Moneyway Welcome Pack - Procedure Guide - Flipbook - Page 19
Procedure Guide
1.8
Additional Product Information
1.8.1 Partial Early Settlements
A customer can make overpayments at any
time. If they request a partial early settlement,
they may be entitled to a rebate of interest
on their account. Section 94 of the Consumer
Credit Act 1974 and the Consumer Credit
(Early Settlement) Regulations 2004 lay out a
formula to calculate any interest due.
The customer has 28 days from requesting
the partial early settlement to make the
overpayment. The overpayment plus any
rebate of interest due will reduce the
outstanding balance of the customer’s
account. The length of the agreement remains
unchanged, and future monthly repayments
will be reduced accordingly.
There are no charges for a partial
early settlement.
1.8.2 Full Early Settlements – customer
A customer can settle their Moneyway
HP agreement at any time by paying their
outstanding balance. They can request a Full
Early Settlement 昀椀gure, which may include a
rebate of interest on the outstanding balance.
Section 94 of the Consumer Credit Act 1974
and the Consumer Credit (Early Settlement)
Regulations 2004 lay out a formula to
calculate any interest due.
The customer has 28 days from requesting the
Full Early Settlement to make the settlement
payment. On making the settlement payment
in full (including any payments due in the 28
days), the customer will own the car.
1.8.3 Full Early Settlement – part exchange
at dealer
A customer can ask a dealer at any time for
a part-exchange valuation. At the discretion
of the dealer, they can make the payment to
Moneyway on the customer account to cover
the settlement amount in full (or in part if, for
instance, their valuation of the car is less than
the settlement). The customer must request
the Full Early Settlement 昀椀gure in the 昀椀rst
instance and is responsible for the payment
of the full settlement 昀椀gure within the 28
days, making up the difference between the
settlement 昀椀gure and dealer’s part-exchange
valuation if applicable.
There are no charges for a Full Early Settlement.
1.8.4 Voluntary Termination
A Voluntary Termination is a customer right
under Section 99 of the Consumer Credit Act
to hand back the vehicle at any point in the
agreement with the requirement that they
must pay, or have paid, at least half of the
Total Amount Payable which is set out in their
contract under “Termination: Your Rights.”
If the customer has paid half of the Total
Amount Payable but is in arrears, they are
required to pay these.
Moneyway will arrange for the car to be
inspected at the point of collection, in line
with BVRLA Fair Wear & Tear Guidelines.
Damage costs may be charged.
The customer’s credit 昀椀le will show that they
have Voluntary Terminated their agreement.
There are no charges for a Full Early Settlement.
19