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Voluntary Termination issues

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Hi all this is my first post as i have read so many threads similar, but not the same as mine.

I have had my car for half the term and have paid more than half the amount due to a large deposit. All payments have been on time and in full. My paperwork states i can VT once i have paid the set amount in the box, which i have. So on the advice of others on this site i sent all documents and keys back by recorded delivery. They sent them back saying that i needed to keep them with the car until it was collected. Fair enough as they seemed to accept the VT. However, just had a letter saying i still owe £625 for the insurances as id only paid half of that and they paid it out upfront!! I dont understand this as if you no longer need insurance (as i dont have the car) then why do i need insurance? Also, they are reading from a page of the contract i dont seem to have basically saying that in addition to the VT amount to be paid, i need to clear the insurances too which are seperate. I said i didnt have the page in question but they stated i had signed it and that i am liable for £600. My credit is ok now so i dont want to risk ruining it again but on the other hand i dont want to pay for something i am not liable for.

 

Any comments gratefully recieved

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what kind of insurances?

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Not too sure. I know there was the GAP insurance that i took out and probably a warranty. As far as i am aware i didnt take the PPI but i dont have any of that information in my contract but that is all i took GAP and warranty. Total amount payable for insurances was 1,334.52 and they are saying a paid half and still owe half.

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You are supposed to be able to cancel these insurances at any time so presumably if you were to cancel them now, the amount owing on them would reduce as you get a partial rebate credited back into your account.... perhaps someone who has cancelled their insurances can clarify this?

like you say why should you have to pay for the full terms insurances when you wont have the car!

 

If you don't have the page where it says you are liable then they should send it to you. In fact it may be a good idea to send a SAR to see exactly what documents they do have.

 

did they tell you that the insurances were not optional by any chance? :)good luck with this.

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Thanks for your reply. I knew they were optional and wanted teh GAP as the car wasnt worth half of what i was paying for it so in the event of an accident i didnt want to be left with the finance. They are saying that because they paid for the insurances up front to whever they aqquired them from, we still owe them for the insurance as our monthly payments were divided between the insurance and the car.

They are sending me that piece of paper they are talking about so i suppose i should work form that. Although i should have had that included in my contract really but if ive signed it theres not much i can do about it. I think we were pretty bamboozled at the time and were signing lots of different paperwork:???:

On another note, the car was collected yesterday by an agent who said he was taking it straight to auction. I said i thought someone would be checking it over first and he said thats what normally happened but it all stopped a month ago and now all cars are going straight to auction as Welcome were not trading as car finance anymore. Handy to know for others VTing in the near future :D

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