Under section 99 of the Consumer Credit Act, you have the right to end your agreement with us at any time (known as “Voluntary Termination”). If you would like to get an idea of how much this option is likely to cost you, please contact us.
If you decide to voluntarily terminate your agreement, you will need to return the vehicle to us, and there may be further sums to pay. If you have already paid at least half of the total amount payable under your agreement and your account is up to date, there will be no further instalments to pay. If your account is in arrears however, you will still need to pay us the arrears. We may also need to make a charge for collection costs and compensation if the vehicle has damage in excess of normal wear and tear.
Choosing to voluntarily terminate your agreement may mean that you owe us less than if we have to terminate your agreement.
You can visit our Voluntary Termination Information page for more details, or if you would like to discuss this option with a member of our team, please contact us.
If you voluntarily terminate and have nothing further left to pay, we will place a marker on your credit file to show that you have done this. This marker will not negatively affect your credit score but please note that credit scores are not the only source of information that lenders can use when making lending decisions.
If you voluntarily terminate and there are still sums to pay, we will try to come to an arrangement with you for you to repay this. If this remains unpaid, this will have a negative impact on your credit file.