Hire Purchase Voluntary Termination Question

A question about : Hire Purchase Voluntary Termination Question

I have a car on finance with Black Horse, I called them today and told them I wanted to do a VT. I was expecting problems but the woman just said I will receive a pack containing all the information and forms in 5-7 days.

Now I've informed them, can I cancel the Direct Debit? My payment goes out on the 29th of the month and I was hoping to have it done before then, I have a feeling they'll draw it out for as long as they can to get the payment though.

Any other advice for the VT as well? I've been told they'll try and get as much money out of me as they can but I'm not sure how...

Best answers:

• Hi there,
  I can't offer much help with your questions, I'm sure someone who can will be along shortly. I just wanted to say that my husband did a VT about two years ago, it was a commercial vehicle and the finance was with Blackhorse also, it was a very easy and non stressful process, something we were both in shock about.
  I cant remember every detail but we were within the terms set in the original agreement and could VT. We were sent some paperwork, kept our DD open and the vehicle was collected by a transporter and that was it. A couple of months later we received a rebate from Blackhorse for Ј700. Something we were not expecting at all. Still not sure what this was for but it was very welcome all the same.
  Not sure what your situation is with them, ie missed payments or not, my husband was with them for a few years with having 2 vehicles and no missed payments, for us we found the process very straight forward.
  Hope this helps.
• It has made me feel a bit better thanks, I was put under the impression it would be some kind of uphill battle haha.
  I'm expecting a problem in that the paint is scratched above the passenger sized rear wheel arch and a hand sized dent in the bonnet, I'm assuming they'll charge me for that somehow.
  I've never missed a payment in three years so hopefully the damage will be it haha.
  How long was it from calling them to having the car taken away, out of interest?
• Having seen other threads about cars being returned I suggest you take very detailed photos of the condition of the car and mileage shown. People seem to get hit with charges for dents and damage that they claim wasn't there but have no evidence to prove it. And wash it as someone got charged for a wash &polish!
• Hi, I cant remember exactly how long it took but I would say within 2 weeks.
  Some good advice from Mallygirl, I admit its not something we did but probably should have. Our vehicle was collected in winter and at about 8pm at night, the transporter driver just took a look over it and had my husband sign a form (bit like the one's you get when hiring a car), handed over the keys and off he went. I would do as Mallygirl suggested as it makes perfect sense to cover yourself, especially since your worried about it already.
  One lesson we did learn though which may be of use. We sorned the vehicle as soon as everything was sorted, received a letter back from DVLA to confirm this. It lay around for a month or so and my husband binned it thinking we wouldn't need it. Then around the time the vehicle would have been due for road tax, we got a reminder in, wrote back to say it was sorned and that they'd confirmed only to be handed a fine which said, include the original response from us (DVLA) or pay Ј30 fine now or if not Ј90. Needless to say I was fuming but paid the Ј30 as I knew I wouldn't win that battle, my husband destroyed the original letter from them. A lesson learned for us. Good luck with it all.
• I suppose what I really need to know is, does calling them up and telling them over the phone I want to do a VT constitute terminating the contract...don't suppose there are any legal minds on here that can clarify?
• So I've had a letter from BH.
  They've said I'm still liable for Ј414.54 even though I'm about 33 months into a 60 month plan, I assumed that would mean I would owe them nothing being over half way?
  They've also said I have to either take it to an auction site (the closest being 30 miles away) or pay Ј75 to have it collected.
  Do I have to pay both those things (it would be a huge pain dropping it off and I'm sure I've read somewhere I don't have to)?
• Nevermind, I called them about the Ј414.54 and it's to do with GAP insurance and extra warranty I took out.
• I have to say Black Horse are extremely helpful and great to deal with. When we went BR we received a letter telling us that they would be collecting the car!! Was shocked because we had never missed a payment but it seems it was part of the contract. Phoned them up, spoke to a really friendly customer service who informed us that we could keep the car as long as we paid. We have been paying on time since. Only thing was our equifax was marked AP. Another call and within 24 hours this was rectified. Only thing is we were told if we want to VT we can't now. Not sure about this though.