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I am hoping someone can help. I have searched the forum but can't find anything specific about WANTING a car repossessed. I will try and include all the facts.


I bought a car in Sep 2009 from Black Horse Finance (HP agreement), total cost of agreement inc interest £18000. The half paid figure is £9000.


I can no longer afford the repayments and would like to terminate the HP agreement. I am only £3000 off the 50% figure which would enable me to voluntary terminate, but I am in no position to do this and believe my only option is to allow BH to repossess. I have seen a template letter on the CAB website that asks for a termination under s99 (I think?) of the Consumer Credit Act - is this a good place to start?


Am I correct in thinking that the could repossess and then I would be liable for the sums remaining unto the 50% figure? Or will I be liable for the whole amount unto £18000?


I am hoping I can get it repossessed and then make a payment arrangment for the remaining I may owe. I understand I will get a default on my credit file.


oh and just one more thing... I have cancelled the Direct Debit but my bank warned on screen that the company may reinstate it. Are BH allowed to do this?\



Many thanks for any help/advice received :smile:

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If you want them to repossess the car then stop paying they'll come for it sooner or later. If you want to do it amicably and avoid the default on your credit file you can ask them to 'voluntary surrender' the vehicle. They will collect it, sell it at auction and you will be liable for the remaining balance.


Alternatively you can 'voluntary terminate' the agreement. They will collect the car and leave you with an outstanding balance up to the 50% mark of the agreement. When you reach that point in the agreement the acount will be settled.


Both VT and VS will help you avoid a default on your credit file. You will need to come to an arrangement with BH for the outstanding balance using either method.


No they cannot reset a cancelled direct debit.


Hope this helps.

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It's probably going to be far cheaper to VT. You can do this even if you have not paid 50%. Any shortfall would become a non-priority debt, you should be able to offer affordable instalments to clear it.

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  • 2 months later...

I tried to VT my car 3 years ago. Despite paying £4k off the finance of the purchase price of £8k they say I now owe £12k with charges.


I haven't paid a penny since and still have the car. My credit is ruined anyway but they make no attempt to repossess it. I still use it as it seems pointless leaving it there to rot. Every now and again I get a letter threatening to take it which I write to them back and invite them too. Then they just pass it onto another debt collector who agrees I have no means to pay it.


It feels like a weight round my neck I cant get rid off.

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First some basic facts:


1) Contrary to popular belief, the debtor is fully entitled to terminate the agreement at any time. It does not matter if he is in arrears or if he has paid half of the total amount on the contract.


2) The debtor does not have to fill in a form provided by the creditor in order to voluntary terminate the vehicle. It is quite acceptable for the debtor to just write a letter giving the creditor reasonable notice.


3) The creditor cannot charge a fee of any kind for this; he is compelled to provide this service by statute.


4) You do not have to make any special arrangement to return the car; they must arrange either a local drop off point, or free collection.


5) If no arrangements can be made for return of the vehicle, it must be made clear that a charge will be made against them to cover storage.


6) The vehicle does not have to be in pristine condition when you return it. They cannot refuse the Termntation whatever the condition. All that is required by statute is that the goods were” reasonably well” looked after.


7) It is true that they are entitled to charge for any work needed to return the vehicle to a reasonable standard. To this end they may ask you to witness a condition report on termination.


You do not have to attend anything although it may be in your interests to do so. Sometimes these are carried out by an independent agency such as the RAC other times it is one of the dealer’s employees. At the end of the inspection they will ask you to sign the report. Do not sign unless you totally agree with what is on it and it is properly particularised. “A slight indentation on rear off side”, could land you with a bill for a new wing.


8) To repeat you do not have to sign anything, they are compelled by statute to accept the car back the agreement is terminated.

Edited by squaddie
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