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Voluntary Termination of HP agreement


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Hi All,

 

I've got a quick q and hope you can help. I have ready some stuff on this forum but i am no means a lawyer.

 

Anyway, i have rung my car finance people to ask what type of agreement i have with them, they told me HP. Next question was to say i wanted to do a VT. I have paid over half of the amount owed and the car has been looked after etc.

 

I was then told that i do not have this option in my HP agreement with them. So i cant VT!! Can they do this, i thought it was a legal requirement to include VT.

 

Any advice will be much appreciated

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Hi All,

 

I've got a quick q and hope you can help. I have ready some stuff on this forum but i am no means a lawyer.

 

Anyway, i have rung my car finance people to ask what type of agreement i have with them, they told me HP. Next question was to say i wanted to do a VT. I have paid over half of the amount owed and the car has been looked after etc.

 

I was then told that i do not have this option in my HP agreement with them. So i cant VT!! Can they do this, i thought it was a legal requirement to include VT.

 

Any advice will be much appreciated

 

you are correct. a HP agreement will always have a VT clause provided the agreement is regulated by the consumer credit act. how much was the agreement for? have you ever defaulted?

 

a bit more info for you:

 

National Debtline England & Wales | Debt Advice | Factsheet 16 How To Deal With Hire Purchase Debt

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