Voluntary Termination of Car Finance

blacksta

chalkie99 wrote: »

Think you are missing the point.

The termination fee is what they require to end the agreement. I imagine you pay that fee and hand the car back - you don't get a cheap car.

Lol

I wish i could also get a free or cheap car :rotfl:

Muggles2012

I've posted this question on three seperate websites, and I am amazed at how staggeringly few people are willing to offer advice on legal issues online.

Apples2

That's because the majority are not trained solicitors and appreciate the complexity.

The few who spout law tend to be newbies who are refusing to repay the loans they took out, the rest of the board try to be wise old people talking from experience, not from within a bible of law.

Seriously, if you want legal advice, go to see a solicitor, the internet is no free substitute

KingElvis

Although Elvis' Chambers offer "free" legal advice on all matters for only £495 p/h plus expenses, costs and disbursments.

Muggles2012

Free advice - Seriously, are you trying to say that of all the intelligent people who read, browse and participate in MSE, that the majority are not here for the benefit of others, to impart the benefit of their wisdom and experience. I would have thought, given the collective experience of all online UK consumers who have a conflict with a finance company, you'd expect that experience to be available, either on record, or in the collective consiousness of those on the internet.

That is akin to saying, "Problem with Windows and your printer driver? Go pay for an engineer and stop whining on forums about how dense you are and how you didn't realise how complicated computers could be."

And it has nothing to do with someone not wanting to pay for something they bought. You buy a car on finance that is bound by a contract in law. Most people just want the law in this country to be abided by by everyone, and for the consumer not to be subjected to arbitrary bullying or coersion from the stronger party in a legal dispute. To make generalisations about "newbies refusing to pay for loans they took out", is very ignorant for someone who wants to think of themselves and educated and wise.

That said, I have an update, hopefully one that future readers and Google searchers will be able to benefit from.

Update

LOCARS, the government body that is tasked with seeing that all local goverment departments follow the same line of the interpretation of laws and policy documents, says quite clearly in itsguidelines to UK Trading Standards offices, that, "there is no requirement for any arrears to be cleared before this right can be exercised."

So, I sent a formal letter of complaint to the finance company, registering my complaint at their attempt to remove my rights under the contract....

Dear Sirs
LETTER OF COMPLAINT

Account No: XXXXXX

(Car Make/Model/Registration Plate)
Further to your letter of 3rd February 2012, I am writing to formally register my complaint with you, that you have failed to acknowledge my right under Section 99 of the Consumer Credit Act 1974 toVoluntarily Terminate the Agreement. If you persist with denying my rights under the Agreement, I will have no option but to forward my complaint to the Financial Ombudsman.
I understand that I shall be liable to you for the amount calculated under the formula inSection 100 of the Consumer Credit Act 1974, including any arrears, and ask that you now forward me details of how the vehicle can be returned to you.
Please confirm receipt of this complaint, any actions you will take to remedy the issue, and clarify your company’s position in regard to my right under the Consumer Credit Act 1974 to Voluntarily Terminate the Agreement.

And they duly telephoned to confirm that they will proceed with the VT of the vehicle and add the outstanding arrears into the formula as set out in Section 100 of the CCA1974.

CHR15

Maybe those who charge a fortune per hour for giving legal advice don't feel like giving it up for nothing in the internet

Perhaps the law society have not included your post in their newsletter this week so all the barristers, solicitors et al are not racing to you for nowt.

Let's suppose some stranger on here told you it was a done deal you would win. You take it to court and lose.
You have to pay for your tin can, and also all the legal fees.

Still, the collective internet should have ensured your success right?

This place is for opinions, views and experience, NOT legal advice.

Muggles2012

At the end of the day, I was asking for advice based on peoples previous experiences. I figured I was unlikelt to have neen the only person faced with this situation in the past decade, but as people have pointed out, yes I am the only one ever to have faced a beligerant finance company, and I am the only person to have had to do research online to try to resolve this situation.

YThat is why I asked the question. I assumed my situation was not unique. And having discovered from your fellow posters that you do not ask for advice on MSE, because it is offensive to do so, I have posted my solution and the fruits of my research hear for others to find in Google searches.

At least my posts contain information and advice based on experience and factual data. That is a lot more than many of the flamers on the forums.