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  1. #1
    Junior Member Puzzled's Avatar
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    I need some help please

    Hoping someone can help! I have HP for a vehicle I want to know if I can do a VT on it as I have lost my job and I am only 5 months in to a 4 year deal. I have been told I can VT at any point but what I want to clarify is if this is true and my liabilities after. My 50% amount is 5700 and I have only paid about 1100 so far and I paid a 1500 deposit so about 2600 in total.

    I am not in arrears or anything and payments are all up to date. So am I right in thinking then I would have to pay 3100 immediately now to make it up to 50% and do the VT.

    The 1500 deposit is not part of the agreement, but I have a separate signed receipt from the garage. Also the agreement I have got was never signed and was never witnessed.

  2. #2
    Senior Member Max's Avatar
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    Quote Originally Posted by Puzzled View Post
    Hoping someone can help! I have HP for a vehicle I want to know if I can do a VT on it as I have lost my job and I am only 5 months in to a 4 year deal. I have been told I can VT at any point but what I want to clarify is if this is true and my liabilities after. My 50% amount is 5700 and I have only paid about 1100 so far and I paid a 1500 deposit so about 2600 in total.

    I am not in arrears or anything and payments are all up to date. So am I right in thinking then I would have to pay 3100 immediately now to make it up to 50% and do the VT.

    The 1500 deposit is not part of the agreement, but I have a separate signed receipt from the garage. Also the agreement I have got was never signed and was never witnessed.
    You do not need to pay anything to VT the vehicle, you can VT it at any time, they will have to bill you after the car has gone back for anything outstanding under the agreement. However

    VT'ing is not always the right option, it also depends on the condition of the car and its resale value.

    You have calculated that 3100 on vt which seems from what you have said to be correct, what you now need to know is what you would have to pay if you surrendered the vehicle.

    In this case you would owe whatever is left on the contract less the value of the car and less any early settlement discount for interest not yet due.

    If you would like to supply the approx value of the car, the total amount payable on the contract and the monthly payments, I can work out the approximate sum still due on surrender. You can then compare with the sum you would owe on VT and see which is the best option.

    Max

  3. #3
    Junior Member Puzzled's Avatar
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    Thanks Max - With VT and surrender do I have to find the money in one lump because that might affect which I do?

  4. #4
    Senior Member Max's Avatar
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    Quote Originally Posted by Puzzled View Post
    Thanks Max - With VT and surrender do I have to find the money in one lump because that might affect which I do?
    HI

    They will demand the payment in full immediately of course but if you cannot pay they will have to settle for a repayment plan.
    If you already have a Debt Management Plan you can add this as a none priority debt. If not then just make them an offer of whatever you can afford.
    If you do not pay what is due they will undoubtedly default the account though and mark your credit file accordingly.

    Just a word of caution if you are thinking of surrendering the vehicle, the value of the car is rarely realized when the car is surrendered as they usually let them go to auction.

  5. #5
    Junior Member Puzzled's Avatar
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    Thanks again. I will check this is right - I VT it, I have not got that sort of money to pay it in cash. I could come to an agreement so would they have to freeze interest then? I could put it on a couple of credit cards and pay them off which would add a bit of interest but not loads. Do I have to pay anything else at all with a VT?

  6. #6
    Senior Member Max's Avatar
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    Quote Originally Posted by Puzzled View Post
    Thanks again. I will check this is right - I VT it, I have not got that sort of money to pay it in cash. I could come to an agreement so would they have to freeze interest then? I could put it on a couple of credit cards and pay them off which would add a bit of interest but not loads. Do I have to pay anything else at all with a VT?
    Interest would cease as the agreement terminates, lets not forget they will have the car, which if they sold you a decent vehicle in the first place should cover their losses.

  7. #7
    Junior Member Puzzled's Avatar
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    Quote Originally Posted by Max View Post
    Interest would cease as the agreement terminates, lets not forget they will have the car, which if they sold you a decent vehicle in the first place should cover their losses.
    Gosh, I am surprised but pleased. I will get the letter sent tomorrow and then the ball is rolling. Thank you for your help.

  8. #8
    Junior Member Puzzled's Avatar
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    Max can you help? I've had a bill in the post today for damage to the car that went bck. I thought it was all done with but this has come and they want nearly 800 from me. There were a couple of small dings, one at the back corner passenger side where I caught a bollard. It wasn't big, just took paint off the bumper really so I never had it done. They've mentioned a replacement wing for a dent that was there when I bought the car, some minor chips and surface scratches which would polish out then refurbishing two of the alloys where I kerbed it a few times, but nothing big again.
    Do I have to pay this or not?

  9. #9
    Senior Member Max's Avatar
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    Quote Originally Posted by Puzzled View Post
    Max can you help? I've had a bill in the post today for damage to the car that went bck. I thought it was all done with but this has come and they want nearly 800 from me. There were a couple of small dings, one at the back corner passenger side where I caught a bollard. It wasn't big, just took paint off the bumper really so I never had it done. They've mentioned a replacement wing for a dent that was there when I bought the car, some minor chips and surface scratches which would polish out then refurbishing two of the alloys where I kerbed it a few times, but nothing big again.
    Do I have to pay this or not?
    Hi don't panic, this is par for the course some just pay up, it is just them taking a shot.

    Reply stating just what you have said here, you are not responsible for damage already on the vehicle when you bought it, any other damage is just reasonable ware and tare.

  10. #10
    Junior Member Puzzled's Avatar
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    Normal wear and tear is allowed then is it? I can't afford to fork out 800 or I'd have kept the car. I'll write to them and say what you've just said. Really thought they'd finished with it.

  11. #11
    Senior Member Max's Avatar
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    Any update ?

 

 

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