Another VT on my Hp finance

[nafta]

HI,
I have read a lot about the VT on your forum but I wanted to ask a few more questions.
How long before I can cancel my direct debits? I pay more that 1500 a year so I guess once I have sent the letter the HP is terminated 14 days later?
How long before the come and collect the car? I have a black box fitted in my car and I must have it removed before the collect it. I know the car must be taxed, moted and insured until they collect it as it is on road.
Am I still able to drive the car even though I have terminated my agreement, until they come and collect it?
Will they give me warning on when they are coming to get it? (I guess if they want me to drop it off they will tell me when and where).
Do i need to do any paperwork ie V5 or anything else apart from signing the paper that says the car is all in order?
If someone comes to collect the car, will they do the inspection and sign that there will be no additional charges regarding damages? Do i still take photos on the day they collect it?
Sorry about the hundreds of questions but I need to do this right. I have had enough abuse already and don't wish to take no more.
Oh just one more thing. I have finance GAP insurance which I can cancel at any time. It says I am entitle to a refund pro-rata minus 35 pounds admin. I pay £21 a month and have taken it over a year, I started payment in June 2013. how much am I entitled to? I know I ma a dummy but no good with finance terms etc.
Again thank you so much for any help I can get!
Nafta

[Guest]

Re: Another VT on my Hp finance

HI,
I have read a lot about the VT on your forum but I wanted to ask a few more questions.
How long before I can cancel my direct debits? I pay more that 1500 a year so I guess once I have sent the letter the HP is terminated 14 days later?

Yes you can just give 14 days, what I usually recommend is that you send your letter half way through the repayment period and state that the last payment will be 14 cays later, this will be the termination date of the contract and your last payment. There may be disagreement about this, dependent on if you think you are paying the rental part of your agreement in arrears or in front, personally I think that since the option to purchase fee is generally paid along with (or sometimes included in) the last payment, it would be held that the payments are in arrears, this gives them two weeks to arrange collection, personally again I would give them another couple of weeks before I started to consider "geeing them up" with threats of storage fees(but I would not pay any more installments).


How long before the come and collect the car? I have a black box fitted in my car and I must have it removed before the collect it. I know the car must be taxed, moted and insured until they collect it as it is on road.

I have yet had two of these that have been the same, it depends totally on the creditor unfortunately, sorry you just have to play this by ear.

Am I still able to drive the car even though I have terminated my agreement, until they come and collect it?

The creditor is the owner in any case terminated agreement or not, it depends what it says in your agreement. However personally I wouldn't.

Will they give me warning on when they are coming to get it? (I guess if they want me to drop it off they will tell me when and where).

Yes, a reasonable distance, within about twenty minutes drive is usually considered reasonable, do not agree to a collection fee, or any other charge, they are not entitled to charge anything for repossession of the vehicle

Do i need to do any paperwork ie V5 or anything else apart from signing the paper that says the car is all in order?
If someone comes to collect the car, will they do the inspection and sign that there will be no additional charges regarding damages? Do i still take photos on the day they collect it?

They will probably want to examine the vehicle in your presence, usually they walk around the car pointing out dinks in the bodywork etc, I usually photograph everything they indicate in addition to comprehensive pictures of the car both before and after the event, when the bill arrives you can use these as evidence to contest any charges they may wish to try and make. Do not sign anything that you have not read throughout and also make sure you get a carbon(just to ensure there are no later additions)

Sorry about the hundreds of questions but I need to do this right. I have had enough abuse already and don't wish to take no more.
Oh just one more thing. I have finance GAP insurance which I can cancel at any time. It says I am entitle to a refund pro-rata minus 35 pounds admin. I pay £21 a month and have taken it over a year, I started payment in June 2013. how much am I entitled to? I know I ma a dummy but no good with finance terms etc.
Again thank you so much for any help I can get!
Nafta

I would need to see the full financial details of the agreement to work out any rebate under your insurance.

[nafta]

Re: Another VT on my Hp finance

Thank you Andy58 so much for all those Clarifications!!!!

[nafta]

Re: Another VT on my Hp finance

Hello again,
I am still having to send my letter and I was reading about other people's cases on the forum and have come across some things that are scaring me a bit. Someone said that after they send the letter the finance company sent some forms demanding payment in order to terminate the agreement and collect the car.
In my case I have not yet paid half of it. I am doing a VT simply because my darling husband has had a stroke and now with only my income coming in a I cannot make the payments. I thought that I would send the letter, they will either come and collect the car or me drop it off somewhere and then they would send me papers with outstanding finance and then we would come up with an arrangement for paying what I still owe as if it was an unsecured loan?
Am I wrong to think this? What happens if the say they will only terminate and collect the car once I have paid in full what I owe?
I pay over 1500 a year so I was going to send the letter in th middle of next month to give them the 14 days notices and as that would also take me to my next and final payment at the beginning of the following month?
Any advice? Should I do as I said I was ?
Many thanks!!