Hello,

I have a car that is on HP from Advantage Finance. I have contacted them regarding a Voluntary Termination of the HP, and am currently awaiting a reply from the company regarding what I need to do next.

Meanwhile, a few questions popped up in my head:

1. Would this affect my credit rating?

2. I have not serviced the car in a while (about 10k miles overdue), and the car has a couple of minor dents and scratches. If I fix the cosmetic issues and service the car now, will they still charge me for damages incurred, etc.?

3. Is there anything I need to watch out for with regards to doing this? Ive read that finance companies tend to draw the whole process out aslong as possible so that payments continue for a while.

Would be nice to hear from people who have gone through this process so I know what to look out for.

Thanks for replying.

M

Hi Bitemarx. I would have the car serviced as it will be in the small print of your finance agreement that the car must be serviced as per the manufacturers service schedule. As to the cosmetics I wouldn't bother. The CCA says you must take reasonable care of the goods i.e. the car needs to be in a reasonable condition for it's age and mileage. If it's a few years old then nobody would expect it to be in the same nick as a new car. If they try to charge you for the cosmetics tell them that the dents etc. were there when you bought the car and let them try to prove that they weren't.

1 No

2they will try it on

3.

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..............example letter..ADAPT TO SUIT.............

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You must vt under s99/100 cca1974. do not signicon any of their forms, or agree to pay anything.

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The car has just to be in reasonable condition for its age.

If you have paid in excess of 50%,

with no arrears there will be nothing to pay.

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Send them the following letter,

they MUST action your request,

you should endeavour to be present at the vehicle inspection---

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VOLUNTARY TERMINATION OF AGREEMENT UNDER S99/100 CCA 1974

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Account No: (xxxxxxx)

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Dear Sir,

I am writing to notify you that I am exercising my right to terminate the above Agreement

under Section 99 of the consumer credit act1974.

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You will understand that the aforementioned section permits the debtor to terminate the agreement

at any time before the last payment is due.

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There is no restriction regarding the exercising this statutory right,

particularly none in respect of any perceived arrears or monies due on termination

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I understand that I shall be liable to you for the amount calculated under the formula in Section 100

of the Consumer Credit Act 1974.

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**As I have/have not paid more than the amount calculated under the formula in Section 100 the amount due is £XXXX/zero.

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The above agreement will be terminated 14 days from the date of this notice.

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Please send me details of how the vehicle can be returned to you.

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You will be aware that statute prevents you from levying a charge for the recovery of this vehicle;

guidelines also state that if you require me to deliver this vehicle

it must be no more than a short (reasonable distance) from my registered address.

.

Please confirm receipt of this request in writing within 7 days of receipt.

.

-Yours etc...

..

Thank you!!