VT completed, my credit file now though shows the ourstanding excess mileage charge

[mally77]

I've checked my credit report, and its showing that my bmw finance is settled, but still shows an outstanding balance which is the exact amount of my outstanding excess mileage charge.

I've spoken to bmw and said that I'm sure that shouln't be on there, am I correct in thinking the agreement was settled as a VT and should now be settled and closed?

[judgemental24]

Re: VT completed, my credit file now though shows the ourstanding excess mileage char

Yes, the agreement should be settled and marked as closed. You have acted upon your lawful right under the CCA to terminate the agreement They can if they wish report the agreement as voluntary terminated though.

Just ask them under where section 100 CCA 1974 excess milage is a condition of terminating an agreement. Once an agreement has been terminated all reporting to the credit agencies must cease as well unless assigned.

Be warned though, they could issue a letter before action saying pay that excess milage within 14 days or be defaulted

http://www.legislation.gov.uk/ukpga/1974/39/section/100

[vipvipvip]

Re: VT completed, my credit file now though shows the ourstanding excess mileage char

Hi Mally, what happened in the end? My credit file shows late payment for the past two years with BMW after VT. The agreement is still open and the outstanding balance is for excess mileage. It's really humped my credit file.

[Dehaw]

Re: VT completed, my credit file now though shows the ourstanding excess mileage char

I'm in the same boat.

I VT'd the car in September, BMWFS have reduced the amount owing to £4400 saying we owe them 4K in excess mileage and 400 in repairs.

I'm disputing all of this since I VT'd the car.

In my opinion, if you have 'Voluntarily Terminated' the 'Agreement' then it's terminated, end of so any agreement that exists on your credit file should be removed.

As I said to them this is an invoice generated after the fact and does not constitute part of the agreement, but I may be wrong?

Now the only reason I VT'd the car in the first place is that I was emigrating to Australia moving from Scotland, Queensland is where I now stay, but I have property in the UK so this credit fie issue will affect my ability to renew the mortgage.

I've also read elsewhere that if you are disputing any sort of credit agreement that the creditor cannot sell the debt or get debt collectors involved but today I received an email from Debt Managers asking to call them, which I won't be as I do not acknowledge the debt as I have no agreement for this debt as it's an invoice sent to me which I'm disputing.

I'd also add that I asked for all information to be sent to me which they put into a zip file and thenn told me to call for the password, which I have not given that I now stay in Australia.

Any help anyone can shed on this it would be gratefully appreciated.

[nemesis45]

Re: VT completed, my credit file now though shows the ourstanding excess mileage char

[QUOTE=Dehaw;768058]I'm in the same boat.

I VT'd the car in September, BMWFS have reduced the amount owing to £4400 saying we owe them 4K in excess mileage and 400 in repairs.

I'm disputing all of this since I VT'd the car.

In my opinion, if you have 'Voluntarily Terminated' the 'Agreement' then it's terminated, end of so any agreement that exists on your credit file should be removed.

As I said to them this is an invoice generated after the fact and does not constitute part of the agreement, but I may be wrong?

Now the only reason I VT'd the car in the first place is that I was emigrating to Australia moving from Scotland, Queensland is where I now stay, but I have property in the UK so this credit fie issue will affect my ability to renew the mortgage.

******If an account is defaulted / settled/ or satisfied it remains on credit files for 6 years from the date of the default registered with the CRAs.
Credit files must show an up to date and accurate picture of the conduct of an account. So it remains on file.

As you say the " invoice " is not part of the agreement, but my question would be was/is the action now being taken laid down in the terms and conditions of the finance agreement?*****

nem
@des8 and @R0b may be able to assist you.


nem

[Dehaw]

Re: VT completed, my credit file now though shows the ourstanding excess mileage char

Hi Nem,

That's right, I don't mind it showing that I've VT'd, Settled or anything else which would be correct but not having an account on there showing a credit agreement with a default, because that's not whats happening, it's more a case that BMWFS is trying their luck and using this against people to scaremonger them paying pying their invoice which does not form part of the original agreement.

I'd actually rather pay the £4.4K fighting this than let them get away with their bad practices, it's just not on and really who do BWFS think they are? If it means taking them to court to settle this issue as a precedent then I'm all for it.

Thanks

Derek