Marc Gander - The Consumer Survival Handbook


A 220 page introduction to all things consumer related by our own BankFodder.

Includes energy companies, mobile phone providers, retailers, banks, insurance companies,debt collection agencies, reclaim companies, secondhand car sellers, cowboy garages, cowboy builders and all the rest who put their own profits before you.

£6.99



Patricia Pearl - Small Claims Procedure - A Practical Guide


An excellent guide for the layperson in how to use the County Court - a must if you are intending to start a claim.

£19.99 + £1.50 (P&P)


Results 1 to 13 of 13
  1. #1

    Default Voluntary Termination - Advantage Finance

    Hi All,

    I am looking for some help, my husband has recently passed his driving test but only has an automatic licence and we are in the process of changing our car. We have already been accepted for finance for a new car with another company with better rates.

    We took out hpicon finance with Advantage Finance in July 2016, the agreement was for 54 months. If my calculations are correct we have made 29 payments back which is over the 50% they state you need to pay before you can proceed with a VTicon. I have sent an email and letter to inform them I was to terminated with immediate effect and I am awaiting their reply. (I have attached a copy of the letter/email sent)

    I have never been in this situation before and want to know what my next steps should be? I have never been in arrears with them, never missed a payment or been late with a payment.

    I just made a payment for the car on the 26th January 2019 (this would have been payment 29), should I still make my payment in February on should I cancel my direct debiticon?

    I have been reading quite a few threads lately on dealing with Advantage when proceeding with a VT and I am petrified they try and charge us extra for scratches etc. that were already on the car when we originally purchased it. I will take lots of photos before it goes back, I have had it professionally valeted and washed also.

    Any help is much appreciated.


  2. #2

    Default Re: Voluntary Termination - Advantage Finance

    well they cant charge you anything more
    inc any bogus charges for collection either.

    as per what you have read I expect make SURE you take extensive photos of everything to do with the car.

    inside body panels
    underneath on a selfie stick.
    video is good too.

    they will try and get you on dings and dents and scratches they always do.

    but fair wear n tear overrides their silly games.

    did you send our VTicon letter?
    cant see any attachments [read uploadicon use PDFicon only]

    PLEASE REFRAIN FROM HITTING 'REPLY WITH QUOTE' IF YOU ARE SIMPLY REPLYING TO THE LAST POST IN A THREAD..JUST TYPE!!
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    If you want advice please PM me a link to your thread. PM advice is not allowed!!
    DX
    RIP Martin3030

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  3. #3

    Default Re: Voluntary Termination - Advantage Finance

    sorry don't think it uploaded property, I have sent an email and a letter in the post.

    Here is a copy of the content included in both:

    Dear Sir or Madam,

    Re: Termination of hire-purchase agreement pursuant to section 99 of the consumer crediticon Act 1974 (“CCA 1974”)

    I am writing to inform you that I am exercising my right to terminate the above hire-purchase agreement with immediate effect in accordance with Section 99 of the CCA 1974. You will be aware that I have to date paid 29 instalments totalling £5083.41 which exceeds more than half the total price payable under the agreement. Accordingly, I calculate that there are no further instalments to be paid.

    I have also inspected the vehicle and I am of the opinion that it is in a reasonable condition given its age whilst accounting for fair Wear and Tearicon. Photographic evidence has been taken in the event of any future dispute as to the state of the vehicle.

    Finally, I would remind you that as a consequence of terminating the agreement under Section 99 of the CCA 1974 and having met the relevant criteria under S.100(1) of the CCA 1974, my liability is limited to one half of the total price payable. Any additional costs, expenses, compensation or otherwise relating to a breach of the agreement are irrecoverable. The vehicle is available to collect and arrangements should be made at your own cost.

    I am prepared to deliver the vehicle to a local auction site at my own expense, no more than a short reasonable distance from my registered address. If, however, you prefer the vehicle to be delivered elsewhere, then I will require an undertaking from you agreeing to pay my reasonable costs and expenses prior to it being delivered to your preferred location.

    I would appreciate if you could contact me on xxxxxxxxxxx at your earliest convenience to discuss the next steps.

    Yours faithfully,


  4. #4

    Default Re: Voluntary Termination - Advantage Finance



    pers I wouldn't have put the last line
    writing only!!

    PLEASE REFRAIN FROM HITTING 'REPLY WITH QUOTE' IF YOU ARE SIMPLY REPLYING TO THE LAST POST IN A THREAD..JUST TYPE!!
    it makes a thread twice as long to scroll through..save data download times and costs
    If you want advice please PM me a link to your thread. PM advice is not allowed!!
    DX
    RIP Martin3030

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  5. #5

    Default Re: Voluntary Termination - Advantage Finance

    I am still waiting on them replying to me, do you think it is safe to cancel the direct debiticon I have in place with them or should I wait till they respond?

    I have just had confirmation from our new finance company that everything has been finalised on the new car, the last thing I want is to be paying out for 2 cars at the end of February


  6. #6

    Default Re: Voluntary Termination - Advantage Finance

    even if you've not paid the 50% you can send the remainder later
    pers i'd cancel the DDicon.

    dx

    PLEASE REFRAIN FROM HITTING 'REPLY WITH QUOTE' IF YOU ARE SIMPLY REPLYING TO THE LAST POST IN A THREAD..JUST TYPE!!
    it makes a thread twice as long to scroll through..save data download times and costs
    If you want advice please PM me a link to your thread. PM advice is not allowed!!
    DX
    RIP Martin3030

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  7. #7

    Default Re: Voluntary Termination - Advantage Finance

    I'm positive I have paid the 50%

    Original finance agreement = £9640.66
    Entitled to return the goods once 50% paid = £4820.33 (this is the figure in my agreement)
    Based on my calculations paid to date = £5083.41

    I never took out any extras (insurance or GAP) with them so I'm hopeful that there is nothing left to pay. I did take GAP with Arnold Clark so will need to look into cancelling that.

    One thing that has popped into my head is that I have not had the car serviced, I have never had the service light come on to tell me that it is due (it's probably not far off due). Is it worthwhile getting the car serviced before handing it over? I'd really rather not have to spend money on it if I'm giving it back but again don't want to end up with a massive bill


  8. #8

    Default Re: Voluntary Termination - Advantage Finance

    they cant charge you anything..

    looks like they owe you.

    no if you'll ever see that is another matter!!

    PLEASE REFRAIN FROM HITTING 'REPLY WITH QUOTE' IF YOU ARE SIMPLY REPLYING TO THE LAST POST IN A THREAD..JUST TYPE!!
    it makes a thread twice as long to scroll through..save data download times and costs
    If you want advice please PM me a link to your thread. PM advice is not allowed!!
    DX
    RIP Martin3030

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  9. #9

    Default Re: Voluntary Termination - Advantage Finance

    Thanks for your help, I'll not put it through a service!

    Will await Advantage Finance reply to my email and letter


  10. #10

    Default Re: Voluntary Termination - Advantage Finance

    Quote Originally Posted by dx100uk View Post
    looks like they owe you.
    Even if 99% of the agreement had been paid, the finance company still wouldn't owe anything after a VTicon.


  11. #11

    Default Re: Voluntary Termination - Advantage Finance

    I'm not looking to get anything back

    I just want to make sure that I don't need to make any further payments so I am not paying for 2 cars at the end of February


  12. #12

    Default Re: Voluntary Termination - Advantage Finance

    Quote Originally Posted by Will Goodfellow View Post
    Even if 99% of the agreement had been paid, the finance company still wouldn't owe anything after a VTicon.
    Hes talking about charges/PPIicon etc or whatever they like to charge.

    Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..


    If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks
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  13. #13

    Default Re: Voluntary Termination - Advantage Finance

    Quote Originally Posted by MRSS1903 View Post
    I'm not looking to get anything back

    I just want to make sure that I don't need to make any further payments so I am not paying for 2 cars at the end of February
    That depends which date you officially terminate the agreement. You may be charged for the full month or a pro-rata payment.



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