a car through ACF and funded via TFC. I am about 26 months into a 62 month term, and now wish to end the agreement.
I would like to VT the car and pay the extra 5 months to allow me to do that, but as I understand it a BOS means this is not possible; is there any clause that allows one to exit a contract under a BoS early, without having to pay the remaining balance in full. All payments upto now have been paid on time, and via DD.
The car was approx £8k, and as you can imagine, there is still nearly that amount owing, whereas the car is only worth £3k and I am due to change it anytime soon - I had no other option at the time, and was keen to rebuild an impacted credit record, hence shaking hands with the devil 26 months ago.
You can only VT your agreement if it is a HP agreement. Unfortunately TFC do like a good Bill of Sale which unfortunately does not allow you to VT your agreement. What you need to so is find out if Bill of Sale is valid or not.
The statutory requirements for a bill of sale to be valid.
1. The bill of sale must be in the correct form and contain the prescribed information contained in the 1882 act.
2. The bill of sale must be registered.
If either requirement is not met, the bill of sale is void (that is, the security will not be enforceable, although the underlying debt may be) A bill of sale can only be enforced if it was properly registered. Since this is an expensive and difficult process, it is rare that this actually happens. However, failure to register the bill of sale renders it void, and so renders any security on goods void.
I can't offer specific advice on your bill of sale, however it is worth checking whether the bill of sale has been registered at the High Court. To be legally valid it must be registered.
The bill of sale must be filed with the court within seven days of execution, the bill will also lapse unless it is re-registered after five years. As registration is complex and cumbersome many lenders do not bother doing it. To find out if the bill of sale is registered:
· Make a written application (no internet service) with a £40 fee (recorded/special/registered delivery)
· Provide the name and address of yourself and the other party
· It is likely that you will receive a response within a couple of days.
· The address is Judgement and Orders Section, Room E15, Royal Courts of Justice, Strand, London, WC2A 2LL
TFC ACF Bill of Sale VT
means this is not possible; is there any clause that allows one to exit a contract under a BoS early, without having to pay the remaining balance in full. All payments upto now have been paid on time, and via DD.
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