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Hi folks,

I know there are similar posts to this one but they mainly focused on being under the 50% paid point of the agreement.

 

I have a hp agreement with AF over 48 months to the value of around £7800.

This includes interest, the car was £4500 when I bought it.

I have made 36 payments and cleared around £5800 so well beyond the 50% mark.

 

I'm considering giving the car back to the finance company as I have £2000 left to pay and the car is likely worth just below this figure right now. This will be much lower by the time the agreement ends in December.

 

The car is a Vauxhall Zafira 1.8 2006 with only 60k miles on the clock.

The main depreciation causes are a flooded market of this car and the scare stories (overhyped imo) when a small percentage had issues with the heater systems catching fire. Only adding this detail to highlight the low value of vehicle not being due to doing moon miles and used for banger racing.

 

What is the probability of me having any further financial liability for this vehicle after VT considering I've paid the majority of the agreement already?

 

Any advice appreciated.

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If you VT over the 50% mark... I understand you have no further liability...

 

But don't fully quote me on that... I'd dig around and possibly wait for other members of the team to advise...

 

We could do with some help from you.

 

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Receptaculum Ignis

 

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That's what I've seen banded about but I suppose the point I'm trying to emphasise is that with paying 3/4 of the agreement, surely even if they try the petty deductions route I'd be unlikely to incur charges.

 

The car has minimal wear and tear, just the expected bumps you'd expect on a 10 year old vehicle.

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def a HP agreement and not PCP?

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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Finance companies hate VT, so if hp/cond sale send the following, the car should just be in reasonable condition commensurate with its age

 

Do not sign any of their forms

 

 

 

 

 

 

 

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 signicon 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 crediticon 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

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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:cheer2::cheer2:

 

Good news hate advantage

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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  • 1 month later...

Just spoken to a lady at national debtline regarding VT and she has raised a couple of things I'm not sure about.

 

She claims that even though I've paid well beyond 50% of the agreement, AF can pursue me for 100% of any figure they deem appropriate for excessive wear and tear. Is this correct? If so, do I have any defence to this?

 

As I stated above, the car is in reasonable condition for its age. It seems crazy that the vehicle itself has no value with regards to the remaining balance of the agreement. I owe them £1730 approx and the car must be worth at least £1300.

 

I thought I saw on here somewhere a follow up template letter should they seek additional monies for excessive wear and tear, would this be relevant in my case?

 

If they took me to court for any charges, they'd likely allow me to pay inttallments wouldn't they as I'm currently on a debt management plan with Stepchange? I don't care about marks on my credit history as my rating is screwed for the next 6 years anyway.

 

Thanks in advance

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better to read threads here than go ringing people.....

 

 

so have you done the VT letter yet....

 

 

21st jan you said you were

should already have been done and dusted by now..

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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So where are you as regards the vt???

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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So where are you as regards the vt???

 

I have printed off the VT but hadn't sent it because I wanted to be absolutely sure this was the right path to take.

 

Someone had suggested to me to sell the car to we buy any car and they'd pay the finance company therefore negating the need to VT. They didn't offer enough for the car based on market trade in value so I walked away.

 

The information provided on here thus far is great, the woman I spoke to at National Debtline was only a route I took this afternoon as I was looking to see if I had missed anything before posting the letter.

 

So with regards to the information I was given about liability for wear and tear, is there a procedure after the initial VT I can pursue?

 

I know you guys would prefer that I had posted the VT at this point to help further but I didn't want to go into this uninformed of all possible outcomes.

 

Apologies if I have gone about this the wrong way, I do value your help and advice hugely.

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You take dated photos from all angles

 

and Do Not sign any of their forms

 

If they try anything on post VT we can deal with it then

 

The car only has to be in a condition commensurate with its age

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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they cant levy W&T if they don't have a good record or photos of the car when they sold it too you.

 

stop worrying.

if you'd externally sold the car you would be liable for the full cost under VS rules and couldn't VT.

 

that's why we carefully explained it to you.

 

there are numerous threads here to read as well you've read none as far as I can see..

 

trust in CAG...

 

in the forum you are in there are no threads whereby VT failed ot turned out to be more ecxpensive via W&T.

 

as if you do read others

you'll see ADV WILL try it on big time

which is why you must take extensive videos/photos in out under bonnet the lot.

 

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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  • 1 month later...

Thanks for the additional info.

 

I sent the VT off and the car was collected on 15th March.

I've since cancelled my direct debit with them

and I guess it's now a waiting game for the inevitable claim for repairs.

 

I can't find any record of AV on my credit report using clearscore though so can't see if AV has closed the account, marked it as default etc which is a little frustrating but for now it's no news is good news I guess.

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most are free now

try noddle and Experian too

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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