Terminating HP Agreement

SeanG79

smj43 wrote: »

I didn't miss any other payments I paid according to the payment arrangement I had agreed to. I contacted them to query why I was being issued with default notices but was told to ignore them as they are automatic. I didn't receive any notices of termination.

I will follow your advice and send a SAR. Unfortunately I've had to agree to surrender the car whilst I am in the process of making a formal complaint as I simply cannot afford to keep it any longer.

Personally, I would not surrender the vehicle.

If you surrender the vehicle, the lender will still demand all outstanding payments but you wont have anything to show for it.

I get you cant afford the payments, but now, if you surrender the vehicle and don't make the payments, your credit file will be impacted in exactly the same way as if you keep the vehicle and don't make the payments.

Make the formal complaint, and ask for them to honour your right to VT the vehicle.

smj43

SeanG79 wrote: »

Personally, I would not surrender the vehicle.

If you surrender the vehicle, the lender will still demand all outstanding payments but you wont have anything to show for it.

I get you cant afford the payments, but now, if you surrender the vehicle and don't make the payments, your credit file will be impacted in exactly the same way as if you keep the vehicle and don't make the payments.

Make the formal complaint, and ask for them to honour your right to VT the vehicle.

Yes I understand where you are coming from however it's not just the payments on the finance I have to consider. It's due tax and MOT next month and the cost of insuring it are all things I can't afford right now so I have no choice but to surrender on the basis that I will continue to follow the formal complaints process.

SeanG79

smj43 wrote: »

Yes I understand where you are coming from however it's not just the payments on the finance I have to consider. It's due to and MOT and the cost of insuring it are all things I can't afford right now so I have no choice but to surrender on the basis that I will continue to follow the formal complaints process.

Ultimately your choice. Can you not SORN the vehicle and keep it on a private driveway?

good luck

smj43

SeanG79 wrote: »

Ultimately your choice. Can you not SORN the vehicle and keep it on a private driveway?

good luck

If I had a private driveway I would!