Voluntary Termination of Blackhorse Finance HP, please help!

[Csimmons]

Hi,

 

I am am arranging terminate my HP agreement with Blackhorse Finance but I have a few queries. I notified them in writing that I wanted to cancel the agreement and they wrote to me advising that I have to pay £438.00. I do not understand why I have to pay this as I have paid over 50% of the total agreement, but when I called to question this, they stated it is the insurance premium and that I should send the form back with payment immediately as this amount will escalate with time.

 

First of all, I was not aware of any insurance premium on my agreement (after several calls and letters they provided me with a really bad copy of my agreement that is not eligible). Secondly, the form I have been sent with details of where to send the car to it states the car should have a valid tax disc. As I purchased the car without a tax disc I do not see why i should have to ensure that the car has one when I send it back!

 

Any advice would be greatly appreciated.

[Movingon]

Mods - can this be moved to it's own thread?

 

Csimmons;

 

Under s.77(1) of the Consumer Credit Act 1974 (as amended) you are entitled to receive a copy of the executed agreement relating to your finance. I believe it must be legible but I'm not certain. You MUST state, when you make your request, that it is being made under s.77(1) of the Consumer Credit Act, and you MUST enclose £1 in payment (the statutory fee for such a request). They should send you a legible copy of your agreement.

 

Second, all the Act says is that you have to return the "Goods". If you never bought insurance on the finance, then challenge them to prove that you did. If you have paid more than 50% of the car's value, then you have to pay them precisely nothing.

[Csimmons]

I am currently arranging to return my car to Blackhorse Finance but I have a few queries.

 

I advised Blackhorse in writing that I wanted to terminate the contract and they sent me a form to complete, along with a letter stating that I need to send a payment of £438.90 along with the completed form. I do not know why I would have to pay this amount, considering I have paid over 50% of the finance agreement. I called them and they said that the amount they are asking for is the insurance premium, and that I need to send the form back asap, as the longer I leave it, the more insurance premium I will have to pay.

 

I am not aware of an insurance premuim being included in the agreement, after several letters and phone calls they eventually sent me a copy of my agreement which was eligible.

 

Also it seems that they are expecting the car to have a valid tax disc also. Considering I purchased the car without a tax disc, they shouldn't expect to have a valid tax disc on the car once I return it?!

 

Any advice would be greatly appreciated.

[baconbuttyman]

hi

do as stoneslaughter says and unless they send it recorded, if theydont reply after 12 days the debt then comes unenforcable, after 30 days without an agreement its then a ciminal offence

 

refer to my own case that the loan was written off cos of this

http://www.consumeractiongroup.co.uk/forum/other-institutions/10900-loan-company-cannot-supply.html

good luck

[Csimmons]

Thanks for the advice, I have sent Blackhorse a request for the agreement so I should expect that soon. However I am getting anxious as I stopped making payments when I requested the termination of the agreement as I have paid over 50% of the balance, and I am being persued by their head office for 'serious arrears' and they threatening to default the agreement. Am I supposed to continue paying? or should they back off until I dispute the £438 'insurance premium'?

[calvi36]

You should continue your payments until the VT is accepted as your are liable for all payments under the agreement until the agreement is finally ended. Just because you request a VT and dispute the £438.90 does not preclude you from making the payments under the agreement. It will then be up to you to dispute any payments made but this should be sorted automatically when the new settlement figure is reached if that makes sense. They are correct to state that you are in arrears as the VT has not taken place. I wish I could have said, stuff them and don't pay the £483 but am afraid you cannot do much at this point as they will not VT if they believe they are owed anything to VT. Best suggestion is make up the arrears and then try to VT again. Most importantly is to find out what insurance they are talking about and if you disagree ( which am sure you will, as you are unaware of any insurance) Then you could always hit them for mis-representation from when the original agreement was made.

[Foomaniac]

Hi there, in regards to Park Motor Finance does anyone happen to know exactly what's in their contract regarding Rights To Terminate and what the clauses are? I was looking through mine last night and although it's of slightly pants quality anyway, it appears that I don't have the 'over leaf' page it refers to where I should be able to find the Rights To Terminate information. Which is a ball ache because I don't know how easy it would be to get hold of a new copy now given their current situation.

 

I have also noticed, however that I have been totally screwed over by Car Craft but due to my own mistake I have just become aware of it. The car was sold to me at a discount of around £1200 off the window price partly to do with an online price discount I had which they agree'd to. However It's just become apparant to me looking through my finance docs, that the price they pushed through to Park Finance on my final agreement was the old non discounted screen price! Which is extremely sneaky! However just short of 2 years on I conceed theirs nothing I can do about that now.

 

Word of warning, be very warely of Car Craft and don't skimp on reviewing every document extremely closely during the process. I was however a little young and naive and being my first decent car rushed things abit.

[mrsmelly]

Hi

 

Christ just found this forum after being told only yesterday there is such a thing as VT. I have read other threads and get the general idea but still have some questions as follows.

I have paid over 50pc of my debt and never defaulted and now due to the

business downturn no longer need my car. My agreement states be returned in reasonable condition which it is.

When I write to them can I specify a return date or do they have the right to pee me around to get further payments ?

Should I try to give notice immediately after my next due payment to allow some time before the next payment ?

 

Any help on this or anything else I need to know would be great.

 

Regards

 

Tim

[scott louis]

Hi am with british credit trust and sent them a letter in December 2008 to give my car up voluntarily they sent me the paper work to sign the car over to them to be picked up but have received no other communication from them. The car is in brilliant condition sat on my drive but with time will corrode and lose value which is not my fault as the sooner it is gone the better. I will be charged for the loss in value has any one got any advice about how long they can leave the vehicle before picking it up. What are my rights concerning this. Do i have to receive a letter saying i am defaulting on this agreement.

 

Any suggestions

[alternative-answer]

I have a private lease car, I am at 12 months of an 36 month contract, paid £697.14 deposit prior to start of the agreement, which included 3 months rental in advance. Can I excercise my rights under Sec 99 Right to terminate hire-purchase agreement at this stage of the contract? The rental payments are 3 months up front + 36 months

[twinkle_140]

Hi,

 

Im slightly worried as i am due to hand my car back under VT next month to the man mentioned Mr Scull, after paying out for MOT, Service and tax due to being SORN for 4 months Im also getting the windscreen repaired Im very worried i will end up with a big bill for 'additional' repairs even thou its in good condition apart from the odd stone chips.