Voluntary termination of hire purchase

[Michellec80]

Re: Voluntary termination of hire purchase

Hi. Thanks. I've told them I can't do the next couple of days because I have work. I'm just worried Advantage will find more charges to add to the money they already want. Do you think they'll want payment for what they say I owe before they collect the car or will they still take it? Thanks for all your help so far.

[R0b]

Re: Voluntary termination of hire purchase

If you can't make it you can't make it, they cannot enforce charges on you for not being able to attend when they want to. Payment is not required for them to collect the vehicle, because you are disputing the total amount anyway so if they refuse that is entirely their choice.

[Michellec80]

Re: Voluntary termination of hire purchase

You're right. I'm sorry I do tend to worry about things. Do you think I should respond to the email I received (posted in an earlier post) and what sort of thing should I say?
Thanks for your help [MENTION=71570]R0b[/MENTION]. I really do appreciate it.

[Michellec80]

Re: Voluntary termination of hire purchase

The car has been collected by Newark Motor Auctions. Photos etc taken by me. Just have to wait for the inevitable bill for repairs now. Glad it has gone but I fear this is not over yet.

[Michellec80]

Re: Voluntary termination of hire purchase

We are required by law to inform you at certain intervals during your agreement with us if you are in arrears with the contractual repayment obligations of your agreement with us.
You are hereby given notice that you are currently £376.12 in arrears with your repayments to the above account. If you have not already done so, you should contact us straight away in order to make an arrangement to discuss and/or resolve this matter.
If you want more information about which payments you failed to make please get in touch with us. We are required to give you this information within fifteen working days of receiving your request for it.
Default Sums and Interest
You may have to pay default sums and interest in relation to the missed or partly made payments referred to in this notice. Please contact us if you would like further details. This notice does not take account of any payments received after the date of the notice.
Notices
For so long as you continue to be behind with your payments by any amount, you will be sent notices about this at least every six months. We are not required to send you notices more frequently than this, even if you get further behind with your payments in between notices.
Financial Conduct Authority Information Sheet
This notice should include a copy of the current information sheet on arrears prepared by the Financial Conduct Authority. This contains important information about your rights and where to go for support and advice, for example on applying for a Time Order as well as our right to charge you interest. If it is not included you should contact us to get one. Please refer to the Financial Conduct Authority information sheet for more information about how to get advice on dealing with your debt.
Yours sincerely,
COLLECTIONS DEPARTMENT Advantage Finance Ltd

- - - Updated - - -

This is the latest email from the Finance Company. It's automated. Not sure how they came up with those arrears. The fun and games have started it seems.

[R0b]

Re: Voluntary termination of hire purchase

Not unexpected I think, the "arrears" they are talking about, is that the full email or do they give a break down as to what those arrears are?

[Michellec80]

Re: Voluntary termination of hire purchase

That is all there was. No breakdown or anything like that. The only bits I didn't post were the HP agreement dates and number.

[R0b]

Re: Voluntary termination of hire purchase

I would question and ask for a full break down of the charges that they are seeking to claim, you cant consider it until you have the break down and in any event you could deny that anything is owed, unless it is arrears you owe.

[Stables89]

Re: Voluntary termination of hire purchase

Hi just a quick question. I'm planning on sending away my letter this week or next. The car is booked into have a paint chip repaired next Wednesday. Would I be best to send the letter away now to get the ball rolling? Also my main question is. Can I cancel my direct debit as soon as I send the letter away? Next due date is 1/5/16 thanks for any help

[R0b]

Re: Voluntary termination of hire purchase

You should be fine to send your notice now, they wont respond for a couple of days. Usually best to wait for a confirmation but you could send by recorded delivery and cancel your DD once it has been signed.

[Stables89]

Re: Voluntary termination of hire purchase

Thanks for the reply. The vehicle has a few minor dents and scratches. Just wanted a rough idea as to what damages i should actually pay for. For example the paint on the alloys has started to corrode slightly. There are no scuffs just corrosion. Would i be liable for that or in nost cases do people get off disputing it. Also if there are things which i think ok i accept that its my fault and accept the bill. Would i be able to set up a payment plan for the repairs only. Thanks for any help

[Michellec80]

Re: Voluntary termination of hire purchase

Received a letter from the finance company today. They want £1968.73 by the 19th May, or £2,489.08 if I don't pay the first amount in full by that date. How can that be right?

The letter says:

"Dear M

After the sale of your vehicle there remains a balance outstanding on your account in the amount of £2,489.08.

Your vehicle achieved at auction, after sales costs, the amount of £1082.00, which has been credited to your account.

We can offer a settlement figure of £1,968.73 which expires on 19/05/2016.

Your account has now been moved to the debt resolution team who can assist in taking your settlement payment in full, or agreeing a suitable repayment programme for the full outstanding balance. Please contact them upon recent his letter on 01427 233207".

[R0b]

Re: Voluntary termination of hire purchase

Received a letter from the finance company today. They want £1968.73 by the 19th May, or £2,489.08 if I don't pay the first amount in full by that date. How can that be right?

The letter says:

"Dear M

After the sale of your vehicle there remains a balance outstanding on your account in the amount of £2,489.08.

Your vehicle achieved at auction, after sales costs, the amount of £1082.00, which has been credited to your account.

We can offer a settlement figure of £1,968.73 which expires on 19/05/2016.

Your account has now been moved to the debt resolution team who can assist in taking your settlement payment in full, or agreeing a suitable repayment programme for the full outstanding balance. Please contact them upon recent his letter on 01427 233207".

HI Michelle,

doesn't sound right to me especially when they have acknowledged that you have VT'd the agreement. I would suggest responding to the by letter or email and telling them that you wish to make a formal complaint against them, and that if the issue is not resolved to your satisfaction then you will be forwarding the complaint to the Financial Ombudsman.

[Michellec80]

Re: Voluntary termination of hire purchase

Hi R0b. Thanks for your reply. I will write to them. I'm not accepting that. They seem to have taken the car, sold it and are trying to ignore the fact we VT'd it. The outstanding balance of £2489.00 plus the £1082.00 they achieved for the car totals £3571.08, which is basically what we owed before we went for voluntary termination. They are trying it on. I will probably come back for further advice so apologies in advance for taking up your time. Thank you.

[Michellec80]

Re: Voluntary termination of hire purchase

In fact that £3571.08 is £500 more than we owed if we carried on with the HP agreement! I'm confused now.