VT rules over 25k

leelee1981

i have heard that VT rules for debt over 25k are different to those under 25k. would someone be able to tell me how they are different please?

EDIT: its for a car and the car has far more that 50% still oweing on the contract.

what happens if payments simply stop? how do they get/try to get their money back? (only asset is a house with ZERO equity...probably negative equity to be honest)

dmg24

Would it not make more sense just to continue with your old thread?

For those that are unsure, VT = voluntary termination.

leelee1981

probably but i couldnt find it.....but does it make much difference?

financeman

Hi,

It depends wether your agreement is regulated or non regulated.

If your agreement is regulated and you have paid half you can VT. If it's non regulated there is no facility to VT.

leelee1981

thanks financeman.