first response HP - early with voluntary termination they say dont just refinance??

[Jazb]

Hi

 

Hope someone can advise if they have done this before.

 

 

I am nearly 3 years into paying a 4 year hire purchase with first response

 

 

I have been told as I have paid 50% off I can hand his car back via VT.

 

 

If I was to trade my car in for a new car I would be £1500 in negative equality.

 

 

I have been accepted by car finance for a much better deal but said I would be better to refinance than VT,

 

 

of course they are gonna say that as they are a car finance company but told me if I do this I would struggle to get car finance.

 

 

I have already been approved so would this show up on record to them?

 

 

Would it really affect my chances getting car finance with them?

 

 

They are trying to get me to trade in and add what is left to a new loan which bumps up monthly payments quite a bit

 

Really just wondering if I VT can car finance then revoke my successful application.

 

 

I am paying well above odds for my current car as credit score was bad but now it's better I want a newer car at a cheaper monthly price

 

Any help appreciated please

[Jazb]

Not sure if I have posted this in right place, can I move it?

[theoldrouge]

VT has no effect on your credit file but finance companies hate vt

 

 

send the following letter by signed for delivery

you can VTicon 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 14 days from the date of this notice.

(unless 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

 

a short reasonable distance would be the distance you travelled to buy the car

[Jazb]

Hi thanks very much for info I appreciate it

 

But would it affect my already approved status from another car finance company. They said they had done a check and I had passed but obviously haven't VT my car yet. I'm just scared I VT My current car and then go to this another company who have already accepted to lend me a loan and they then decide against it.

 

Also when the company comes to check to the car are they very strict about it as car is roughly same as went I bought apart from mileage

[dx100uk]

VT cannot ever harm you or your rating.

 

 

don't get spoofed!!

[mpjec1]

i have a vehicle which has not reched the 50% mark. threatened with reposssession as fell behid on payemnts due to illness. I want to VT the agreement. Howver a trade delaler will offer 1.5k for the car. FR say they need to pay that and the balance I owe.

 

I suggested the transaction be beteen the dealer and them and i am tying to reduce the liability as at auction thw acr will get a max £500. effectively i would reducer the liabilty, any collection and auction costs. whne I get the final statement of what is owed i think i legally am responsible for that amount even though i offered a part solution.

 

 

 

any advice?

[dx100uk]

you need to start a new thread

of your own please

 

 

dx