Thread: Hire Purchase - Voluntary Termination

Hi,

I'm sorry to ask this question (as I'm sure it has been asked a million times) but how exactly does a voluntary termination work?

What happens if the car is worth less then what is outstanding on it?

I have some example letters to send to Blackhorse to VT however I'm worried that I will be stung for a lot of ££ once the car is taken back!

Thanks in advance,

S T

on your finance agreement will be a part where you can terminate the agreement
reach this figure and you can hand the car back and owe nothing

does not matter on the value of the car

as long as you have paid back 50 %

the vehicle will be assessed by the rac or aa

as long as the car is in a good condition for its age and milage, no probs

it will be taken to an aution and sold

and remaning debt will be wiped out

the only exception is if you have any extras on the agreement like payment protection insurance but any rebate will see to that

hi i have a car from welcomei have had my car 2yrs. i havnt missed a payment and having to send it back as my hubby lost his job in dec and cant afford 2cars and they have come up saying i owe 1500 on insurance.they have told me i will get credit blacklisted for not paying this i havnt said i wont pay it.but i just dont know wat to do i am so upset its untrue

Originally Posted by postggj

on your finance agreement will be a part where you can terminate the agreement
reach this figure and you can hand the car back and owe nothing

does not matter on the value of the car

as long as you have paid back 50 %

the vehicle will be assessed by the rac or aa

as long as the car is in a good condition for its age and milage, no probs

it will be taken to an aution and sold

and remaning debt will be wiped out

the only exception is if you have any extras on the agreement like payment protection insurance but any rebate will see to that

Thanks! I assume the first thing to do is get a copy of my agreement?

I appreciate this may be 'sucking eggs' for some of you but its like a bloody minefield out there haha

S T

Well unless you've lost your own copy. You're not trying to dispute an account, merely terminating an agreement.

Btw, just in case, take lots and lots of photos of the car's condition, inside and out before you hand it over

Wakeymel, hit the 'New Thread' button and start a new one, as you will get some help and not confuse this thread

Originally Posted by wakeymel

hi i have a car from welcomei have had my car 2yrs. i havnt missed a payment and having to send it back as my hubby lost his job in dec and cant afford 2cars and they have come up saying i owe 1500 on insurance.they have told me i will get credit blacklisted for not paying this i havnt said i wont pay it.but i just dont know wat to do i am so upset its untrue

pleae start your own thread and i will deal with this for you

Originally Posted by Maggie_moo

Well unless you've lost your own copy. You're not trying to dispute an account, merely terminating an agreement.

Btw, just in case, take lots and lots of photos of the car's condition, inside and out before you hand it over

In all honesty I did get a form from the dealership but it in no way resembles a Credit Agreement.

Will ask Blackhorse to send me a copy ASAP!

Thanks for your help guys

S T