Moneybarn termination issues

Reece_

I’ve recently been trying to look into the option of a voluntary termination on a vehicle financed through Moneybarn. 

Initially I emailed just to find out more and had somewhat of a strange response along the lines of “ we’ve never informed you of your options to exit, we need to speak to you on the phone” 
I’ve now called them 3 times, each time I get the advisor telling me that the computer system can’t generate exit options, they need to raise an IT ticket and get the options emailed to me. But nothing comes of this. 

I’m finding this all a bit strange as surely what I’m asking for is pretty basic information? Would I best off beginning a complaint and potentially with resolver so it’s easier to escalate should it come to it? 

As far as I’m aware I’m well past the half way point of paying off the finance and beyond half way in time so shouldn’t have any problems with voluntary termination, I’d just like to actually get things going with that and I feel like something is a bit amiss with what’s going on currently. 

MEM62

Reece_ said:

Would I best off beginning a complaint and potentially with resolver so it’s easier to escalate should it come to it? 

If you are capable of writing a letter there is no reason to use a third party to submit a complaint.  Resolver does not speed up the process and carries no more weight than you own communication. 

Reece_ said:

As far as I’m aware I’m well past the half way point of paying off the finance and beyond half way in time so shouldn’t have any problems with voluntary termination, I’d just like to actually get things going with that and I feel like something is a bit amiss with what’s going on currently. 

If you are confident of that then there is no need to ask them for a figure.  Just write to them, inform them that you are exercising your right to VT and asking them what the arrangements are for returning the vehicle.  
 

Herzlos

It may also be worth asking for a settlement figure instead, and see if you can sell the car to a dealer for at least that amount. That way you'd get some money back. How likely that is will depend on where you are in the finance, deposits and final payment.

Generally, you don't actually hit the 50% repaid point until quite close to the end of the agreement anyway.

You should also be able to calcuate the VT figure from the figures in the contract.

Reece_

Herzlos said:

It may also be worth asking for a settlement figure instead, and see if you can sell the car to a dealer for at least that amount. That way you'd get some money back. How likely that is will depend on where you are in the finance, deposits and final payment.

Generally, you don't actually hit the 50% repaid point until quite close to the end of the agreement anyway.

You should also be able to calcuate the VT figure from the figures in the contract.

I have looked into that and it’s not quite enough to sell and settle, settlement figure is more inline with private value which I have looked at as I could settle providing I knew I had a buyer lined up. 

I had the VT figure from the contract, to be honest I just wanted some more information as to where I’d need to take the vehicle or how much they’d charge for collection. Just seems odd how difficult they’re being about getting that information. 

WellKnownSid

Reece_ said:

Herzlos said:

It may also be worth asking for a settlement figure instead, and see if you can sell the car to a dealer for at least that amount. That way you'd get some money back. How likely that is will depend on where you are in the finance, deposits and final payment.

Generally, you don't actually hit the 50% repaid point until quite close to the end of the agreement anyway.

You should also be able to calcuate the VT figure from the figures in the contract.

Just seems odd how difficult they’re being about getting that information. 

Sludge tactics?