return a car to moneybarn

[adehook006]

a quick summery ,

 

conditional sale agreement taken out with them 26/11/2014 around £13k total i think

monthly payments £217.58

only got certain parts of my agreement with me as I've mislaid them,

not up to 1/3 payment, that amount is £4279.07

 

had the car from november 2014

only had 1 late payment due to bank account change issue and so far all up to date,

 

 

i rang them in april and explained my circumstances have changed

and i can no longer afford the payments

and asked if there anything they can do to help,

 

 

the guy on the phone changed my dd payment date- i sort of got a month off payment,

which in the agreement i can do this anyway,

 

 

I'm self employed and been though a bad patch since i had the car,

and obviously got crap credit as I've turned to them in the first place.

 

I'm around £25000 in debt without the car been added on and the situation is now dire,

 

 

I'm getting behind on my rent and council tax payments

and the payments i make on the car would be better used to pay more pressing arrears.

 

whats the best plan for me to return the car to moneybarn?

 

im not going to lie,

ill either be in forced or voluntry bankruptcy by the end of the year as its got to much to ever pay back

and survive with the money i earn.

 

just need some advice on where to go

[martin2006]

From previous experience, if you return the car, it will be auctioned off and the proceeds used against the balance you owe. Ther should be a rebate of interest if the agreement is ended early but not always the case. Either way you will have an outstanding balance which they will chase you for, this can then be placed into the BR if thats the route you go down.

Not always the case that BR is the answer, depends on more than just the amount you owe to all your creditors

[dx100uk]

woe slow down

you need to VT the car.

 

 

follow this:

 

 

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.

if they try and charge a repo fee or collection fee they cannot:

173 Contracting-out forbidden.

(1)A term contained in a regulated agreement or linked transaction, or in any other agreement relating to an actual or prospective regulated agreement or linked transaction, is void if, and to the extent that, it is inconsistent with a provision for the protection of the debtor or hirer or his relative or any surety contained in this Act or in any regulation made under this Act.

This term is covered by the above section of the CCA 1974 in that it breaches this:

99 Right to terminate hire-purchase etc. agreements.

(1)At any time before the final payment by the debtor under a regulated hire-purchase or regulated conditional sale agreement falls due, the debtor shall be entitled to terminate the agreement by giving notice to any person entitled or authorised to receive the sums payable under the agreement

In other words nothing can stop you voluntarily terminating.

The only charges you must pay are the ones contained in the legislation and itemised in section 101, the charge mentioned is levied after the agrement is terminated and is void in any case. All it means is that no one will collect the terminated car(their car), well that is ther problem it is no longer yours , you attachment to the car ha been terminated.

.

.

.

..............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...

..

[dx100uk]

I cannot express to firmly that YOU need to LEAD on this

 

take TOTAL CONTROL of what happens

 

check EVERY MOVE has happened and re check.

 

moneybarn WILL try and do you over....

 

do it in WRITING ONLY

[adehook006]

thanks for the reply

so do i carry on making payments or just send that asap

and with regards to the car been returned, it wasn't in showroom condition when i had it, so will they try to make me pay to restore it?

[dx100uk]

Read what I posted

 

Carefully again

Condition is how you got it

 

Get vt letter running

[adehook006]

got you, ill print that off and send it to them and keep you informed of the process

[dx100uk]

Lots and lots of photos

In out under engine boot tyres etc etc

You never know what stuntsctheyll try and pull

Just do not agree to pay anything bar to the 50% mark

And certainly not any repocollection feesetc

 

You must be very very firm with them

 

They will try it on

 

There are other mb vt threads here

 

Go read them too

 

Regards

 

Dx

[renegadeimp]

As dx said. Take photos and video of every part of the vehicle.

 

You only pay up to 50% of the car value and any arrears. If you are already 50% and over with no arrears, you pay nothing else. You certainly dont pay for any collection fee, any admin charges etc.

[adehook006]

Mr A

 

AGREEMENT NUMBER**********

 

REGISTRATION NUMBER*************

 

*

 

We received your notice of termination of the above agreement on 19/07/2016

 

*

 

Your contact details will now be passed to a company called BCA (British Car Auctions) who will contact you directly to arrange the inspection and collection of the vehicle, which we will agree to carry out free of charge. *Please note they will be only able to inspect and collect between the hours of 9am until 5pm weekdays only.

 

*

 

BCA will now contact you within the next 2 working days to arrange the appointment and the appointment must be carried out within a period of 7 days from them contacting you. Failure to action this will mean the appointment of recovery agents, the cost of which would be billed to your account.

 

*

 

Please note that you must keep the vehicle fully taxed and insured until it has been returned.

 

*

 

You are required to also return the following items.

 

*

 

1.*********** The Registration Document know as a V5

 

2.*********** Service History Book / With FULL service record to Manufacturers schedule

 

3.*********** MOT certificate if applicable

 

4.*********** Spare keys

 

5.*********** Sat Nav Disc if applicable

 

*

 

Please note that if you fail to return any of the above items, we will charge you for costs incurred in replacing them.* Please be advised we are able to claim from you any loss we suffer as a result of your failure to take reasonable care of the vehicle and service the car to the manufacturer’s recommendations.*

 

*

 

IMPORTANT NOTE: REMOVAL OF PERSONAL DATA

 

Please ensure you remove all evidence of personal data which may be left in the vehicle or on electronic devices fitted to the vehicle prior to return.

 

*

 

I look forward to hearing from you shortly.* You may contact me on 03305551520, or email me on [email protected].

 

*

 

Yours sincerely,

 

*

 

*

 

*

 

Pat Gregory

Asset Management Agent

 

DDI: 0330 555 2340

Email: [email protected]

 

Website: http://www.moneybarn.com

 

Follow us… **

[adehook006]

This what I received today via email after copy and paste and edit the form from dx

[renegadeimp]

They cant charge you for recovery agents. It's their problem to collect the car if you VT'd it. Not yours.

[just_jue]

I have VT'd a couple of cars and as DX has said make sure you get loads of photos and/or a video of the car,

go with the person when they do the inspection,

 

 

minor wear and tear is acceptable, they will not be getting a show car back.

 

The last one I VT'd reckoned the car was damaged when they received it

and didn't make it's estimate at the auction so they actually lost money and wanted me to pay the difference.

 

Hope everything goes well with it.

[dx100uk]

hey good to see you jue

[adehook006]

Hi all. Well the cars got 85k on it and 6 years old.

 

 

So as any other car it's got dings and marks everywhere.

Most of which were already on it.

 

 

They also asked for the service book.

Which I never had when I got the car.

 

 

I worked it out I owe around £2400 to make the 50%.

 

 

I'm paying no more.

 

 

I'll let you know when I get another update

[adehook006]

Update.

 

Been contacted by bca to collect the car. Been collected 27 july

[dx100uk]

https://www.british-car-auctions.co.uk/Auction-centres/Wolverhampton/

[Hammoll53]

did they question the service book? don't think we got one either, and i'm about to do the same as you