PCP Voluntary Termination Paperwork Help Please

MobileSaver

nc11 wrote: »

As soon as they mentioned VT I corrected them to suggest that this is not about voluntary termination, but a natural conclusion of a time-bound agreement.

All very odd as you have much stronger rights and almost no liabilities if you VT rather than conclude an agreement and so normally the finance companies would much prefer you didn't know what VT was.

nc11 wrote: »

why would I sign-up to pay any damage/repair/etc?! ... is there a need to commit to anything else?

The obligation to pay for damage/repairs/mileage/vehicle-collection etc. is normally in the original agreement you signed, any additional paperwork will just be a belt and braces approach and is a way for finance companies to try to get around the VT liability limit for people who do use VT. (For example if you VT then they cannot make you pay £150 for vehicle collection but if you sign a subsequent "vehicle return" form that says you'll be charged £150 then obviously you will then have to pay it...)

The only things you are committed to are whatever were in the original T&Cs.

nc11

So I wanted to provide an update, hoping it will assist others looking to return their vehicles to BPF...

The vehicle was collected last November - pretty standard collection, looked over the car, reviewed the information sheet I filled-in, no specific issues or concerns as the car was in good condition. Was told the paperwork will be posted within 21 days.

Those 21 days have passed, Christmas came and gone, and I had nothing back from BPF. Until last week...

I had 2 letters arrive together - 1 from BPF noting that they tried to contact me and that there's an outstanding balance of nearly £10K, which was basically the balloon payment plus charges. The 2nd letter was from CRS which were looking to collect the debt.

My first instinct was - sh*t, the car has been stolen by the guy collecting it! I was very close to reporting it to the police..

I then called BPF, and struggled to get through, until I said that unless I get a confirmation that the car has been returned and I owe nothing, I will report the vehicle as stolen. At that point things changed and I got some attention! I was told that their system confirmed the car was returned, but they cannot understand why there's such a charge, so will have to investigate. They apologised for the letter and the DCA appointment.

The next call was to CRS who are essentially 'dogs on a very tight leash'. By that time I had 4 calls from them, so was pretty assertive but that did the trick and I've not heard from them again. I will send them a letter to confirm BPF's error and to ensure a proper paper-trail.

Yesterday I had a call from BPF - despite the fact I told them that from now on we will only communicate in writing. I was told that the agreement i entered was a PCP and it had reached its natural term end, and therefore the VT part was a mistake on their part. that's pretty much what I told them in the first place!! They will have to re-send the termination paperwork to reflect that, I'll have to sign it, and then they will adjust the account accordingly. They confirmed the car has been returned and i have nothing outstanding.

So..... I'm thinking about the next steps with BPF. I want to ensure that they (a) compensate me for the mistakes they've made - my wife nearly had a heart attack when she saw the letters, as she was the one dealing with car collection! and (b) they remove the layers of incompetence from their operation.

All ideas are welcome

molerat

Raise a formal complaint with BPF stating what you want them to do. As they are a regulated financial organisation you can take it on to the ombudsman if you do not get satisfaction.

Nagme

nc11 wrote: »

Wanted to push this thread up.... Am about to end an agreement with Barclays Partner Finance (or BPF!) and in need of some advice.

My agreement, which I've done through a 3rd-party (Zuto) is headed "conditional sale agreement" regulated by the CCA 1974. I'd therefore assume it means that the t&c's are all subjected to the CCA criteria.

As such, I'm entitled to end the agreement with paying the completion fee, which I've committed to do as I signed the agreement, and returning the vehicle.

My questions are as follows:-

1. BPF keeps quoting VT - is that correct? the agreement has reached its contractual term, and as per the t&c's I have 2 options which are my choice - keep and pay the final payment, or return. That means it is not "voluntary terminated" - right? or am I being too picky?!

2. Collection - they're asking for £150 which seem reasonable. is it?

3. I get that I don't have to sign their docs, but can provide my own as per the template. What about their vehicle checklist? is there any problem with filling that in? it's basic information of the vehicle and a confirmation of delivery once done.

Thanks!

Nc11 I would check the paperwork you signed when you took the car, I would expect any charge for collection to be detailed there.

For the record, we did a vt on our Skoda in October and did not pay a collection fee, it was very straightforward, and the vehicle was inspected by British Car Auctions prior to them collecting it a few days later. As we looked after our car and didnt go over the agreed mileage there were no issues or monies due.

laticsforlife

My experience of VT couldn't be any different.

I first rang RCI (Renault) and said I wanted to VT. The guy on their VT Team was brilliant - he explained I just cancel the DD and as of today it was being cancelled (although I could always change my mind and buy the car via the balloon, or keep going until the end of the PCP if I changed my mind).

I could keep driving the car until it was collected, at no cost, just keep it insured. Cheers fella!

As it was over Xmas, it took 3 weeks and I didn't pay the January payment (and my new car delivered after the 15th of the month means I won't now pay until March, helps offset the new deposit paid).

The paperwork (which I did sign), said about the costs of cancelling which was nil as I'd passed the 1/2 way point (subject to damage).

The numbers actually looked like they owed me money as I'd paid more than half, but I realise that's not how it works, it is basically my loss to have been paying longer.

I'd only have to pay if I cancelled the inspection without giving 2 days notice, but no cost to actually have this or to have them collect the car.

Oddly on my paperwork the damage was down as a zero cost (*subject to inspection) and was on the same line as the lower sum (the half-way price), so even if you added £200 to that line, theoretically and mathematically, I'd still not owe anything, but others have said that's probably wrong (I've only just sent it back and am awaiting RCI's new paperwork so I'll let you know on that one).

That said I do think it should work like this; the car's worth £6,000, but because of £150 damage it's now worth £5,850, but as I paid £7,000 there's still nothing owing, and also as I've under-mileage'd it, it's actually worth, £6,500 so I should be able to say they are still not losing out and I don't have to pay owt!

nc11

My issue with BPF is about their process, not whether this required to be a VT termination or an ‘end-of-term’ one.

When I first informed them I’ve decided to return the vehicle at the end of the agreement, they were so adamant that I’m VT’ing it, and would not listen to anything else. When they sent the paperwork for VT I completed it, signed it, and arranged the collection of the vehicle. That means I have met my obligations to them in full.

Now when they realise their mistake, they insist I sign a new set of docs for ‘end-of-term’, and wouldn’t progress my complaint until I did that. Huh?! Their arrogance and incompetence is what annoys me the most.

Dorrita_lennon

Hi looking for help . I brought a car on pcp. Car cost 27000 paid deposit 500+6900 . HAVE PAID 35 X 273.73 . 95820. Ballon the payments was £15000. Trying to work out if I have paid 50%. Because they are saying I owe a shortfall. Don't understand this shortfall.
Its just a mess. Help much appreciated.

Le_Kirk

Check your paperwork to see what 50% is/should be. Always worth starting a new thread rather then jumping on someone else's. This way you will receive dedicated advice rather than posters being confused trying to answer the OP which was from March last year.

neilmcl

Dorrita_lennon wrote: »

Hi looking for help . I brought a car on pcp. Car cost 27000 paid deposit 500+6900 . HAVE PAID 35 X 273.73 . 95820. Ballon the payments was £15000. Trying to work out if I have paid 50%. Because they are saying I owe a shortfall. Don't understand this shortfall.
Its just a mess. Help much appreciated.

Your agreement will tell you exactly the total amount payable and may actually specify the 50% figure as well.