Hire Purchase - Voluntary Termination

[trodat]

Hi,

 

I'm sorry to ask this question (as I'm sure it has been asked a million times) but how exactly does a voluntary termination work?

 

What happens if the car is worth less then what is outstanding on it?

 

I have some example letters to send to Blackhorse to VT however I'm worried that I will be stung for a lot of ££ once the car is taken back!

 

Thanks in advance,

 

S T

[postggj]

on your finance agreement will be a part where you can terminate the agreement

reach this figure and you can hand the car back and owe nothing

 

does not matter on the value of the car

 

as long as you have paid back 50 %

 

the vehicle will be assessed by the rac or aa

 

as long as the car is in a good condition for its age and milage, no probs

 

it will be taken to an aution and sold

 

and remaning debt will be wiped out

 

the only exception is if you have any extras on the agreement like payment protection insurance but any rebate will see to that

[wakeymel]

hi i have a car from welcomei have had my car 2yrs. i havnt missed a payment and having to send it back as my hubby lost his job in dec and cant afford 2cars and they have come up saying i owe 1500 on insurance.they have told me i will get credit blacklisted for not paying this i havnt said i wont pay it.but i just dont know wat to do i am so upset its untrue

[trodat]

on your finance agreement will be a part where you can terminate the agreement

reach this figure and you can hand the car back and owe nothing

 

does not matter on the value of the car

 

as long as you have paid back 50 %

 

the vehicle will be assessed by the rac or aa

 

as long as the car is in a good condition for its age and milage, no probs

 

it will be taken to an aution and sold

 

and remaning debt will be wiped out

 

the only exception is if you have any extras on the agreement like payment protection insurance but any rebate will see to that

 

Thanks! I assume the first thing to do is get a copy of my agreement?

 

I appreciate this may be 'sucking eggs' for some of you but its like a bloody minefield out there haha

 

S T

[Maggie_moo]

Well unless you've lost your own copy. You're not trying to dispute an account, merely terminating an agreement.

 

Btw, just in case, take lots and lots of photos of the car's condition, inside and out before you hand it over

[Maggie_moo]

Wakeymel, hit the 'New Thread' button and start a new one, as you will get some help and not confuse this thread

[postggj]

hi i have a car from welcomei have had my car 2yrs. i havnt missed a payment and having to send it back as my hubby lost his job in dec and cant afford 2cars and they have come up saying i owe 1500 on insurance.they have told me i will get credit blacklisted for not paying this i havnt said i wont pay it.but i just dont know wat to do i am so upset its untrue

 

 

pleae start your own thread and i will deal with this for you

[trodat]

Well unless you've lost your own copy. You're not trying to dispute an account, merely terminating an agreement.

 

Btw, just in case, take lots and lots of photos of the car's condition, inside and out before you hand it over

 

In all honesty I did get a form from the dealership but it in no way resembles a Credit Agreement.

 

Will ask Blackhorse to send me a copy ASAP!

 

Thanks for your help guys

 

S T