Help! Have Completed VT but having issues with finance company

[Jonnys1976]

Hi,

I'm hoping someone can offer me some advice , I have recently VT my car HP agreement after paying 50%. I received a letter from the finance company with all the usual wording around reasonable condition/damages etc . It also said the following " Our vehicle recovery partners will contact you within seven days from the date of this letter to arrange the inspection and collection of the vehicle and relevant documents ,such as V5,MOT and service history "

Contact was made and the car was collected 3 weeks ago today , the person who came to collect it looked round inside and out and checked that all documentation was present . He was happy there was no damage and gave me a collection document that did not log any defects with the car . It was then loaded on to a low loader and was then being transported 120 miles away to an auction house .( i have detailed photo/video footage of car and service history etc)

I have been checking my credit files and noticed that one agency had updated the agreement as VT , but another hadn't. I'm in the process of buying a house so want it updating. The agency contacted the finance company who said the following " Looking into the account Mr x only actioned a VT on 01/04/19. Therefore we would not mark the account as settled until any payments of damages have been made and the asset sold at auction . No changes can be made on his credit file until this has been done .

I cant believe that they haven't yet sold it at auction and also disputed any damages with me after taking possession 3 weeks ago . What I'm wondering is what rights do they have to endorse my credit file against any damage costs that i would be disputing ? I have fought hard to get my credit file where it is and cant afford for it to have any negatives added to it .

I did call the finance company who basically said they cant update the file until the car has been sold , i explained that how much the car sold for at auction has no relevance to my credit agreement with them, I also explained i had the collection document with no highlighted damages and that if they thought i would take responsibility for any damages on the car 3 weeks on they were wrong.

Any advice as to how to proceed would be greatly appreciated , i am just about to place a reservation fee on a house but dont want to do it until i can get this sorted as it will definitely cause issues with the mortgage



Many Thanks


Jon

[Jonnys1976]

R0b can you offer any advice?

[R0b]

If you are looking for a quick fix then you probably aren't going to get that.

You can complain through the lender (8 weeks to provide a final response) and then on to the Financial Ombudsman if you dont get anywhere (up to 12 weeks). Alternatively you can issue legal proceedings which will set you back £300 to make your application and that could take several months too.

Either way there isn't going to be anything quick a out this. Who is the finance company and what credit reference agency haven't they updated? Seems odd that they have updated one but not the other.

[Jonnys1976]

Hi Rob

Finance company is Moneyway/Secure Trust. Call credit showing as VT - Equifax isn’t

Many Thanks For Responding


Jon

[pt2537]

This would also be worth referring to the ICO, this is clearly an issue of incorrect data, which is of course actionable under the DPA 18.

Grace v Blackhorse gave some very clear guidance on the importance of getting a credit report right so the consumer doesnt suffer harm or damage or loss