Lost (Scotland)

SpireCaptain

https://forums.moneysavingexpert.com/discussion/comment/81867979#Comment_81867979

Got to jump on and thank you for the heads up about brave browser.

I'm currently listening to my music playlist on YouTube on brave in the background and typing this on chrome on my Moto g55.

I was looking at ways to play music with the screen off in the car without paying for YouTube premium for that functionality. Perfect workaround.

bilko89

Hi folks, just to give an update….Trust Deed Scotland have told me we can put through a DAS calculation and if we find I have nothing left over, then they would look at other options including a MAP….I have made the decision to get rid of the car, however, I'm nowhere near 50% of the HP paid off, so how could I go about a Voluntary Termination when I don't have the money sitting to clear this…?

RAS

You do not do a voluntary termination. Others will explain.

And you have to talk to business debtline and your dad?

What do you think are your chance when the DAS affects your partnership's ability to borrow or get an overdraft?

Not saying it definitely will, but a DAS is much more strictly monitored than a DMP.

What are your employment prospects if the partnership ends?

ManyWays

I have made the decision to get rid of the car, however, I'm nowhere near 50% of the HP paid off, so how could I go about a Voluntary Termination when I don't have the money sitting to clear this…?

you can VT a car on HP at any point. If it is before the half way point there will be a debt outstanding which is then just another debt to be settled. It could go into a DAS or a MAP. This will often be a lot less than the debt you would be left with if you stopped paying and the car was repossessed with no VT.

I agree with @RAS that you need urgent advice from Business Debtline.

bilko89

https://forums.moneysavingexpert.com/discussion/comment/81877518#Comment_81877518

What do you mean Business Debtline and my dad sorry?

I don't own a business sorry…..have we got our wires crossed somewhere?

bilko89

https://forums.moneysavingexpert.com/discussion/comment/81877726#Comment_81877726

Ok….was just when I was reading somewhere, it seemed to suggest that the 50% payment would have to be made before the VT could be triggered? If I can just add the debt onto my Trust Deed then that would be the way to go……

RAS

https://forums.moneysavingexpert.com/discussion/comment/81878250#Comment_81878250

Sorry, mixed you up with someone else.

ManyWays

https://forums.moneysavingexpert.com/discussion/comment/81878252#Comment_81878252

see the If you terminate the agreement section in this article by National Debtline: https://nationaldebtline.org/get-information/guides/hire-purchase-debt-ew/

RAS

You need to know how much debt you would be left with if you terminate voluntarily. We've had at least one here where the amount demanded after surrender was more than the headline cost of the vehicle because they added in the unpaid interest.

Buy a car for £20k, terminate and the debt is (25k+interest) minus payments made.

ManyWays

@RAS that isnt right. If you terminate the agreement voluntarily (rather then just handing back the car), then the amount owing will be HALF the amount due under the agreement (what you borrowed plus interestdue) LESS the amounts you have paid PLUS any amounts for arrears or damages.

See the section in the National Debtline article which has a worked example at the end