Carcraft and Marsh - i want to VT please

[cssuk]

Hi there i need a bit of advice please,

 

i bought a car from carcraft 27 months ago and am looking to VT when the 50% mark is up,

 

i have just been looking over my Docs as i am shocked by the settlement figure i have just had from them,

 

on the Docs it shows a Document Fee and a option to purchase fee that i am being charged interest on is this allowed?

 

I really dont understand how i managed to get myself into this,

the car was only 7800,

i paid 1100 deposit and have paid so far 5300 back

yet i still owe 5600 to them as a settlement fee!

 

bonkers think a lesson learnt

 

thankfully they have now gone pop i wonder why!

[dx100uk]

you don't have to wait till the 50% mark.

 

 

Section 99 of the Consumer Credit Act gives the debtor the right to terminate a hire purchase agreement,

simply by giving written notice of termination.

.

The right to terminate applies at any time before the final payment becomes due, unless the creditor has already terminated.

.

contrary to the line taken by many finance companies,

.

the debtor need not have paid half the total amount payable,

.

and nor do they have to pay any arrears,

.

before exercising the right to terminate.

.

Sections 99 and 100 set out the debtor's liability on voluntary termination. The sections are complex,

.

but their main effect can be summarised in brief as follows.

.

.If the sum of payments made and arrears before termination exceeds 50% of the total price,

than the debtor is only liable to pay the arrears.

.

Otherwise, the debtor is liable to pay half the total price, less any payments already made.

.

so the debtor can terminate at any time if he has reached the 50 % mark

.

the debtor can terminate at any time before the 50 % mark but would be liable for payments still to reach the 50 % mark,

.

does not matter if the account is in arrears at the time or request to do a voluntary termination.

.

you need to specifically nail them down that this is a VT and NOT a VS [volutary surrender].

dont get caught out!!

take extensive photos of the car inside and out

and underneath and in the engine compartment ALWAYS.

.

..............example letter..ADAPT TO SUIT.............

.

You must vt under s99/100 cca1974. do not sign any of their forms, or agree to pay anything.

.

The car has just to be in reasonable condition for its age.

If you have paid in excess of 50%,

with no arrears there will be nothing to pay.

.

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/have not paid more than the amount calculated under the formula in Section 100 the amount due is £XXXX/zero.

.

The above agreement will be terminated 14 days from the date of this 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...

..

[cssuk]

Hi thank you for thee information,

when i said halfway i meant half the total amount payable,

however this is confusing,

 

 

there are two figures shown on the agreement,

the total amount payable and

then the total remaining balance which is slightly less (well about 1000 less)

 

 

both of these figures include the document fee and the right to purchase fee

both of which i am being charged interest on over the whole term,

 

 

could you clarify that i can indeed be charged this for the whole term

when my first payment included a "administration fee" of well over £140.00.

 

Am also assuming that the settlement figure i asked for is in fact not the halfway point

but is in fact the total i need to pay to clear the debt as of Yesterday

 

 

i would in fact get no discount if i VT the vehicle.

[theoldrouge]

Lets see a copy of the agreement please

This will give us the exact figures and we

can then advise accordingly

[dx100uk]

follow the UPLOAD

[cssuk]

sorry been a few days,

 

i went into marsh as they are based locally and have now VT the car,

 

its being collected on Monday

 

they mentioned repairs required etc

 

i pointed out any issues or faults were there when purchased

 

car has a full mot and a full service history so lets see what they come back with, i have taken pics etc,

 

they did actually say it was up to me to prove the faults were on the car when purchased (3 scratches)

 

i told them it wasnt.

[dx100uk]

good for you!!

 

 

so you've DEF signed the correct CCA form to voluntary Terminate?

[cssuk]

Hi not sure about a cca form

however i do have a letter from Marsh confirming that the VT amount has been paid

and they have arranged to collect the vehicle as requested,

 

 

i have also got emails confirming the process they follow and confirming they have agreed to VT

[dx100uk]

that's ok as long as they are quoting VT

alls well.

 

 

dx

[cssuk]

ok just been to inspect the car and have pointed out 2 very small dents that were present when i bought the car

 

 

they now want £535 to fix these,

this is a 2007 80000 mile passat full service history and new tyres with MOT all keys etc

 

they are taking the Wee Wee,

 

have seen cars offered for sale with far worse in fact i bought it like this 2 years ago.

 

so where do i go from here

 

can they stop the VT

 

i have signed his document but put i dispute the report as the damage was there when bought

 

[ATTACH=CONFIG]60634[/ATTACH][ATTACH=CONFIG]60635[/ATTACH]

[theoldrouge]

No they cannot stop the VT, just a typical try on

Your doing ok

[dx100uk]

if they get silly

ask them to prove the damage was not there on getting the car

they cant.

 

 

cant see how they can charge MOT or tyres either cheeky buggers

[Conniff]

Keep in mind that according to the regulations, 'they' purchased the car not you so you can use those words that is how it was when 'you' purchased it.

[cssuk]

if they get silly

ask them to prove the damage was not there on getting the car

they cant.

 

 

cant see how they can charge MOT or tyres either cheeky buggers

 

it has new tyres and it is MOTd tbh the cars in better condition now than when i got it 20k ago anyway i can assure you they wont get so much as the steam of me poo!

 

as someone has said i just hired it off them for 30 months and maintained it end of its belongs to them not me.

[theoldrouge]

its just a standard try on

finance cos hate vts, as they lose money on their "half" of the deal

just stand your ground

[cssuk]

just had a letter off marsh advising i owe 241.00 for condition outside fair wear and tear,

just spoken with them and they are advising i put it in writing to them,

 

 

they are citing the following as "faults"

small hole in drivers heelpad

small scratch on rear bumper

small scratch on front bumper

 

car is below average mileage with MOT, full service history(dealers) and new Tyres all round

everything works as it should no problems at all,

 

 

do i send them the letter or just ignore them and where can i see what is acceptable condition to them,

 

 

what do they expect for a 2007 car as new?

[dx100uk]

as post 12

or ignore them

 

 

dx

[Conniff]

Wear in the drivers heelpad is definitely normal wear.

Two scratches, one on each bumper is fair also for it's age.

 

 

They are just trying to get blood out of you. Did you get pics of the bumpers before you handed it over ?