Debt Recovery/Investigation Services (PCP Car Options)


Debt Recovery/Investigation Services (PCP Car Options)

The Berwyn Services Finance & Debt team can help and offer proven valuable advice on Debt recovery options for your business, and provide a wide range of Business investigation services to suit your needs. 

Case Study: We recently helped a £18m Business gain a six figure debt paid that had been outstanding for nearly two years, and supplied key information for our client to use for an ongoing investigation.  

We also helped two clients win back lost customers, using our Strategy Workshops, and they both are now expanding into new markets! #Strategy 

Another great value added service is our business and market review for those seeking to launch into new markets or consider buying rival business. Our team have concise and detailed approach to aid your business data and insight needs, and to assist in your finances. Contact our team via email or call with your aspirations. Telephone 07999 556034 or email our team.  e-mail Info@BerwynServices.co.uk 

See below for our tips on how you may be able to exit your PCP/Lease deal early!

*Any advice on finance is subject to you seeking your own financial advice, and we are not FCA regulated, and do not state our advice or tips is final and you should always make informed decisions.

Possible PCP/Lease Deal Finance Option:

  • Many Businesses offered its staff car allowances rather than offering Company Cars to its staff. Given the current Job Market, we often have companies and former employees ask what options are available to exit PCP/Lease deals. Below is a quick summary of the options you may not have been told, and could help you and your staff! 
  • Anyone who is facing is facing challenges paying the monthly repayments should speak to the finance company to discuss options for both parties, and maybe contact the Financial Conduct Authority (FCA) to see if they can help. The support the FCA recommends could range from rescheduling payments or offering a new sustainable repayment arrangement, to even to suspending or even cancelling interest payments.

The options to you will depend on the length of the agreement and amount already paid, and outstanding balance and Terms within your agreement (contract.) To exit your car lease/PCP you will be seeking a Voluntary Termination or VT. Should you wish to consider the VT then its best to contact your finance company telling them that you wish to voluntarily terminate your agreement under Section 99 of the Consumer Credit Act 1974. (We advise you do this via a recorded method, such as Post Office Signed for/recorded delivery.) The option of VT has its benefits for some, as we feel its a good protection for consumers that doesn’t affect the borrower’s credit record. Don’t allow the finance company to misinterpret your request and assume you wish to surrender the car, in which case you will have to pay the full settlement figure.

To VT a car/van, a customer must pay or have 50% of the total amount payable under their finance agreement. Once this has been agreed and completed they should be able to return the car/van to the finance company with nothing more to pay, save for any condition and mileage penalties due. A note of caution, taking the VT route shouldn’t be confused with early settlement, where the customer (debtor) pays the total amount outstanding and then owns the car/van outright. To see more information on the method VT could work for you we advise you seek it out in sections 99 and 100 of the Consumer Credit Act 1974. Bizarrely many Car and van dealers and finance companies may not mention this option to you, so worth considering, and as always, we advise you take independent financial advice and make informed decisions.

Now the below are also key hints for you and your Car/van lease (PCP)....

  1. Always take good quality photographs of the car/van, its odometer reading, and note all of its service history, its spare tyre and even its toolkit and all the keys. These may be needed if you have any future disputes.
  2. As with any vehicle a dealer or finance company can’t expect the car/van to be like new after months on the road, so argue against any charges that you think are unreasonable.
  3. You may wish to raise any disputes with the Dealer and or finance company, or contact the Financial Ombudsman Service (0800 023 4567).

Contact our team via email or call with your aspirations.  Telephone 07999 556034 or email our team. 

e-mail  Info@BerwynServices.co.uk  

https://twitter.com/BerwynServices 

*Any advice on finance is subject to you seeking your own financial advice, and we are not FCA regulated, and do not state our advice or tips is final and you should always make informed decisions.