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Advatage Finance Voluntary Termination and ins reclaim


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I too bought my car in Dec last year.

 

 

I have had financial problems since

 

 

contacted adv to find out about returning car.

 

 

They told me I had to keep the car for two years before I handed it back

and handing it back now would mean I would be paying for a car I no longer had.

 

 

I also realised a few months ago I was paying an extra £40.00 per month on top of the car for some kind of insurance

 

 

I rang the company they said I had signed.

 

 

I told them I wasnt even told about this and the paperwork was obviously in with the finance paperwork.

 

 

They thus told me I had to pay.

 

I am in an even worse financial state in which i could lose my home.

 

 

Please I need some advise:sad:

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As i said firstly

 

 

i bought a car in dec last year.

 

 

My finance is with advantage.

 

 

I phone them middle of this year to say i was struggling financially

 

 

was told i have to pay 2years worth.

 

 

I then noticed i was also paying an extra 40.00 this apparently was another insurance to enable me to get full value back.

 

 

. I need to hand car back or due to a possession order on my house.

 

 

My children and house are more important than the car.

 

What do i do ???

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you can VT at any stage of your agreement,

 

you can then come to an arrangement with the creditor

 

as regards any outstanding balance

 

You must do this by way of s99cca1974

 

Please post up your agreement, minus personal details

 

so we can advise you further

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and what this spoof insurance or something?

 

 

quite typical for advantage.

 

 

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please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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How many payments have you made to date?

 

Any arrears at the moment?

 

Any arrears charges?

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Any help I am able to give is from my own experience only. Should you have any doubt you should contact a qualified professional.

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selling the car or voluntary surrender are not an option

 

I would estimate the value of the car to be around £3500 to £3800

 

which would leave a shortfall of around £6200 to £6500

 

leaves two options really

 

1) Voluntary Termination which MUST be done under s99 (we can advise on correct letter)

 

Total of agreement £12830.20

50% £6415.10

Paid to date £2900.15

 

Amount to VT £3514.95 which you do not have to pay at the time

 

but would have to come to an arrangement to pay it off over time

 

You would still be left with the ins for

 

which you would have to start a reclaim by formal complaint

 

2)Your other option is to keep the car, and as soon as you receive an arrears notice

 

consider a time order to reschedule your payments

 

https://www.nationaldebtline.org/EW/factsheets/Pages/06C%20EW%20Time%20order%20-%20hire%20purchase%20or%20conditional%20sale/Page-02.aspx

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all documents rotated shrunk, redacted, merged and reposted above.

 

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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ok, if you wish to go down the VT route send the following letter

 

they cannot charge for you doing this,

 

they cannot charge for vehicle collection

 

they can ask you to deliver the car a short(reasonable) distance

 

the car should be in average condition for its age

 

you should attend the condition report, and take dated photographs from all angles

 

do not sign any forms varying from the requirements of s99cca1974

 

You MUST understand that youy will have to come to an arrangement to pay your liability

 

 

 

Dear Sir/Madam

 

VOLUNTARY TERMINATION OF AGREEMENT UNDER S99CCA1974

 

Date xx/xx/xxxx

 

Account No: (xxxxxxx)

 

I am writing to notify you that I am exercising my right to terminate the above Agreement under Section 99 of the consumer creditlink3.gif Act 1974. You will understand that the aforementioned section permits the debtor to terminate the agreement at any time before the last payment is due. There is no restriction regarding the exercising of this statutory right, particularly none in respect of any perceived arrears or monies due on termination

 

I understand that I shall be liable to you for the amount calculated under the formula in Section 100 of the Consumer Credit Act 1974, in this case £3514.95

 

The above agreement will be terminated 14 days from the date of this notice.(xx/xx/xxxx)

 

Please send me details of how the vehicle can be returned to you.

 

You will be aware that statute prevents you from levying a charge for the recovery of this vehicle, guidelines also state that if you require me to deliver this vehicle it must be no more than a short (reasonable distance) from my registered address.

Please confirm receipt of this request by post/email within 7 days of receipt (my email address).

 

Yours etc......

PLEASE HELP US TO KEEP THIS SITE RUNNING

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Any help I am able to give is from my own experience only. Should you have any doubt you should contact a qualified professional.

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once you have confirmation and completion of your vt

 

do not forget you need to commence a Formal Complaint in writing

 

for the mis-sale of the insurance

 

any queries do not hesitate to ask

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 

 

 

Any help I am able to give is from my own experience only. Should you have any doubt you should contact a qualified professional.

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  • 2 weeks later...

as above susan, if you are having payment problems

 

 

2)Your other option is to keep the car, and as soon as you receive an arrears notice

 

consider a time order to reschedule your payments

 

https://www.nationaldebtline.org/EW/...e/Page-02.aspx

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 

 

 

Any help I am able to give is from my own experience only. Should you have any doubt you should contact a qualified professional.

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of course we do not know your situation

 

but keep in mind the general advice

 

your mortgage , council tax and utility bills are your priority

 

second in line your hp agreement

 

your unsecured debt, c/cards, personal loans etc are low priority

 

also bear in mind that if you default and they terminate your hp agreement, you would lose your right to vt

 

so consider everything carefully

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 

 

 

Any help I am able to give is from my own experience only. Should you have any doubt you should contact a qualified professional.

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  • 1 month later...

Good morning.

 

 

I have now delivered the car to a garage of advantage finance choice.

 

 

I did seek support off a debt management team but for the debts I have it seems they are asking for far too much.

 

 

They want to incorporate all my debts into one and want me to pay them £261.00 per month.

 

 

After checking my arrears including what I have to pay back for the car

it seems I will be dragging my other bills(not the car) out for 3 years and paying £9396

which makes no sense as my total arrears inc car is £7499.

 

 

I am not sure where to go.

 

 

I am already addressing most of my arrears and was going to offer the car finance £97.00 per month

which will take 3 years to pay off.

 

 

I am also not sure how to ensure I do not get charged any more interest on what I owe.

 

 

Please advise or sign post

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if they have accepted the VT they cant charge int.

 

 

'a debt management team ' - who was that?

 

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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are you trying to use a fee paying dmc??? dont under any circumstances

 

explain your situation for more advice

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 

 

 

Any help I am able to give is from my own experience only. Should you have any doubt you should contact a qualified professional.

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Just for your information. I sent the finance co the letter as noted including an offer I can afford asking them to freeze all interest and this has now been accepted.

 

Thank you so much for all your advice x

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well done so you VT'd

that was successful

and all you are paying now is the remainder to 50% is what you are now paying?

 

 

what about that GAP insurance

 

 

did that get removed too?

 

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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