voluntary termination

Garner1967

Hi can you voluntary terminate your agreement,if you have deferred payments for 3 months because of covid 19 as i am thinking about it.My half way point was december.I deferred in april. Any advise please

molerat

There is no specific mention of VT in the FCA guidance but I suspect those deferred payments would come under arrears and will need to be paid.  Whether the company would take that on as a separate matter and allow the VT to go ahead is something that may come under the FCA "work with you" principal and offer a payment plan. I don't think the missed payments are going to go away.

Garner1967

Thanks for reply,my next payment is on 26th of this month so i should contact company[ asap]

Garner1967

Hi again i,ve just been on santander web site which are my car financers, and on there[FAQ] and this is what it says about end of deferral
The payment deferral will pause your monthly payments and Direct Debits for a period of 3 months after which your Direct Debit will resume,and your payments return to the original schedule. Your agreement will then be extended by 3 months.No other terms of your agreement with us will be affected by this change.
So could i not make this next payment on the 26th  to make sure im over the new half way period as term would be 3 months more on agreement.

Mercdriver

Bear in mind that half way is not time based, but based on 50% of total amount owed under the agreement paid.

Garner1967

Thanks for reply, i reach 50% in december so i could possible terminate now then without making next payment?

molerat

Have you paid over 50% of the total amount payable on the contract ?  If you have then that statement seems to infer you could VT without having to make up the missed payments.

Garner1967

Thanks again i have paid 50% of contract ,i was surprised when i went on there web site.

Garner1967

this is web page

macman

Is this a PCP or HP? If the former, them the 50% includes the balloon payment. 

Garner1967

Its hp so should be ok i,ve checked my agreement, will contact them on monday and post how i get on