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I would be grateful for some advice. We recenty did a VT on my car I'd had the car for two years and the loan agreement was for 4 years. Now according to the agreement it states that as long as we had paid £3333.33 no further payment would be required. We have paid in excesss of this amount but Peugot are insisting that we still owe a further £600.00. I have had a number of arguments that as far as i was concerned there was nothing further to pay. I understand that the car has been sold. I have written asking for a full breakdown of all payments and exactly how this amount has been reached. They are now threatening legal action. Am i right to refuse to pay?

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You will also need to pay any arrears due at the time the VT'd the agreement, so 50% + all arrears........

 

Hi there, it was always my understanding that you can VT at ANY point within a HP contract regardless of if 50% has been paid or if there are any arrears. If, once the VT has been sorted, there are any shortfalls on the 50% this can be treated as a non-priority debt.

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Thank you but what do you mean by shortfall? There were no arrears, and why would it say on the agreement that once the amount of £3333.33 had been paid then there would be no more to pay can there be a shortfall.

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I'm with you her Biddy. If you have it in writing on the agreement, you had no arrears and you had definitely paid over that amount I don't see how they can claim a further £600.

Have you written to them saying you do not acknowledge this debt and asking them how they came up with the figure of £600. Perhaps enclose a photocopy of your agreement so they can see you're not bluffing.

 

Presumably you also have bank statements showing the payments going out each month, so I honestly can't see how they can do what they've done. I'm not perfect so may have missed something, but it seems pretty clear cut to me.

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Were there any clauses in the agreement regarding mileage? It is quite possible that they have pro-rata'd any mileage allowances and the additional charge could be compromised of excess mileage, or maybe anything that they have considered unreasonable wear and tear... You need to seek further clarification from the finance company.

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Arrears and milage don't come into a VT under s99 of the CCA '74. So long as 50% is paid that's all you need to worry about (and the 50% can be made up to AFTER the vfehicle has gone back). In fact that only rule that's important when exercising a VT is that you have not defaulted.

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Peugot Finance has not passed us on to a debt collections agency!! Can I just quote what it says on the agreement:

 

TERMINATION YOUR RIGHTS:

 

"You have the right to end this agreement. To do so you should write to the person you make your payments to. We will then be entitled to return of the goods and to half the total amount payable under this agreement that is £3,333.95. If you have already paid at least this amount plus any overdue installments and have taken reasonable care of the goods, you will not have to pay more"

 

We have done all that. A statment we got today says that we had paid £3564.25. The letter from the collectins agency says that

 

"The balance is relating to the sale of the secure goods obtained under the finance agreement. The goods did not raised sufficient funds to clear your full finace agreement and you are therefore liable for the remaining balance.

 

Can I also add that it appears they have charged an amount of £203.18 marked as a penalty end of contract fee. There is no mention on the agreement of have of this fee.

 

Please can some one help me unravel this mess.

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Before I start, please note my signature says I'm not a legal expert, so don't hold this against me if (I'm pretty sure it isn't) it is wrong.

 

My belief is that Peugot are trying it on with you and trying to get you to crumble in order to minimise their losses. You have perfectly legally done a VT on your car. You'd paid everything that had to be paid and terminated the agreement handing the car back.

 

They then sell the car at auction. Say you owed a further £3000 and they get £2400 at auction they make a paper loss of £600. As they don't like this they think it's worth trying to bully you into paying up the difference.

 

This is what I believe has happened in your case and I believe you do not owe them one penny. If I were you I would certainly stick to my guns and refuse point blank to pay. If they continue for much longer, post back and there's other avenues you can pursue to make their lives a bit uncomfortable. If they choose to play dirty, two can play at that game! My advice - don't pay them a penny. I honestly think you are 100% within the law and they are bang out of order.

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I'm with Tingy. So long as you've paid either the same as, or more than, the amount within the 'termination your rights' box you have NOTHING further to pay - so long as your termination was one under s99 of the CCA (e.g. a voluntary termination).

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  • 3 weeks later...

Thanks for that Tingy. I think that is exactly what has happened. They have now passed this to a debt collection company with all sorts of threats that home collectors will call. I did actually speak to a chap from the agency and explained everything to him and he said he would look into it and get back in touch. Still waiting to hear.

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Thanks for that Tingy. I think that is exactly what has happened. They have now passed this to a debt collection company with all sorts of threats that home collectors will call. I did actually speak to a chap from the agency and explained everything to him and he said he would look into it and get back in touch. Still waiting to hear.

 

It never ceases to amaze me the depths these companies will sink to at our expense.

 

Strangely, without a word of a lie, I was just looking at cars as I'm thinking of changing mine. Was thinking possibly older Pug diesel, but you've put me off now. They obviously don't realise that the way they treat one customer has repercussions on other customers - people may read this who were thinking of buying a new one and be put off!

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Despite all the problems I've had with Peugot finance I do still like the cars, my 206 was a great little car and I wouldn't mind having another one but I wont be bothering with finance this time!!! Will have to save up and pay cash for an older one.

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Im not sure how to add a new question and apologise if this is not correct.I have a problem with Peugeot finance and would appreciate any help.My father in his will left a peogeot 407 to my daughter.At the time there was £9000 oustanding on the HP agrement.Since then a further £5000 has been paid leaving a balance of £4000.The car is now over 4 years old.There is no money left in the estate to pay the outstanding balance apart from the family house.I have been in regular contct with Peugeot and have asked them to consider an option of reduced apyments of £40 per month.Last Friday they rejected this offer saying that unless i handed the car back(which I am unable to do for personal reasons)they would get a repossession order for the car adding that they would go after the house if necessary and that I would not only be liable for any shortfall in the amount they recovered from the car but also the court costs.The stress of the whole situation is beginning to take its toll.Thank you in advance

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thank you for the speedy reply.I am the executor of the estate.My father passed away May 2008.The payments were made to Peugeot until May 2009.The official end of the payment agreement was Oct 2009 it was taken out for 5 years and the original cost was £22,000.I am loathe to allow them to repossess and sell at auction as that would mean that £18000 would be wasted not only that but in these times the value reached at auction may not reach the amount outstanding and I would still be liable for any shortfall.

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thank you for the speedy reply.I am the executor of the estate.My father passed away May 2008.The payments were made to Peugeot until May 2009.The official end of the payment agreement was Oct 2009 it was taken out for 5 years and the original cost was £22,000.I am loathe to allow them to repossess and sell at auction as that would mean that £18000 would be wasted not only that but in these times the value reached at auction may not reach the amount outstanding and I would still be liable for any shortfall.

 

Chris,

Is there no way you can get the money together to either continue the monthly repayments or pay a settlement figure by taking another non-secured loan. If creditworthy, the latter would be a good option as not only would the settlement figure bring the amount owing down, but with interest rates being so low you'd probably get quite a good deal.

 

If not, I'm afraid I can see no way of you keeping the car. If they go for repossession, make sure you do a VT before they repo it as that will have a negative impact on your credit report.

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