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Finance agreement - VT

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  • debtdebt
    debtdebt Posts: 949 Forumite
    How do you expect to argue that a problem that developed two years into ownership was there at the start? It probably wasn't. You're on your own.
  • motorguy
    motorguy Posts: 22,611 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Help!!! I have a HP agreement 2 years paid out of 3, the cars engine has blown, HP company own the car but are not interested they say they believe the problem would not have been present at point of sale, I say it must have been a developing problem, they say send evidence of the problem? I was given no evidence it was in full working order when I took it from the garage? I have sent them notification to Terminate but there reply is to go through the FO. The car itself will cost more to repair than what is left on the agreement. Can I still terminate and fight for any charges they may say I owe? they have been aware of this problem since March

    As you've driven the car for 2 years that would suggest the fault was not there at the time of sale.

    What was the cause of the problem?

    What is the car?

    How old is the car?

    What mileage is on it?

    Have you a full manufacturers service history?
  • Hi
    Car is a Peugeot 207 Verve, Head Gasket has been diagnosed as problem engine wont turn at all,Car is a 98 plate with 64000 miles on the clock, Garage where it was towed to have said this is a common problem with this particular car, An MOT was carried out on the car the first year I had it and it was due for a service and MOT the week after it broke down, I believe there are some service history's in the cars log book.My contract states the car does not belong to me until the final payment has been made, would it be the case as the HP company own the car for them to take up with the garage that sold the car? Had I made a cash sale for a car I appreciate the problem would then be mine but they have said to me I do not own the car. I have a car on a 3 year agreement which isn't of satisfactory condition, I have sent the HP company a 14 day termination letter as I have adhered to my payments set out in the contract under termination my rights and have already paid in excess of the 50% it states in order to Terminate the contract and I am now awaiting them to contact me to arrange collection of their vehicle. They have been aware now for 8 weeks that the car is undriveable and cant be taken to an alternative garage for a second opinion, I am currently still paying out Insurance for the car, renewed the Tax, and am paying out for taxis to get to work I have been offered no resolution from them with the issues I have,
  • facade
    facade Posts: 7,590 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    The car has to be in good condition to VT it.
    You can terminate the agreement by paying what is left from your loan.
    Otherwise you still owe them the balance between what the car is worth now and what is left of the loan.
    I want to go back to The Olden Days, when every single thing that I can think of was better.....

    (except air quality and Medical Science ;))
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    Hi
    Car is a Peugeot 207 Verve, Head Gasket has been diagnosed as problem engine wont turn at all,Car is a 98 plate with 64000 miles on the clock,

    Its a 20 year old car - you will have to repair it or sell as it is.....or do you mean 2008, answer is still the same.

    Good lucks
  • Apologies if I've gate crashed...another Newby to the forum.

    I've read in the different threads that during a VT, you don't have to sign the paper work however, finance company is insisting it's signed. Does anyone know what happens when you don't sign it? Does it open another can of worms?
  • neilmcl
    neilmcl Posts: 19,460 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Apologies if I've gate crashed...another Newby to the forum.

    I've read in the different threads that during a VT, you don't have to sign the paper work however, finance company is insisting it's signed. Does anyone know what happens when you don't sign it? Does it open another can of worms?
    No can of worms but the finance co. are likely to just dig their heals in and make the process more difficulty than it needs to be.
  • Thank you for replying. The worrying part is nobody who knows the Credit Acts inside out is able to give a definitive answer. Tried citizens advice, FCA and ombudsmans (surely they know the rules and are not giving financial advice!)
  • Ectophile
    Ectophile Posts: 7,979 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    The only thing I can think of if they start being awkward is to get awkward back.


    Start the formal complaints process. If you don't get the response you want, complain to the financial ombudsman.
    If it sticks, force it.
    If it breaks, well it wasn't working right anyway.
  • Thanks for your reply!

    As predicted, they're stating they didn't receive notice (we've written and called to chase the letter) now telling us it takes 10 working days for us to get the paper work.

    We've cancelled the direct debit so hoping we don't get pulled up for missed payment.

    I'll draft a complaint tonight for them.
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