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Hello,
Hopefully someone can help me take next steps as this matter is causing me problems.
I successfully terminated a car finance agreement through Voluntary Termination (VT) with a lender with written confirmation of this on 1 Dec 2020.
My account was in good standing and every monthly payment for credit was paid on time. My credit file reflects this.
I received a notification of excess mileage charges due on 2 March 2021, totalling around £2k. I paid around £1000 in error and thought the matter was closed.
Since then (for two years), the lender has continued to report on my credit file each month that £945 is overdue which has greatly impacted my credit rating, which is otherwise unmarked by any other account or history - it has taken my rating from near perfect (950+ to very low, around 220)
It is my belief that the lender is not acting fairly because:
1) The amount due is not credit (it is a fee or charge).
2) They should have ceased the credit reporting when the agreement was terminated.
3) The fee was issued to me after the contract was terminated - however I do acknowledge that the fee calculation was agreed in the contract.
I have since paid the amount outstanding, but the financial ombudsman, lender and Experian all disagree with removal of the credit file reporting on the grounds that the concept or principle of the fee was agreed in the agreement itself.
I would like the reporting removed for each month since termination but have no idea who to turn to or the legal grounds I should be using to request this. I cannot afford to pay a solicitor to do this for me but I could afford a single legal letter stating my case.
Any help or guidance appreciated!
Hopefully someone can help me take next steps as this matter is causing me problems.
I successfully terminated a car finance agreement through Voluntary Termination (VT) with a lender with written confirmation of this on 1 Dec 2020.
My account was in good standing and every monthly payment for credit was paid on time. My credit file reflects this.
I received a notification of excess mileage charges due on 2 March 2021, totalling around £2k. I paid around £1000 in error and thought the matter was closed.
Since then (for two years), the lender has continued to report on my credit file each month that £945 is overdue which has greatly impacted my credit rating, which is otherwise unmarked by any other account or history - it has taken my rating from near perfect (950+ to very low, around 220)
It is my belief that the lender is not acting fairly because:
1) The amount due is not credit (it is a fee or charge).
2) They should have ceased the credit reporting when the agreement was terminated.
3) The fee was issued to me after the contract was terminated - however I do acknowledge that the fee calculation was agreed in the contract.
I have since paid the amount outstanding, but the financial ombudsman, lender and Experian all disagree with removal of the credit file reporting on the grounds that the concept or principle of the fee was agreed in the agreement itself.
I would like the reporting removed for each month since termination but have no idea who to turn to or the legal grounds I should be using to request this. I cannot afford to pay a solicitor to do this for me but I could afford a single legal letter stating my case.
Any help or guidance appreciated!
