Voluntary Termination of a Hire Purchase Agreement - Now Default on Credit File

hallswan

Hi,

I purchased a car in April 2007, 4 year deal.

In August, 2009, I read the T's and c's of my agreement, and decided that the best thing I could do would be to voluntary terminate the agreement under section 99 of the Consumer credit act 1974. I had made half the payments so far, on time, so I, according to the law had the right to do so.

I wrote to the company, Bank of Scotland, stating that I wished to voluntarily terminate the agreement. They wrote back stating that I would receive a telephone call from a company about collecting the car, and that I would need to provide the MOT certificate and the Log book.

I contacted the Bank of Scotland and asked what I should do about the Direct Debit, I was told to cancel this, which I did a couple days after I received the letter accepting my Voluntary Termination.

The Car was collected on the 5th of August - but today, 18th October, Bank of Scotland has registered a default on my credit file!

Could someone please advise me on what are the next best steps? I have worked so hard to get my credit rating to Very Good - I don't know what to do next.

Any advice will be appreciated

Thank you

Natalie

standupguy

Are you sure it is a default?

Usually accounts are marked "VT" - which is not a default

If it is a default - DF - then speak to the company and ask why it is registered.

hallswan

Yes, it definitely says default! no idea why they have done this - but I will call them in the morning and find out why

Thanks

andyg99

I am looking to do something similare in the next few months, does the VT that should be put on your credit file affect it adversely?