Halves and Thirds for Car Finance

Andyt32

I have a credit agreement with Capital Bank (RBS) that I will be half way through in August. I am in negative equity to the tune of 4k!!

Does the Halves rule relate to half way through the agreement or having paid half of the loan amount?

Can I get out of this and if so, how?

Cheers

zilspeed

Have just VT'd my car with Capital Bank.

(Who are an arm of HBOS incedentally, not RBS.)

Anyway, sent my standard letter to them informing them that I was going to VT and they just accepted it.

No hassle in any way whatsoever.

It's half of the amount that you have to pay.
You can VT just now if you want, but you will have to apy up to the half way mark. Time is not the issue, it's the sums involved.

Andyt32

Cheers, but is it half the sum you borrowed or half the sum inc the interest and charges etc?

~Brock~

It's half of the total amount payable, which includes interest and any up-front fee.