Thinking about VT because payments are too high
Posted: Wed 26 Nov, 2025 9:40 am
Good afternoon,
I am trying to work out if voluntary termination is the right option for me. I am part way through a PCP and the car no longer really suits my needs, plus the payments feel a bit heavy.
From my reading, once you have passed the 50% threshold you can ask to end the agreement. The part that is confusing me is how to actually word the VT letter. Do finance companies need a very formal template, or is a simple letter quoting the relevant section and saying I wish to voluntarily terminate enough?
I am trying to work out if voluntary termination is the right option for me. I am part way through a PCP and the car no longer really suits my needs, plus the payments feel a bit heavy.
From my reading, once you have passed the 50% threshold you can ask to end the agreement. The part that is confusing me is how to actually word the VT letter. Do finance companies need a very formal template, or is a simple letter quoting the relevant section and saying I wish to voluntarily terminate enough?