Car Finance Termination - Advantage Finance

[Jazz0867]

I have an agreement with Advantage Finance.

 

I have had it 11 months.

 

I had reduced payments due to illness last year and they were agreed with them.

 

However,

I am now on permanently reduced hours due to that ill health and cannot afford the payments for the car.

 

I asked for a settlement figure as I hoped to sell the car and clear the finance

but they stated the figure was £6000 and the car is only worth £4000 at most - therefore that was a no go.

 

I haven't paid half off yet either as only 11 months in.

My payments are £311.27 including arrears payments.

 

I am in debt to creditors,

have a court order for missed Council Tax payments,

Notice to seek possession for rent arrears to

- all occurred at the same time.

 

I am a single mum (of teenagers) and was unable to manage my finances due to being unwell

so everything got on top of me and left me in the state I am now.

 

I am paying the Council Tax and the rent arrears,

all other creditors get £1 token payment but I still am in deficit of £300 a month.

 

Removing the car payments would ease that.

 

I sink further into debt each month, robbing peter to pay paul just to make the car payments.

 

I do not own my own home,

have no assets and

 

what's worse, will have a further income drop at the beginning of May of approx £200 a month as my son,

in FT college education,

turns 20 and all CB, CTC/WTC, CSA stop

but he cannot find work despite applying daily for jobs.

He is training to be an electrician and it is hoped that when he qualifies in July

he can get work in the trade and finally have an income and contribute but I will have to support him from May until July.

 

Any help to be able to sort this out would be great please?

[theoldrouge]

you are able to Voluntarily Terminate your agreement at anytime, even after one payment.

 

To do so you must make a request under s99 cca1974.

 

You will be liable for 50% of the agreement plus any arrears at the time of the VT.

 

The car must be returned in reasonable condition for its age.

 

It would help greatly if you could scan in your agreement with all pers details removed.

 

Are you being charged arrears fees etc?

[dx100uk]

**you can post up images/letters by this method immediately..you don't need 10 posts**

.

set your default scan page size to A4 less than 300DPI [150 will do]

scan the required letters/agreements/sheets - as a picture[jpg] file

don't forget you can use a mobile phone or a digital camera too!!

'

BUT......

ENSURE: remove all pers info inc. barcodes etc

but leave all monetary figures and dates.

.

************************* ************************* *******

{DO NOT USE A BIRO OR PEN OR USE SEE THRU TAPE OR LABELS]

************************* ************************* ***********

.

DO IT IN MSPAINT.EXE or any photo editing program

goto one of the many free online pdf converter websites ...

http://freejpgtopdf.com/

..

if you have multiple scans/pics

put them in a word doc FIRST and convert that to PDF

or http://www.freepdfconvert.com/

or

use www.pdfmerge.com

 

convert existing PC files to PDF [office has an installable print to PDF option]

..

it would be better to upload a multipage pdf if

you have many images too rather than many single pdfs

.

or if you have PDF as an installed printer drive use that

or use word and save as pdf

try and logically name your file so people know what it is.

though dont use full bank names or CAG in the title

i'e Default notice DD-mm-yyyy TSB

.

open a new msg box here

hit go advanced below the msg box

hit manage attachments below that box

hit the add files button on the top right

hit select files, navigate to your file on your pc

hit upload files

...

YOU DONT have to put a link to the attachment in the msg box..just upload it ..job done

.

dx

[theoldrouge]

Furthermore they can only chase you for the amount due you do not have to actually pay to complete the VT

[Jazz0867]

I am being charged £12 each month for the arrears.

 

I don't have a copy of the agreement and have requested this as a matter of urgency.

[theoldrouge]

can you remember what you paid for the car, what deposit you paid and the original payments per month and the length of the agreement?

[Jazz0867]

£5000 for the car, £250 deposit, 4 years @ £281 per month. Advantage insisted on warranties too though and thats why I need the agreement.

 

Found agreement - it says 47 payments of £281.27 plus £431.27 as a final payment

Edited March 22, 2014 by Jazz0867
found paperwork

[theoldrouge]

ok, so you have made a cca request under s79cca1974?.

 

What you should have is a multiple agreement part hp and part credit.

 

The credit part forms no part of the VT and the charges and warranties can be reclaimed.

 

You have been charged £13738 for a £5000 car. I

gnoring the warranties and charges for now,

 

if you VT'd the car,

you would of course lose the car,

and what you have already paid,

and owe AF around £3000,

 

However this can be paid depending on your I &E at £1 per month,

and you would be rid of the monthly payment.

 

When you have the ag,

we can advise on the exact figures.

 

If you then wish to go ahead and VT,

 

I can suggest a letter for you.

[dx100uk]

follow post 3 scan up the agreement

 

dx