Voluntary Termination of Car HP

[CaptainFlasharde]

Hi There

Can anyone tell me if when you VT an HP agreement and you owe the 50% of the agreement, is the deposit and monthly payments that have been made up to the date of VT deducted from the 50%?

[R0b]

Re: Voluntary Termination of Car HP

The deposit usually reduces the monthly repayments but to answer your question, yes the instalments to date make up the 50%. There is a clause in your agreement which says "Termination: Your Rights" and explains that provided you have paid X then you wil not pay anymore. Though you do not need to pay 50% before you can terminate, you can terminate and then repay in one lump sum or try to come to an arrangement if you are struggling with the repayments.

[CaptainFlasharde]

Re: Voluntary Termination of Car HP

The deposit usually reduces the monthly repayments but to answer your question, yes the instalments to date make up the 50%. There is a clause in your agreement which says "Termination: Your Rights" and explains that provided you have paid X then you wil not pay anymore. Though you do not need to pay 50% before you can terminate, you can terminate and then repay in one lump sum or try to come to an arrangement if you are struggling with the repayments.

So it would appear then that I can deduct the instalments paid already from the 50% amount in the agreement but maybe not the deposit?