hi i have a car with £1335 outstanding finance the car is worth £750 at best.

my options where voluntary termination finance which will be bad credit rating or pay off the finaince.

i am with moneyway,i rang them up and all they give me was a sort code and account number to send £1335.Does this seem right for a finance company to be payed like this and not over the phone he said its to large amount over the phone im just sceptical any advice on the matter would be much appreciated.

I bought a new VW on VW Solutions PCP, because it got an additional £5,000 discount that way but paid it off straight away to avoid interest but keep the discount. When I contacted VW Solutions, they gave me their bank sort code and account number as well as my client reference number to pay the money in - I had to do it over several days as the total was above my daily transfer limit.

So it's suggest it seems very normal.

If you have paid the outstanding fiance left why would it cause a bad credit rating?

The right of early termination once half of the Total Purchase Price has been paid only refers to Hire Purchase or Conditional Sale agreements or certain derivatives of the same. (note: this does not include Personal Contract Hire or Leasing)

The right to early terminate will be clearly set out in the t&c's of the agreement.

A cursory look at the Moneyway website suggests that they finance by way of Personal Loans. If this is the case with the OP's agreement then he will have no such right of early termination, save to say that he can pay off the balance owing less the statutory discount off the interest charges, calculated as directed by the CCA.

We always advise our clients of the fact there is no easy way out of contract hire, almost all however are happy with this.

Most people only worry about things when they are affected...although it's too late by then.