Ending a HP Agreement

N

nearlywed

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Just wondering if someone can help me. I am using the Half Rule to end a HP agreement for a car i got two years ago. After some messing around on the banks part someone has just contacted me to say i need to make arrangements to bring the car to their auction company where they will check for damage etc. Basically i have been in touch with the Financial Regulator who has said i am within my rights to do this but i am not to sign a Voluntary Surrender Form. The bank has stated that i will need to sign a Voluntary Termination Form and i am wondering if the termination and the surrender forms are the same form or if they are different? The girl in the bank said the termination form is strictly for half rule terminations but i am not so sure whether to believe her or not.
Any advice would be appreciated!
 
Sorry to post again. I know i need to send the bank notice in writing that i am ending the agreement but when i asked the girl for the address to send the letter in she said i do not need to do this as the Voluntary Termination Form is the same thing as giving written notice?????????
 
What ever you do, do not sign a Voluntary Surrender form as this waives your half rule rights. The Regulator is right.
You can fill out the Voluntary Termination (VT) as this relates to the Half Rule. If I were you, I would firstly get the car checked by the garage to see if any money is owed before submitting the form. Then there will be no ugly surprises.

I would also write to the bank directly to make sure they are well aware that the HP is terminated under the half rule.
 
Thanks for this. I called the Financial Regulator and they said i need to have something from the bank in writing which states that the VT is not the same as a Voluntary Surrender form and that i am not giving up my rights to return the car under the Half Rule by signing the VT form. The bank said that when i bring the car to the Auction they will assess the car for damage before i sign anything so hopefully this will be the case. Would you know whether i can cancel my direct debit to the bank once all the paperwork is signed?
 
I wouldn't cancel the direct debit just yet. Best to leave it until the paperwork is sorted or you could end up owing a month and having an "unpaid" beside your record.
 
voluntary termination (half rule)????

I have got this letter from ge mooney they have played me around before trying to get me to voluntary surrender the car. I know how you feel about this as they can be quite sneaky. Im just wondering i you can tell me how you get on as im trying to do the same but i still owe another 3 payments before i can. im afraid to sign any paperwork and would love to hear from somebody who had done it already.
 
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