Thread: Voluntary Termination

Hi

I am just coming up to my half way point in the agreement which will see me have paid 50% of the agreement.

The figure they state needs to be paid in order to terminate will then have been paid. With this in mind can i VT the car even if there are oustanding insurances as i would have paid the figure detailed in the agreement?

Thanks

hi james

still plugging on i see
the answer to your question is yes

the termination to vt the agreement would be on the agreement 50%
being welcome are multiple agreement, the insurance bit would still have to be paid . look on the isurance bit on the agreement, it will say how meny months, apr, cost etc
your liability ref the car would end, not the insurance.


this is where it gets interesting

you ask them then for a termination figure on the PPI etc, remember, they are a seperate agreement.

ask them to disclose what rebate would be applied for settling early and early termination discount

this point remind them of this

no early termination charges and interest are to be applied as its not in the agreement or t&c

the financial leasing association has no legal powers in this matter and only offer guide lines, not statute law

Hi Postggj

Thanks for the reply. Yeah seems to be one battle after another

It is with Blackhorse i hold the agreement. To clarify so i get it right once i have paid the amount asked for termination they cannot refuse the VTas it is in the agreement?

The insurance would be a seperate matter which payment propsals would need to be made?

Finally do they have to offer a rebate on a VT?

Thanks for your help

You Have Got It

The Rebate Will Be PPI Rebate And Early Settlement interest

Thanks for your help, just needed to get the facts right as with Blackhorse they have a habit of making it up as they go along.

Hi

Another question regarding this. I am not currently paying the Insurance payments on the agreement as it is currently in dispute but i am maintaining the regualr monthly payment as per the agreement for the car alone.

I am in my rights to do this?

Thanks

Yep

Even better was getting bit worried there as Darkhorse were saying i shouldnt have cancelled the insurance payments(which of course they would) and and have been charging me £25 a month for been behind on my agreement sometimes even £50.

Thanks

The Insurance Would Be A Seperate Agreement
Nothing To Do With The Original Loan

Thanks

On my agreement it shows the insurance on the main agreement in a box headed; Insurance - Key Financial Information.

The goes on to say duration of this agreement is 48 months at £17.76.

So as you said in your last post it is a seperate agreement even though it is all detailed on 1 page?

Yea Blackhorse have a policy where the insurance package is paid for up front so its added on to the original amount borrowed.
Eg: Car 6000
interest 2000
Insurance 700
Total 8700

With these policies your VT docs will include x amount for the remaining payment protection even if you have paid over half.
HOWEVER, if you simply send in a letter saying you wish to cancel your payment protection then the remaining insurance will be removed.
Then as long as you are up to date with your payments and have no charges you should get away with handing the car back and walking away!

I have read over the agreement and it has the figure for VT the agreement.

It does not say anything about extra for the insurance simply says i can exercise my rights to terminate at the figure quoted.

The insurance is not PPI it is GAP but is an a seperate section the rest.

Thanks

AAhhhh ok, GAP insurance is different to PPI. PPI covers you for things like accident, sickness, unemployment, life and critical illness. GAP covers your car, so if its written off and the insurance claim only pays half the finance GAP insurance covers ..... well the gap!

With Blackhorse, Gap insurance is not separate like "postggi" suggested so you dont need to cancel it first.

If I were you I'd just give Blackhorse a call, tell them you are interested in handing the car back and want to know if you have paid half yet. Aviod calling customer service because they dont really know much, I found I got the best service when talking to Collections on 0870 240 2262.

Let us know how you get on!

My last payment to bring it up to 50% will be in January and i cant wait.

They can keep their 38%apr.

Even though the Gap is shown on the agreement will this affect my termination rights as they paid for it upfront and added it to the policy. I just need to get it crystal clear before i proceed as they have been nothing short of a nightmare.

Thanks for your help.

it wont effect it much, i'll give you an example:

Cost of car: 7500
Cost of GAP: 600
interest: 2900
Setup fees: 200
Total Agreement: 11,200
1/2 the total agreement would be £5600 and thats what you have to pay before returning it.
Remember when working out what you have paid towards the loan so far include any deposit you gave the dealer.

As i said previously the Gap is in a different section.

The VT section states the amount for the car payments alone not including the GAP Payments. It states i can exercise my right to terminate when £4600 has been paid. Doesnt say nothing regarding GAP Payments having to be included on that.

Thats what i am trying to get clear as i know full well when i go to terminate the agreement they will try allsorts as that is the type of company they are.

Thanks

james

the gap is a seperate agreement

you can do a vt just on the car, no probs

the insurance will be left for which you can then go to war but the gap is not a condition of a vt

Thanks Postggj

Just wanted to get my facts right rather than look stupid. Be glad when the flaming thing has gone.