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Voluntary Termination of HP agreement (Capital Bank)


ZR120
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I have a HP agreement with CB. Now i know it is a HP agreement i distinctively remember reading it.

 

I rang them around 2 months ago, and they said you have now paid just over half and therefore can voluntary terminate.

 

I rang them again yesterday, and they said "oh wait, its not a HP agreement". even though i know it is, and even though somebody from there department told me it is HP

 

so i decided to wait again and ring back, after which 1 woman told me it is a HP agreement (finally), but i cant terminate it

 

I though that all HP agreements can be terminated after half has been paid, including arreas, and goods returned in satisfactory condition.

 

spoken to them now, and they are saying its not a regulated agreement. Dont all HP agreements under 25k have to be regulated? Is there anything else to consider in a non-regulated HP agreement

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Hello there.

 

All HP agreements under the 25k limit (£15k for pre 1.5.98 agreements) would indeed be regulated. This would mean that you could exercise your right under s99 to voluntarily terminate the agreement providing you have not defaulted.

 

If the HP firm are trying to wriggle out of this you should contact your local trading standards office pronto.

 

You may wish to CCA to check the agreement is HP (or conditional sale) for peace of mind. If they are saying it is non-regulated then S.A.R - (Subject Access Request) them. I can't imagine why it would be unregulated, especially from a lender like them. My initial thoughts is that they are trying to pull a fast one.

 

If you can ascertain that the agreement is indeed regulated You *MUST* exercise your right to VT in writing (recorded delivery of course)

 

(Your home address)

The Date

To:

 

Dear Sir/Madam

Voluntary Termination of Agreement

Account No:

Car Make/Model/Registration No

I am/we are writing to notify you that I am/we are exercising my/our right to terminate the above agreement under Section 99 of the Consumer Credit Act 1974.

I/we understand that I shall/we will be liable to you for the amount calculated under the formula in Section 100 of the Consumer Credit Act 1974.

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

Please confirm receipt of this request by telephone/fax to me/us on (insert your telephone number or fax number).

Yours faithfully

Your Name

  • Haha 1
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Hello there.

 

All HP agreements under the 25k limit would indeed be regulated. This would mean that you could exercise your right under s99 to voluntarily terminate the agreement providing you have not defaulted.

 

If the HP firm are trying to wriggle out of this you should contact your local trading standards office pronto.

 

You may wish to CCA to check the agreement is HP (or conditional sale) for peace of mind.

 

You *MUST* exercise your right to VT in writing (recorded delivery of course)

 

(Your home address)

The Date

To:

Dear Sir/Madam

Voluntary Termination of Agreement

Account No:

Car Make/Model/Registration No

I am/we are writing to notify you that I am/we are exercising my/our right to terminate the above agreement under Section 99 of the Consumer Credit Act 1974.

I/we understand that I shall/we will be liable to you for the amount calculated under the formula in Section 100 of the Consumer Credit Act 1974.

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

Please confirm receipt of this request by telephone/fax to me/us on (insert your telephone number or fax number).

Yours faithfully

Your Name

 

Many many thanks for the reply

 

So, all HP agreements under 25k need to be regulated?

 

Also, whats a CCA and how do i do it?

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Many many thanks for the reply

 

So, all HP agreements under 25k need to be regulated?

 

Also, whats a CCA and how do i do it?

 

I would imagine that all HP agreements would be regulated unless they were exempt (usually for things like you borrowed the money from your employer etc).

 

A CCA request is where you would exercise your right under s79 (for HP) of The Consumer Credit Act. This allows you to send a pound postal order and request a copy of the agreement, a full statement of account and any other documents mentioned in the agreement. The creditor would have 12 working days to get this info to you.

 

There is a good sticky at the top of this forum which outlines a bit more about it.

 

Here is the section from The Act itself:

 

79.

Duty to give hirer information.

— (1) The owner under a regulated consumer hire agreement, within the prescribed period after receiving a request in writing to that effect from the hirer and payment of a fee of [F1 £1], shall give to the hirer a copy of the executed agreement and of any other document referred to in it, together with a statement signed by or on behalf of the owner showing, according to the information to which it is practicable for him to refer, the total sum which has become payable under the agreement by the hirer but remains unpaid and the various amounts comprised in that total sum, with the date when each became due.

 

(2) Subsection (1) does not apply to—

(a)

an agreement under which no sum is, or will or may become, payable by the hirer, or

 

(b)

a request made less than one month after a previous request under that subsection relating to the same agreement was complied with.

 

 

(3) If the owner under an agreement fails to comply with subsection (1)—

(a)

he is not entitled, while the default continues, to enforce the agreement; and

 

(b)

if the default continues for one month he commits an offence.

 

 

(4) This section does not apply to a non-commercial agreement.

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they have said they are already sending me out a copy of the agreement they have. Although to be honest i dont trust them at all. Mainly due to the fact i was told before it was a standard HP agreement, then yesterday told it wasnt twice, then in the end some one told me it was. Then this morning they agreed it was, but it wasnt a regulated agreement.

 

If they send a "doctored" agreement saying its a car loan, or car finance type aggreement, i could do a HPI check on the car, and see if it was, or still is registered as on HP. do you think thats a good option?

 

My other half is currently hunting for my copy of the agreement amongst loads of paperwork, so hopefully that will turn up.

 

Read a few cases on here about Capital Bank, and all have slated them and there tactics, so this doesnt surprise me

 

Any other advice you can offer? many thanks

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If they send a "doctored" agreement saying its a car loan, or car finance type aggreement, i could do a HPI check on the car, and see if it was, or still is registered as on HP. do you think thats a good option?

 

possibly although i'm mindful a HPI check costs, some creditors have put non-HP cars on the register too (for some reason!).

 

My other half is currently hunting for my copy of the agreement amongst loads of paperwork, so hopefully that will turn up.

i hope so!

 

Any other advice you can offer? many thanks

 

See what paperwork turns up. If you cannot get an agreement and they still swear it's non-regulated then we can look at a SAR.

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Hi ZR120

 

You are right to be suspicious of Capital Bank - we voluntarily terminated our HP agreement with them last December and it's still going through the County Court now. They 'lost' all seven items of correspondence I sent them requesting this (even though each was sent by fax and recorded delivery - funny that :) ) and then tried to take us for the full amount owing plus costs. Sadly for them I had the sense to keep fax confirmation slips, proof of delivery, etc.

 

My advice is document everything, never speak to them on the phone, and don't expect them to roll over and allow VT. If you stop payments as you've VT'd the agreement they have a habit of ignoring this, defaulting you and then making use of the accelerated payment clause. Nothing but lowlife I'm afraid! :rolleyes: Expect a fight! :)

 

The best of luck - you'll get your way in the end!

 

MC

WOOLWICH -S.A.R - (Subject Access Request) sent 03/03/07 :cool:

LBA sent for non-compliance with Data Protection Act 28/04/07 :mad:

 

ABBEY - S.A.R - (Subject Access Request) sent 03/03/07 8)

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thanks for the reply

 

have you a copy of your agreement you could send me (obviously blank out details) as im suspicous they are going to try to hide certain bits or doctor it in some way.

 

When i spoke to them yeserday, one guy actually hung up on me, absolute cowboys

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but surely they cant legally default me after i have terminated?

 

is this something they will do (although not ment to)?

 

You're quite correct, legally they cannot.

 

If YOU have terminated the agreement THEY cannot terminate it afterwards (it's already terminated!)

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You're quite correct, legally they cannot.

 

If YOU have terminated the agreement THEY cannot terminate it afterwards (it's already terminated!)

 

right well letter was sent yesterday via recorded delivery. So as of say monday next week, it should be terminated, provided they accept it is a HP agreement

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abit worried as we have a mortgage going through as we speak. Completion date is 1 week friday, which is luckily before my payment usually comes out. I have a feeling if the car is returned they will **** all over my credit report, but as long as mortgage as gone through they can. I will win this battle eventually :D

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Hi ZR,

 

Sequenci is right - legally they can't default you after you've offered to VT, but unfortunately Capital Bank do (and in our case, have). Make sure you have irrefutable proof of the VT (send by recorded, etc) because they'll probably ignore it.

 

The accelerated payment clause is, as Sequenci says, when they compound the interest and then go after you for this and the rest of the total due under the agreement - they can only do this by terminating the agreement themselves. And they can only do this if you've broken the terms of the agreement (hence their habit of ignoring VTs and defaulting you once you've missed a payment because you believe you've terminated the agreement).

 

I can't go into detail about our Court case as the next hearing is set for January but I'll be happy to send you a copy of the HP agreement (by PM this evening).

 

Hope this helps. :)

 

MC

WOOLWICH -S.A.R - (Subject Access Request) sent 03/03/07 :cool:

LBA sent for non-compliance with Data Protection Act 28/04/07 :mad:

 

ABBEY - S.A.R - (Subject Access Request) sent 03/03/07 8)

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Hi ZR,

 

Sequenci is right - legally they can't default you after you've offered to VT, but unfortunately Capital Bank do (and in our case, have). Make sure you have irrefutable proof of the VT (send by recorded, etc) because they'll probably ignore it.

 

The accelerated payment clause is, as Sequenci says, when they compound the interest and then go after you for this and the rest of the total due under the agreement - they can only do this by terminating the agreement themselves. And they can only do this if you've broken the terms of the agreement (hence their habit of ignoring VTs and defaulting you once you've missed a payment because you believe you've terminated the agreement).

 

I can't go into detail about our Court case as the next hearing is set for January but I'll be happy to send you a copy of the HP agreement (by PM this evening).

 

Hope this helps. :)

 

MC

 

many many many thanks, a copy of the HP agreement would be great, once I see it i will remember if that is definatly what i have signed. Im 95% sure it is HP, just they try to put doubt in your mind.

 

Capital Bank should of recieved my VT this morning, by recorded delivery, will check with Royal Mail soon to see when it was recieved

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Hi ZR,

 

Sorry for the delay - I've sent you a copy of the HP agreement by PM this evening.

 

Hope this helps - please do keep us updated.

 

Best wishes,

 

MC :)

  • Haha 1

WOOLWICH -S.A.R - (Subject Access Request) sent 03/03/07 :cool:

LBA sent for non-compliance with Data Protection Act 28/04/07 :mad:

 

ABBEY - S.A.R - (Subject Access Request) sent 03/03/07 8)

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Thanks for that MC, big help that is

 

Next question now is, obviously i have sent off my VT, so as from now the agreement has been terminated correct?

 

So do i cancel my payment due on the 26th of this month?

 

What about collection of the car? do i just wait now until they eventually decide there not getting paid and realise they are best off collecting it? (as it seems capital bank dont really like to allow VT)

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Hi ZR

 

Glad that helped! :)

 

Yes I would cancel your payment for this month, as you've now voluntarily terminated the agreement and are sure you've paid over half the total amount payable under the agreement. I'd send them a chasing letter (again by recorded delivery) in a week or so if you haven't heard from them about collection of the vehicle. Keep chasing so if it does goes pear-shaped you've got proof you've done everything possible to VT and arrange for collection (speaking from personal experience ;) ).

 

Hopefully it'll all going according to plan and they'll accept the VT and collect the vehicle. However knowing Capital Bank it won't :( .

 

One thing to watch before they do collect the vehicle is to make sure you take plenty of photos of it and (preferably) get a witness to note the condition of the vehicle. They have a habit of trying to screw more money out of you by claiming the vehicle was returned in a worse condition than it was - they can't if it is simply ordinary wear and tear and you can prove it was in good nick. If there are any cosmetics to get sorted (parking dings, etc) I'd get a smart repairer to sort them out now at a decent price, rather than waiting for Capital to charge you a fortune for them. Also make sure the vehicle is valeted - they've also been known to charge a fortune for this. The guy that collected our vehicle described all vehicle financing companies as 'unscrupulous b*****ds' and he had 20 years in the trade! :)

 

Hope it all goes well.

 

Best wishes,

 

MC

WOOLWICH -S.A.R - (Subject Access Request) sent 03/03/07 :cool:

LBA sent for non-compliance with Data Protection Act 28/04/07 :mad:

 

ABBEY - S.A.R - (Subject Access Request) sent 03/03/07 8)

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Hi ZR

 

Glad that helped! :)

 

Yes I would cancel your payment for this month, as you've now voluntarily terminated the agreement and are sure you've paid over half the total amount payable under the agreement. I'd send them a chasing letter (again by recorded delivery) in a week or so if you haven't heard from them about collection of the vehicle. Keep chasing so if it does goes pear-shaped you've got proof you've done everything possible to VT and arrange for collection (speaking from personal experience ;) ).

 

Hopefully it'll all going according to plan and they'll accept the VT and collect the vehicle. However knowing Capital Bank it won't :( .

 

One thing to watch before they do collect the vehicle is to make sure you take plenty of photos of it and (preferably) get a witness to note the condition of the vehicle. They have a habit of trying to screw more money out of you by claiming the vehicle was returned in a worse condition than it was - they can't if it is simply ordinary wear and tear and you can prove it was in good nick. If there are any cosmetics to get sorted (parking dings, etc) I'd get a smart repairer to sort them out now at a decent price, rather than waiting for Capital to charge you a fortune for them. Also make sure the vehicle is valeted - they've also been known to charge a fortune for this. The guy that collected our vehicle described all vehicle financing companies as 'unscrupulous b*****ds' and he had 20 years in the trade! :)

 

Hope it all goes well.

 

Best wishes,

 

MC

 

Right payment is getting canceled this afternoon :)

 

Im definatly sure iv paid over half (they told me this over the phone before, and iv worked it out manually). I'l write a second letter and send that out, maybe even with a copy of the last letter, and a copy of the digital signature for who ever signed for it.

 

Vehicle is in fine condition, so will get some photos done asap.

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second letter has been sent off, the letter basically said

 

"After exercising my right to terminate my HP agreement under Section 99 of the Consumer Credit Act 1974 on Wednesday 14th November, I am disappointed to see that you have failed to respond

 

Please see attached my original letter dated 14th November, sent recorded delivery which you received on the 15th November

Please contact me on xxxxxxxx as soon as possible to arrange collection of the vehicle"

Still not had any response from them, which in my opinion shows they are wrong. If this was not a HP agreement (like they originally said) they would of wrote back asap, and maybe sent a copy of my agreement.

 

My direct debit has been cancelled anyway (which is due out on monday 26th) so im pretty sure they will suddenly spring into life when they realise they wont be getting paid.

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Right, finally had a response from CB in the form of a letter. However the letter states

 

"with reference to our recent telephone conversation and request to voluntarily surrender the above vehicle, we are pleased to advice the following

 

In order to assist you in reducing your liabilities under the agreement we will sell the vehicle as your agent and deduct the net sales proceeds of the vehicle from the amount due to Bank of Scotland Plc from you under the agreement. You will remain liable for any shortfall. The net sale proceeds will be the sale proceeds less all Bank of Scotland plc costs incurred in collecting and selling the vehicle togeather with intrest"

 

 

What am i meant to do now? I asked to voluntary terminate the HP agreement, and they are saying they are going to sell it, and im liable for any shortfall. Is this usual?

 

Need to write back and say that this proposal isnt acceptable, and i would like to use my right to voluntary terminate

 

How can i word this properly?

 

Also, iv got an email address for them now, do you think i could use this instead, as it may speed things up?

 

Thanks, urgent response appreciated

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