Help with Voluntary Termination of a PCP

Beeverchew

Hello...it relates to a Voluntary Termination of a vehicle PCP deal. I contacted VW to ascertain at what point I could VT my agreement and I was told to facilitate that I need only pay £70 (my monthly paymwnt was about £260). So I paid the money, they sent me the VT form which I signed and returned. Couple weeks later I'm being asked to pay another £177 after I've completed the VT. It turns out VW sold the vehicle to BCA for £177 less than the outstanding balance so have charged me for the shortfall. Is this correct? Many Thanks in advance.

DrEskimo

Depends what the 'VT form' you signed said, but no. Under VT it is not your obligation to pay any more. The contract is terminated.

The only thing they can chase is excess mileage and damage fees and even those a re a grey area...

WaywardDriver

Sounds more like Voluntary Surrender rather then Voluntary Termination. See https://www.thecarexpert.co.uk/car-finance-voluntary-termination-pcp-hp/ for explanation. Too late now but note advice not to sign any forms which may inadvertently sign away your rights.

daveyjp

General advice is not to sign anything relating to what you think is VT unless you understand what it is you are signing,

A letter stating you are voluntary terminating in line with your Consumer Credit Act rights is all that is required.

Beeverchew

DrEskimo said:

Depends what the 'VT form' you signed said, but no. Under VT it is not your obligation to pay any more. The contract is terminated.

The only thing they can chase is excess mileage and damage fees and even those a re a grey area...

@DrEskimo thanks for your reply. The wear and tear is another bone of contention. Have you got any advice on how to challenge what they say or where to go for advice? Thanks 

AdrianC

Beeverchew said:
The wear and tear is another bone of contention. Have you got any advice on how to challenge what they say or where to go for advice?

Wear and tear is a simple, black-and-white comparison with the very clear and well-illustrated guide.
https://issuu.com/bfwsn67/docs/cars_fw_t_fleet_alliance?e=2001091/40087681

Where there's disputes, it's usually because the person who's had the car has either not looked at the car properly, or is in denial about what actually constitutes fair wear and tear.