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DD28

MoneyBarn - Voluntary Termination

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Hello.

 

I currently have finance with Money Barn.

I have read through my contract and I qualify for the 50% levy where I can voluntarily terminate my vehicle and return it.

 

When I spoke to them (helpful actually) they said that if I decide to go ahead with it, I have to send and email or letter (or both) to confirm I wish to ahead.

 

She said that someone will come out and inspect my vehicle, and then it will be taken back to the head quarters for another inspection and should anything come up

- they will let me know how much I owe?

Huh?

How’s that fair when I’m not present? 

 

Also I’m confused about the log book and how to sign it over to Moneybarn as the legal owner??

Advice please...

 

They told me it would take around two weeks to confirm whether the finance has been ended or not - that’s rather long as I am waiting to go through another finance company for another vehicle. 

 

Also - where can I find that standard letter template that I’ve seen on other posts?

 

Thank you in advance for your advice and wisdom.

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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, [read below carefully regarding 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 but would be liable for any payments still to reach the 50 % mark,
 .  
it 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 Voluntary surrender].
dont get caught out!!
.
take extensive photos and video of the car inside and out 
and underneath [use a selfie stick] and in the engine compartment 
ALWAYS.
.
if they try and charge a repo fee or collection fee they cannot:
.
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 , your attachment to the car has been terminated..
.
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.
.
although dependant on the way your agreement is written, they can charge excess mileage
.
 this has been accepted at county courticon level, but afaik has not been tested in a higher court
..
.
.

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


 


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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Posted (edited)

Hello Dx100uk,

 

Thank you so much for your response it is greatly appreciated.

 

Having read through my contract, I cannot see anywhere, that excess mileage would be charged - however will they try and charge this? What should I do, if they do charge? 

 

Should I complete the new keeper slip and put the car in MoneyBarn’s name upon collection of the vehicle? 

 

The only thing I fear is when they said the car would be taken away for further inspection, after the the first inspection where I am present (when the car is collected) I don’t have a good feeling about that at all as they could say something is wrong when I know it isn’t. What can I do about that? 

 

Thank you in advance for your response.

Edited by DD28

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ask MB about the V5C

the rest is already in the guide.

 

ive moved you to the money Barn forum.

plenty of recent VT threads here to read.

 

 


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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Dx100uk,

 

Thank you so much for all your help I really appreciate it.

 

many thanks 

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