Black horse vt help needed please

[lisa55]

Hi, I recently sent a letter to Blackhorse Finance explaining that I want to VT my agreement for my car finance under the 50% rule. I am going to attach the agreement.

To date I have paid 32 monthly instalments of £208.29 which I get to a total of £6665.28.

In the paragraph headed "Termination your rights" on the agreement it states that I can end the agreement once I have paid £6,175.21. I also paid a £2,000 advance payment but even not including this £2,000 I have still paid over the amount they are saying I need to have paid. I have received a letter from Blackhorse today saying that I still owe them £1,044.48. Could anyone advise me what I should do about their request for the extra money. I do not see how I can still owe them anything.

Any advice or help will be gratefully received. Thank you.

 

 

I'm not sure if I have attached the document correctly but I hope it is viewable

Edited February 25, 2011 by lisa55

[sequenci]

Hi Lisa, welcome to the forums.

 

The 50% volutary termination rule allows an individual to terminate a hire-purhcase agreement at any point. If they do so they limit their liability to 50% of the finance. Since you have paid your 32 instalments AND the deposit you are well over the 50% point.

 

Did you make it clear that you wanted to VT under Section 99 of the Consumer Credit Act? If you have then Black Horse are playing silly buggers and you should consider a formal complaint.

 

If you can let us know about the termination letter we will be able to give you further advice.

 

Best wishes,

 

Seq.

[Gaston Grimsdyke]

What is the basis of their demand? You might be liable if it relates to damage to the vehicle. If not and it relates to the balance on the agreement after sale of the vehicle, you aren't liable. Unless, of course, they had already terminated for arrears prior to you exercising a VT.

[lisa55]

Hi thanks for your replies. I have inserted below the letter that I sent to Black Horse regarding terminating the agreement, I did state, as you can see, that I wanted to terminate under section 99. I have since had a telephone call from Black Horse presumably because I wrote to them asking them to explain where they have got the figure that they are requesting from. I did not answer their call as I have requested everything to be put in writing. They left a message for me to call them back but I haven't for the same reason. Do you think I should just wait for them to wrote to me??

Lisa

 

Customer Services

Black Horse

St William House

Tresillian Terrace

Cardiff

CF10 5BD

15th February 2011

Voluntary Termination of Agreement

Agreement Number: XXXXXXXX

Alfa Romeo 147 Diesel Hatchback 1.9 JTD 16v Multijet Lusso

Registration Number: XXXXXXX

Dear Sir/Madam

I am writing to notify you that I am exercising my right to terminate the above agreement under Section 99 of the Consumer Credit Act 1974. I have now paid over the amount of the termination agreement figure so will not be making any further payments with regards to this account.

Please send me details of how the vehicle can be returned to you.

Please confirm receipt of this request by telephone to me on XXXXXXX or by email XXXXXXXX

Yours faithfully

[lisa55]

What is the basis of their demand? You might be liable if it relates to damage to the vehicle. If not and it relates to the balance on the agreement after sale of the vehicle, you aren't liable. Unless, of course, they had already terminated for arrears prior to you exercising a VT.

 

Hi They just state that that is the amount still payable under the agreement. It doesn't relate to any damage to the vehicle because at that time they had not got the vehicle back, nor did they terminate the agreement for arrears prior to me exercising a VT, all payments have been made on time & I have never missed a payment. I have written to them asking to explain what this amount due is due for.

[sequenci]

Thanks for that further info, it looks like you're doing things perfectly. Other than damage mentioned by Gaston the other stuff they can charge for could be insurance policies and suchlike. Did you have any of those?

[lisa55]

Thanks for that further info, it looks like you're doing things perfectly. Other than damage mentioned by Gaston the other stuff they can charge for could be insurance policies and suchlike. Did you have any of those?

 

Hi the only other thing on my agreement is for a 'NAC Guarantee' (which is not worth the paper it's written on actually and I would strongly advise anyone thinking about purchasing this NOT TO!)

The cost of this so called guarantee was £1795.00, they charged me £456.20 for the credit so the total cost of the guarantee was £2251.20 (yes I was conned well and truly!)

Now the monthly amount I paid for this was £37.52, however this £37.52 was included in the monthly payment of £208.29 which I paid to Blackhorse for the car finance.

I have paid 31 instalments of £37.52 = £1163.12.

As I stated previously that the guarantee was a total waste of money, I had many many problems with my Alfa and whenever my mechanic telephoned NAC to claim for the repairs they were told "It's fair wear and tear it's not covered" this happened on several occassions and my mechanic did state that I had been ripped off. I was told by the salesman that I would never have to pay for any repairs again and that the guarantee covered everything you could think of, I stupidly believed him and signed on the dotted line.

I have looked up NAC Guarantee on google and it seems many people have had the exact same problem! If it turns out that the amount owing is because of this guarantee then I am seriously considering taking legal action against Carcraft who sold me the guarantee as I believe I was mis-sold it.... any suggestions or advice on this??

[lisa55]

SUCCESS!!!

Just an update on my previous posts...

As I assumed the money that Blackhorse said I owed to them was for the NAC Warranty that I was sold (miss-sold). I decided to look at the paperwork properly for this warranty and there was a complaints department for CC Automotive who provide the warranty that the customer could write to if they were not happy with any service or product they had received.

I wrote a lengthy letter to CC Automotive explaining how I felt that I was miss lead when I purchased the warranty from Carcraft and that I had spent well over £1000 in repairs that I was lead to believe the warranty would cover but didn't.

I posted this letter but in the meantime Blackhorse sent me an email saying they wanted to know what arrangements I was intending to make to pay the £1044.48 that was outstanding on my account. I replied to Blackhorse telling them that I was in the process of making a complaint to CC Automotive regarding the Warranty and that I had also been in touch with Consumer Direct, I asked Blackhorse if they would hold off any further action regarding the outstanding money until I had received a reply from CC Automotive.

Within 24 hours I received a reply from Blackhorse asking if I had ever claimed on the warranty and if not then the warranty could be cancelled. I replied stating that I had not made a claim on the warranty (chance would have been a fine thing!) I received an immediate reply from Blackhorse stating that the warranty had been cancelled and that now I did not owe them any money, my balance is ZERO!

I am so relieved at the outcome but it just goes to show that if I had just accepted that I had to pay for the warranty as I had signed up for it then I would be over £1000 out of pocket.

Thank you for all your replies and help.

Lisa

[sequenci]

That's awesome, congrats