Hello

[kwillow]

Hello all!

I am new to the forum, thought I'd say hello. Hope all is well.

[enaid]

Re: Hello

Hi and welcome, please post when you are ready, maybe have a look around first.
Enaid x

[kwillow]

Re: Hello

Hi there!

Here as just started the proceedings to VT my hp agreement. Sent the template off this afternoon. Just curious, do I now cancel my DD? Due to come out 28/10.

Awaiting reply from them.

Thanks

[Funky_nugget]

Re: Hello

Hi there!

Here as just started the proceedings to VT my hp agreement. Sent the template off this afternoon. Just curious, do I now cancel my DD? Due to come out 28/10.

Awaiting reply from them.
Y
Thanks

To cancel a direct debit just literally call your bank and cancel it

[kwillow]

Re: Hello

Hi there.
My question was more about now I have initiated the vt. shall I cancel the DD for my finance 👍🏻

[Funky_nugget]

Re: Hello

My apologies - I thought I read "how" - me personally I wouldn't - but I can't make that call for you. sorry for confusion

[enaid]

Re: Hello

I think @R0b will be able to answer your question

[R0b]

Re: Hello

Hi there.
My question was more about now I have initiated the vt. shall I cancel the DD for my finance 

The law says that all you need to do to terminate is to give notice of termination to the lender. As the legislation is silent on how much notice you need to give, I take that to mean that the notice can be with immediate effect. So if you have given notice already I would usually err on the side of caution and give it a couple of days until after the notice has been given whether by letter or email before you cancel the DD.

That being said, it also depends on the contents of the letter, if you have said I am writing to cancel the agreement and it shall be terminated 14 days after the date of the letter then the agreement will officially terminate 14 days later.

Did you give your notice by letter, and if so have you got receipt for proof as sending it? Some lenders on here are known not to respond until after your next payment date and then try to reclaim another month's instalment.

[kwillow]

Re: Hello

Morning R0b

I sent the vt letter template as on here, on email yesterday stating 14 days as per the template. my monthly payment is £327, due to come out 28/10. So it's a substantial amount of money. If it's not needed to be paid.

[R0b]

Re: Hello

I'm guessing the template you used was an older version as the one's I have updated doesn't contain the 14 day notice, purely for reasons like yours.

You could argue that they are only entitled to a pro-rata of the monthly instalment but that is likely mean that you are going to have difficulties getting back any money from them if you don't cancel the DD. If you do cancel it then you have the upper hand as it would be down to the lender to take court action against you for the recovery of the monies owed. You could then offer the pro-rata'd amount as they have no right to claim the full amount or they may already calculate the pro-rata'd amount for you.

The choice is up to you as to whether you want to cancel the DD but because you have specifically said that the agreement will terminate 14 days later then technically the agreement is still in force until that point and the lender could have an arguable case that it is at least owed some money.

[kwillow]

Re: Hello

Hi R0b,

I am talking complete dribble, I stated the following :

Good Afternoon,

I am writing to notify you that I wish to invoke my statutory right under section 99 of the consumer credit act 1974, and hereby give you notice that the agreement is terminated effective immediately from the date of this letter, Please confirm by return acknowledgement of this letter and to make arrangements for collection of the vehicle.

The condition of the car is noted as been in reasonable condition for its age & photographic evidence has been taken in the event of any future dispute as to the condition of the vehicle.

You will be aware that the consumer credit act limits my liability to Half of the total amount payable under the agreement but excludes any sums payable as a penalty, compensation or damages for a breach of the terms of the agreement. Such terms imposed are inconsistent with my rights under the act and are therefore deemed void and unenforceable.



I said they have to arrange collection within 14 days.

[enaid]

Re: Hello

kwillow I have removed the paragraph with your personal details on, it does no affect your post.

[kwillow]

Re: Hello

Oh thanks ha ha 🙈 !!

Kris.

[R0b]

Re: Hello

I would suggest you edit your post and remove your email in that post, don't want to post personal info on here.

Did you receive any acknowledgement email from them?

Either way I think it would be safe to cancel your DD, providing the email was sent to a valid email that the lender uses.

[kwillow]

Re: Hello

Hi R0b,

Yeah it's been removed. Sorry. New to this forum life. I sent it to the personal relationship manager who deals with my account and go their hp@___.co.uk

Thanks again to you both!

Kris