Voluntary Surrenders &Voluntary Termination Collections
Voluntary surrender & voluntary termination collection services
We understand the needs of those customers who can no longer continue with their financial agreements, and can advise them that they have the option to voluntarily surrender the vehicle or asset. There is also a voluntary termination option for the vehicle or asset, if agreeable with their finance provider.
The Consumer Credit Act provides certain rights to consumers involved with vehicle financing agreements in situations where over one third of the purchase price has been repaid.
In this scenario if a consumers falls behind with their repayments the finance company may begin legal proceedings in order to regain possession of their asset – the vehicle.
This procedure can be very expensive and time consuming for both parties, which is why finance companies will often use a company (such as FIS South East) in order to resolve the situation amicably and in a way that is mutually beneficial.
If you have received a communication from us it may be due to the above, so we would ask that you contact us at a suitable time in order to discuss the options being made available to you by the finance company. It will also allow you to explain the reasons the Agreement payments have ceased.
It is our goal to resolve the outstanding liability, whether that is through a new repayment arrangement or a voluntary surrender of the vehicle.