VT confusion

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  • motorguy
    motorguy Posts: 22,473 Forumite
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    O/P - just to confirm -this is an HP finance deal?

    (Before we go down the PCH rabbit hole any further)
  • Chlonatben
    Chlonatben Posts: 24 Forumite
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    LandyAndy - below are the figures for the purchase of the car and the figures that were on the statement. I had to pay £81.78 to put me over the 50% payment rule part of VT.

    Loan advance 9806.00
    Interest Amount 3981.80
    Doc Fee S 149.00
    Completion Fee 199.00
    Total 14135.80 DR

    Direct debit monthly payment 232.28 7399.68 DR
    Debit Card Payment 81.78 7284.94 DR
    Clear 1/2 Rule Bal 7317.90 32.96 CR

    Wear & Tear Charge 1750.00 1717.04 DR
    (this is the disputed charge they want me to pay)
  • Chlonatben
    Chlonatben Posts: 24 Forumite
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    It is a straight HP agreement though HPL motors Oldham
  • neilmcl
    neilmcl Posts: 19,460 Forumite
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    Chlonatben wrote: »
    It is a straight HP agreement though HPL motors Oldham
    Pleas read your original HP agreement rather than their final statement. In there there will be a section that will outline exactly what the Total Amount Payable is and the amount to pay to VT. Tell us exactly what this states.

    They cannot charge you for loss of market value, if it went to court they will definitely lose. If it is indeed excess wear & tear that goes beyond the BVRLA guideline then they must inform you exactly what that relates to.
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
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    Chlonatben wrote: »
    It is a straight HP agreement though HPL motors Oldham

    Hire Purchase but there is no option to buy it ?
  • neilmcl
    neilmcl Posts: 19,460 Forumite
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    foxy-stoat wrote: »
    Hire Purchase but there is no option to buy it ?
    That's because the final payment isn't optional. With a straightforward HP the purchase isn't "optional" as such as it will become the OP's property on the final month's payment. Optional final payments (otherwise known as balloon payments) are only really relevant on PCPs.
  • Chlonatben
    Chlonatben Posts: 24 Forumite
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    NeilMcl - those are the figures off the finance agreement
  • DoaM
    DoaM Posts: 11,863 Forumite
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    edited 20 June 2019 at 7:44PM
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    If the amount "borrowed" was £14,135.80 then the 50% VT point would be £7,067.90? I can't make sense of your statement figures.
  • Chlonatben
    Chlonatben Posts: 24 Forumite
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    DoaM - I paid the debit card payment over the phone when I rang up to inform them I was looking to enter into a VT.
  • DoaM
    DoaM Posts: 11,863 Forumite
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    Sorry - I've edited my post while you were replying.
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