Refused voluntary termination of vehicle! Is there anything I can do?

colino

Well done molerat. not only will the OP find themselves chased by a posse of the original lenders, but the credit agency they sell the debt to too. Keep on hiding behind your keyboard and cheerleading others into debt,

vaio

looks to me like he's just suggesting the OP challenges the refusal of VT rather then "cheer-leading others into debt"

Do you have any authoritative links that support your assertion that a couple of missed payments (subsequently paid) removes the right to VT?

That sounds like a penalty to me which I didn't think was allowed

molerat

Correct. The OP seems to suggest that the contract is not in arrears but has now caught up with historical missed payments. As the credit company have neither defaulted or terminated the agreement then the agreement still stands and the OP has every right to voluntarily terminate it. Even if payments are behind then they still have the right to terminate but will owe any missed payments as detailed in S99 of the CCA. The idea behind this is to prevent borrowers getting into even more debt with a depreciating asset. If the company had in fact terminated then the OP is due all those payments returned as they had no right to collect on an agreement that no longer exists.

I suggest the OP sends the termination letter giving 14 days notice asking what they want done with the vehicle. At the end of that notice the contract is terminated and it is up to the lender to sort it out. If they don't like it that is what the courts are for but it won't get that far as they know they will get a bloody nose if they try.

MrsLou

The contract is not in arrears, these were all cleared the month after the missed payment (April 2012).
The finance company are saying we cannot vt due to them terminating the contract in April 2012, nothing was said at the time and we have nothing in writing.
If they have terminated the contract then I don't understand why they still took 18 monthly payments and the vehicle has not been repossessed.
I'll be contacting them tomorrow.
I've already issued the vt notice, their 14 days ends on 21 November so the vehicle will be parked up from that day.
Thanks.

MrsLou

Just been on the phone to Moneyway, they're point blank refusing VT and won't give me a settlement figure as I voided all rights of agreement when I missed payments!

My 'agreement' also states that I cannot sell the car!

I've been in touch with CAB & their consumer rights department who haven't been much help so far! I have an appointment with them on Thursday 5th December for them to read through my agreement!

I'm pulling my hair out

molerat

Google "vt hp missed payments" and the search will give a links to leagle beagles and cag. Post on there, they have helped many with the same problem.

Does your credit file show a default on the agreement. Did you receive a default notice, if so did you pay it within the required 14 days.

As I said they cannot refuse to agree a VT unless they can prove the agreement was cancelled. Have you sent an official VT letter to them, if not do it now giving them 14 days to respond with what they want to do with the vehicle.

MrsLou

I put a post on legal Begal yesterday, as yet no replies. I'm not sure if anything is showing on my credit file!

I've sent a letter of complaint to Moneyway and have a appointment on 5/12 with cab to go through my paperwork etc.

gabitzul

MrsLou wrote: »

(...) I'm not sure if anything is showing on my credit file! (...)

Try http://noddle.co.uk/, it's free and should show you the basics.