Returned car Help!!!!!

cossie

i recently returned my car of which i had on finance. and i recieved a letter saying

Following termination of the above agreement.i am writing to inform you that your liability under the hire purchase agreement and agreement for optional insurance has been calculated as follows:

half the total amount repayable under the agreement for goods insurance
insurance £0.00 Goods £3958

Less
Payments received up to date of termination insurance £0.00 Goods £1721.24
(net of collecton charges)
Rebate for cancellation of payment protection £0

Original Deposit paid £1.00 ( bear in mind they used my £250 cashbach but not put this on the letter)

Seperate Agreement Liabilities £2236.58
Arrears due prior to termination £654.04

Combined liability £2236.56

please contact your local welcome finance office to discuss proposals for clearing this balance.


ok so they took the car today i was told that the will be sold on but the money they make will not be knocked off the above.

is this correct and also what can i do about repayments as im on jsa

thanks

silverelephant

Sorry I can't offer anything constructive, just wanted to say I HATE W. Finance!! They make me :mad:

Hope someone else can offer some advice

AGB863

Normally at this point of time, your liability is the amount outstanding as you have already listed, but normally once the car is sold, through an action at a nominal price, they usually deduct what the car was sold for, leaving an outstanding amount.

You would have to look at the small print of the contract that you originally signed. It may be worth contactin CAB / Trading Standards for further advice.

With regards to the outstanding amount and how to repay it, you would have to produce an nincome and expendature sheet and a make an offer of repayment on that.

CLAPTON

HP agreements are covered by law:
assuming this is a HP agreement, this is covered very well by the governmant's official site as follows:

http://www.direct.gov.uk/MoneyTaxAndBenefits/ManagingDebt/DebtsAndArrears/DebtsAndArrearsArticles/fs/en?CONTENT_ID=10013226&chk=1uPl5U


hope this helps

Ruth_&_Ian67

Have a look under your Terms and Conditions for the 'Halves and Thirds Rule', and if you have paid more than half of total amount payable (there should be a figure in that section) then as far as I am aware that should be the end of liability under voluntary termination (consumer rights).