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Scoobyz

British Credit Trust

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Hi All,

 

I'm looking for some basic advice on the following- I'm paying £165.00 per month to BCT for my vehicle which is almost 2yrs old(august) do I need to wait till next february 2010 to hand the car back this being half of the agreement or can I do it now? The reason I ask is simply that my income isn't as much due to decreasing hours at work. I took the car out on finance over 5yrs(60mths) and have never missed a payment except for being late a few days on one occasion due to my work circumstances. I'm not sure if this will black-list me? for future credit or will they 'chase me up' for the remaining balance? the car If I'm lucky is worth £1300 at the minute. please advise my next move regards this thank you

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on the agreement under your rights will be a figure to reach before you can terminate

 

its called a voluntry termination and as long as this figure usually half has been reached, you can vt

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many thanks for the reply! I'll dig out my agreement I thought more folk would've gave me feedback on this matter cheers

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What you are referring to is the 50% limit on liability clause.

You would need to ensure that your payments have exceeded more than 50% of the total loan amount including the interest and it would be to your advantage to obtain a statement from them to proove this is the case as they will try to chase you for the rest of it.

We tried to voluntarily terminate ours and they came and repossessed it instead ?? and sent a DCA after us for the remainder. Told them to take us to court and haven't heard anything since...

 

Have a look at:

 

Leicester City Council - Rover v Siddons Transcript

 

Rover -v- Siddons transcript.

 

Regards


-

PLEASE NOTE - I am not a legal expert, my comments are based on information learnt or

obtained and from my own experiences.

-

Case 1 - C L Finance - Court Case 'Stayed' :-). Stay Lifted - N149 AQ Received & Filed. Case Struck Out :grin:

-

Case 2 - C L Finance - Defence Filed. N150 AQ Received & Filed. Case 'Settled by Consent' :)

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Case 3 - EOS Solutions - No Agreement - Account Closed ~£3500. :grin:

-

Advice & opinions offered freely but informally, without prejudice & without liability.

Use your own judgment and seek advice from a qualified and insured professional if you have any doubts.

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Thanks very much for the info

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