creation finance

[mattinexeter]

hi i am trying to voluntary terminate my car finance with creation. i have written to them twice but have had no response!!

 

There is a line in their loan agreement which states that i have no option to cancel the agreement, but, under the CCA 1974 i have the write to cancel..

 

Can anyone shed some light on this please??

[mattinexeter]

hi,

Creation finance have added a line to theyre key info stating i have no right to cancel under the CCA1974 act. But the CCA1974 act states i can so surely creation are bound by this and cannot jsut add a line?

I signed the box stating i agree to be bound by the CCA1974 act!!

creation contradicting themselves????pls help

[dx100uk]

you'd do better to post in this forum.

 

http://www.consumeractiongroup.co.uk/forum/forumdisplay.php?267-Vehicle-Repossessions

 

and give more details too.

 

dx

[mattinexeter]

I am trying to voluntarily terminate the agrement with creation finace on my car.

 

The consumer credit act 1974 states that i can do this (i conform to the requirments)

 

creation finance who are bound by this act have added a line to the agrement stating that i have no right to cancel under the CCA1974 act.

 

I have signed the agreement in the box under the statement which reads 'only sign this agreement if you want to be bound by the CCA1974 act.'

 

Surely creation are contradicting themselves? surely if they are bound by this act they cannot decide to add a clause?

 

and i have signed to say i am bound by the act not by creations key info?

 

also the agreement hasnt been signed by creation.. does this matter?

 

i have written twice to creation with no response from them at all

[dx100uk]

have you paid more than 50%

 

dx

[mattinexeter]

yes we have paid more than 50% according to the act we conforn to every requirement!!

[dx100uk]

then you can hand it back and owe nothing more

they can't stop you as far as i know.

 

they'll try and sting you for dameg i bet.

 

have a read in this forum

i think im right

 

dx

[mattinexeter]

thanks! i have done a lot of homework on this and think i can hand it back but whats the score with this one liner in the key info???

surely if they are regulated by the CCA1974 then they cant just say 'i have no right to cancel under the CCA1974?'

and i signed the box which states that if i sign then i agree to the CCA1974!!

aaarrghhh!

[mattinexeter]

also.. as they wont reply to me how to i move this on?? get the car back to them??

[dx100uk]

not exactly my game

try hitting the warning triangle and ask for advise on VT issue

 

dx

[National Debtline]

Hello there.

 

As your hire-purchase agreement is regulated by the Consumer Credit Act 1974 you have the ability to exercise a 'voluntary termination' so long as you have never defaulted on the agreement. It may be that the Creation agreement didn't allow a cancellation under a cooling-off period at the start of the term.

 

Like DX has stated you may be able to exercise a termination - but you must follow a particular process. You will need to cancel in writing, you may have to return the vehicle back to a venue of the finance provider's choice.

 

You can read more about the process within our fact-sheet:

 

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=16_hire_purchase_debt

 

or if you live in Scotland:

 

http://www.nationaldebtline.co.uk/scotland/factsheet.php?page=08_hire_purchase_debt

 

A couple of top tips if you are keen to exercise a voluntary termination:

 

1) Take lots of photos on the vehicle to show that it is in good condition

2) If you have a mechanic friend perhaps they could give the vehicle a check to ensure it is mechanically sound prior to returning it

 

For the record, 'reasonable' wear and tear is to be expected if the vehicle is a few years old.

[mattinexeter]

superb thankyou very much!! i have written to them twice in the past month to tell them of the voluntary termination and have had no reply!! i thought it was maybe because of this one line they have added and they believe i cant VT?

so, now i know i can VT how do i get them to acknoledge this? and take the car back?? thanks

[mattinexeter]

Hello

I have a car agreement with creation finance(yes i know) and i t hasn't been signed by creation although i have signed it. does this matter?is the greement still enforceable??

i am trying to Voluntery Terminate the agreement but have been told i cant because its a fixed sum loan agreement.. can someone please confirm this? i need to get out of this agreement because i simply cant afford it after loosing my job.

 

please help!

[dx100uk]

you'd do better to post in the creation finance forum

 

rather than one about this websites q&a's

 

http://www.consumeractiongroup.co.uk/forum/forumdisplay.php?340-Creation-Finance

 

dx

[mattinexeter]

Hello

I have a car agreement with creation finance(yes i know) and i t hasn't been signed by creation although i have signed it. does this matter?is the greement still enforceable??

i am trying to Voluntery Terminate the agreement but have been told i cant because its a fixed sum loan agreement.. can someone please confirm this? i need to get out of this agreement because i simply cant afford it after loosing my job.

 

please help!

 

[firstship]

Hi matt welcome..I assume you have been paying each month,if this is the case the fact that Creation Finance have not signed the agreement but you have, will not leave you in a very good situation should this end up in court.

 

As you are now unemployed and thus your ability to pay has dropped considerably,I would suggest you explain this to Creation and offer a payment that you can Honestly afford,even if its £1 per month

 

FS

[mattinexeter]

thankyou FS, do u know if i can VT on a fixed sum loan agreement? if not des that mean the car is mine and not creation?

[bb.nolan]

Hello

I have a car agreement with creation finance(yes i know) and i t hasn't been signed by creation although i have signed it. does this matter?is the greement still enforceable??

i am trying to Voluntery Terminate the agreement but have been told i cant because its a fixed sum loan agreement.. can someone please confirm this? i need to get out of this agreement because i simply cant afford it after loosing my job.

 

please help!

 

before you sign any agreement you must READ it fully and carefully. make a copy in case you need to check any details later and they are devious companies out there. If they have not signed it chances are they have sold it on as a promisory note ( and have been paid its face value ).

2) I am not based in uk so you need to check the hire purchase rules in uk... normally if you have paid more than 1/3rd of the loan they can not reposess the vehicle... most people don't realise this and hand the car back ! but please check your local consumer credit laws in regard to HP agreements these are different from Lease agreements..

3) Read the letters very carefully that you recieve..... in many cases dubious claims ,threats are made and many are inacurate. but they all rely on scare tactics to get you cave in and pay up.

hope this helps

 

regards

bb

[dx100uk]

thankyou FS, do u know if i can VT on a fixed sum loan agreement? if not des that mean the car is mine and not creation?

 

is the car mention on the agreement

 

dx

[mattinexeter]

thanks!

[mattinexeter]

Hi dx,

yes car is mentioned on the agreement under heading of ' other financial info' i just feel that because this company are a load of sharks i really think ive been had somewhere! im gonna tryand up load the agreement for you to see! its only a one page agreement!

it also states that if i decide to discharge my indebtness then the figures payable would be 1/4 of term elapsed £791 if i took out £1000, £518 if half the term elapsed!! so confusing! what would i pay after half the term on £8790???

 

arrrgghhhhh

[citizenB]

Some instructions for posting up documents..

 

Dx100 – Instructions on uploading pdfs

scan the required letters/agreements/sheets

as a picture file

remove all pers info inc barcodes etc using paint

but leave all figures and dates.

goto one of the many free online pdf converter websites

convert the image to pdf format.

or ir you have PDF as an installed printer drive use that

open a new msg box here

hit go advanced below the msg box

hit manage attachments below that box

hit the add files button on the top right

hit select files, navigate to your file on your pc

hit upload files

NB:you can set where it goes in the post by hitting insert inline.

the hit reply button

[mattinexeter]

hi could someone confirm on this ASAP please?!! (need to contact the cowboys tomorrow!!)

I have a Fixed sum loan agreement with them for a car i purchased.

the loan is bewtween them and me.

i want to sell the car as i cannot afford to keep and i want to pay off what i can and then arrange payments.

they have issued and interest on the car (it was hpi checked today) thus meaning no one will touch it!

 

As they have no finaincial interest in the car then they cannot put an hpi interest on it can they?

thanks

[mattinexeter]

sorry i forgot to add to my earlier thread..

we have missed a payment on the loan and have conatcted creation to tell them we cant afford the repayments and we want to sell the car they were their usual unhelpful selves! but something strange has happened.. a few days later there has been someone nosing around the car, my wife had left the car unlocked on our driveway( which is very tucked away with no throughroad) and the current MOT has disappeaered off the seat!

Could this be creation or asociates checking the car over? i dont know it just seems very strange!

[mattinexeter]

Hi sorry if this in the wrong place!!!

not sure where to start on reclaiming charges and PPI,

is there a time from when you can claim?

i havent got all of my old credit card details as got rid of them all but i did have a Captial one, mbna and amex card about 6 years ago, how can i find out if i had ppi and unfair charges if i havent got any details?