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PCP - Voluntary Termination template letter

I got a PCP finance with VW Financial Services, and I wish to terminate it because it's already over 50% repayment and also the fact that my wife will get a company car. Don't need so many car in the household.

However, according to forum - I shouldn't use the template that the finance company provides but rather than a generic one to avoid me signing blindly on conditions that I might not agree on.

Does anyone have that template please?
I can't seem to be able to find it in legal beagles site. The link to the PDF doesn't seem to be working anymore. 

Thanks in advance. 
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Comments

  • Ayr_Rage
    Ayr_Rage Posts: 1,911 Forumite
    1,000 Posts Second Anniversary Photogenic Name Dropper
    Don't forget with a PCP you will not be at the 50% stage until pretty near the end of the contract as the balloon payment needs to be taken into account.

    You could be better off selling the vehicle and paying off the finance, so do check the current settlement figure and the value of the vehicle.
  • Thanks Ayr_Rage for the reply. 
    I've checked with VW finance, I just got past the 50% mark so I'm eligible to end it now. 

    Unfortunatetely the value of EV has dropped so the settlement figure and value are not in favour. 
  • Anyone can share the template please?
  • Nasqueron
    Nasqueron Posts: 10,148 Forumite
    Tenth Anniversary 10,000 Posts Photogenic Name Dropper
    Anyone can share the template please?
    What template are you referring to?

    Sites like Debt Line or Citizens Advice have samples which are legal wording. You cannot issue a letter than avoids your legal obligations under the same legal obligations that firms have to abide by.

    Sam Vimes' Boots Theory of Socioeconomic Unfairness: 

    People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.

  • According to forum - I shouldn't use the Voluntary Termination template that the Finance company provides but rather than a generic one to avoid me signing blindly on conditions that I might not agree on.

    Does anyone have the Voluntary Termination template in hand that I could copy please?
    Also any tips to look out for to avoid unnecessary charges from the finance company themselves.

    Thanks again!
  • Nasqueron
    Nasqueron Posts: 10,148 Forumite
    Tenth Anniversary 10,000 Posts Photogenic Name Dropper
    According to forum - I shouldn't use the Voluntary Termination template that the Finance company provides but rather than a generic one to avoid me signing blindly on conditions that I might not agree on.

    Does anyone have the Voluntary Termination template in hand that I could copy please?
    Also any tips to look out for to avoid unnecessary charges from the finance company themselves.

    Thanks again!
    I have linked you two neutral templates from companies who help people deal with debt 

    There are no "tips" on unnecessary charges as this is not a thing. VT is a legal process, the firms have to follow the rules on car returns e.g. excess mileage, damage etc. You cannot just send a letter and avoid any liability for any applicable charges.

    Sam Vimes' Boots Theory of Socioeconomic Unfairness: 

    People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.

  • Thanks for the reply. A couple of things I would like to clarify.
    1. I'm not in debt. Reason for returning is because my wife will get a company car and doesn't make sense to have so many cars at home. Just paying unnecessary money. 
    2. I'm not using the generic letter route to escape paying the necessary chages (eg. excess mileage charge). I just want to make sure I don't sign something pre-defined and waived my legal rights. I was basing on some other forums that had some horror stories. 

    Thanks.
  • Jaffa_cake
    Jaffa_cake Posts: 97 Forumite
    Part of the Furniture 10 Posts Name Dropper Combo Breaker
    @fluffy_pandas
    Did you get the template letter?
    can you please share with me also ?
    Thanks
  • sheramber
    sheramber Posts: 20,891 Forumite
    Tenth Anniversary 10,000 Posts I've been Money Tipped! Name Dropper
    I got a PCP finance with VW Financial Services, and I wish to terminate it because it's already over 50% repayment and also the fact that my wife will get a company car. Don't need so many car in the household.

    However, according to forum - I shouldn't use the template that the finance company provides but rather than a generic one to avoid me signing blindly on conditions that I might not agree on.

    Does anyone have that template please?
    I can't seem to be able to find it in legal beagles site. The link to the PDF doesn't seem to be working anymore. 

    Thanks in advance. 
    Does the forum where you got that advice not supply any example?
  • sheramber said:
    I got a PCP finance with VW Financial Services, and I wish to terminate it because it's already over 50% repayment and also the fact that my wife will get a company car. Don't need so many car in the household.

    However, according to forum - I shouldn't use the template that the finance company provides but rather than a generic one to avoid me signing blindly on conditions that I might not agree on.

    Does anyone have that template please?
    I can't seem to be able to find it in legal beagles site. The link to the PDF doesn't seem to be working anymore. 

    Thanks in advance. 
    Does the forum where you got that advice not supply any example?
    Sadly, the link stopped working.
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