Mtonova Finance - want to VT

[kattoo89]

Hello guys and girls,

 

I'm so sorry to gate-crash your thread, but I'm unsure of how to do a brand new post/thread!...

 

I currently have a car on finance with MotoNovo Finance, but unfortunately with change in jobs I can no longer afford the monthly payments. I'm already £123.83 in arrears which will need to be paid before proceeding further, but I wondered how I go about terminating a hire purchase contract, and if I will have to pay anything else?!

 

The contract was for 61 monthly payments of £109.33, I have 29 monthly payments left.

 

Can you guys and girls give me any advice?

 

Many thanks

 

Kattoo89

[theoldrouge]

you can VT AT ANYTIME, but MUST do so under s99/100cca1974

 

You must vt under s99/100 cca1974. do not sign any of their forms, or agree to pay any charges. The car has just to be in reasonable condition for its age. As you have paid in excess of 50% there will be nothing to pay bar any arrears.Send them the following letter, they MUST action your request, you should endeavour to be present at the vehicle inspection---

 

VOLUNTARY TERMINATION OF AGREEMENT UNDER S99/100 CCA 1974

 

Account No: (xxxxxxx)

Dear Sir,

I am writing to notify you that I am exercising my right to terminate the above Agreement under Section 99 of the consumer credit act1974. 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 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. As I have paid more than the amount calculated under the formula in Section 100 the amount due is £xxxx

 

The above agreement will be terminated one month from the date of this notice.

(as you pay less than £1500 per year you must give one months notice)

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 in writing within 7 days of receipt.-Yours etc...

 

attend vehicle condition report, take dated photos from every angle

 

 

the debtor is fully entitled to vt at anytime,it does NOT matter whether you are in arrears, or have paid

 

half the agreement

[havinastella]

Excellent advise from Rouge, just remember you MUST be up to date to VT.

[dx100uk]

you can VT even if short, you simply pay upto the 50% mark.

[dx100uk]

own thread created here

[garage flower]

you can VT even if short, you simply pay upto the 50% mark.

 

And any arrears on the account at the time the VT is requested.

[dx100uk]

but not their stupid arrears fees mind.!!

or any other 'fee' they have added during the course!

 

 

dx

[theoldrouge]

And any arrears on the account at the time the VT is requested.

Contrary to popular belief

 

s100 is a seperate section of cca1974, to the actual termination section, s99

Arrears and paying upto the 50% mark are due on termination, but are not part of the termination

The debtor does NOT need to pay these in order to terminate the agreement

 

the finance co can chase for these post termination, so you can then come to an arrangement to pay these