I have recently voluntarily ended a hire purchase agreement on a vehicle. They have collected the car and are asking me to produce documentation as evidence that i am no longer in a position to meet the payments. What will now happen to the outstanding balance remaining on the vehicle.
Thanks for coming back to me. Do I legally have to prove that I can no longer keep the repayments? I voluntarily terminated the agreement so understand that I am liable for only 50% of the total agreement. There is no default in place and no arrears. They have acknowledged I have terminated as they have collected the vehicle. If they sell the vehicle will any monies come of the outstanding amount or is that the case only if I didn't voluntarily terminate? I have no other debts. Your help would be appreciated in answering the above questions as the finance company keep ringing me. Thanks again.
Just returned hire purchase vehicle. What will happen to the outstanding balance?
Posted - 24 May 2012 : 12:35:00
