Voluntary Termination - late payments and default on credit file

[simeonsmithy]

Hello,

i was wondering if anyone could help?

I exercised my right to voluntary terminate my car finance agreement on 20/05/18. I was 70% through my agreement, The advisors i spoke to I'm May confirmed i would not have any late fees or defaults on my credit file.

The car was sent to auction on 18/7/18 but didn't sell for the full amount therefore i have to pay the remaining amount - this isn't the issue.

The finance company cancelled my direct debit on the call, however, they have given me a late fee and a default on my credit report. I have had not letter to inform me of any missed payment or default notice.

On every call the advisers have confirmed i will have no negative data recorded. When i called to dispute the information, the company advised they will not remove the notice as this was correct?

I explained i have VT but insist the notice was correct, even though i was advised last week by the advisor this should never happen.

the manager i spoke to advised that if i pay the full balance off the markers would be removed from my report.

Is this wrong or right????


thanks

[Amethyst]

Are you 100% you Voluntary Terminated ? because with Voluntary Termination this....

The car was sent to auction on 18/7/18 but didn't sell for the full amount therefore i have to pay the remaining amount - this isn't the issue.

... should not happen.

How did you instigate the Voluntary Termination process ?

[simeonsmithy]

i sent a letter outlining my right to terrminate and made this clear over the phone.

thanks

[Amethyst]

Hmm okay. Do you have your agreement at all ? and maybe a copy of the letter instigating the VT ? Just to check you did VT rather than surrender.
Did your agreement have the 50% figure under the right to terminate clause?

The issues you are experiencing with the credit file will be directly related to that. If surrendered the car then you can be chased for the shortfall and have late payment/default markers etc. If you VT'd that SHOULD have been the end of the matter ( any mention of excess mileage/damage charges?)

Who is the lender ?

I've moved your thread to the Motoring forum for you xxx