BMW Financial Services

tjharrop

Hi There, new to this so sorry if this is posted in the wrong place,

I'm after a little help from the voice of experience. I had a car on finance from BMW (it was only a mini) and when my financial situation changed with everybody else's I phoned them for a settlement figure.

The person I spoke to recommended I "simply" hand the car back, and cough up for any difference in payments to take me up to the 50% mark (I think its 50%) which is the point you're allowed to an early termination.

After they took the car I got a bill for £1800 which I obviously couldn't afford, so I obviously disputed this for a number of reasons (the main one being that I bought the car second hand and they wanted it back in brand new condition) the dispute took months of admin back and forth, and they were difficult to get a "final response" from which the FSO asked for.

That issue aside I settled the agreement and hoped that was that, however it wasn't until the other day when I downloaded my credit report to show my mortgage advisor that I realised for every month the dispute was open the were marking me down as a further month late and now I can't get a mortgage.

I'm massively annoyed, I've worked hard to clear my credit card and pay back borrowed money, finally got on my feet and now this.

Is there anything I can do in your opinions? I feel like I was mis-sold the early termination, and I don't think the "damage charges" were ever part of the credit agreement.

Any ideas welcome!


TJ

standupguy

My view is that the accrual of months in arrears should have stopped at time of vt. So, if you were say 3 months in arrears at the time of vt then that should be where it stops on your credit record and should read - 000123 vt. -albeit there may still be an amount outstanding.

The other thing you can do is to add a notice of correction to your credit file so that every future lender can review what you say about the matter before they make their lending decision.

tjharrop

standupguy wrote: »

My view is that the accrual of months in arrears should have stopped at time of vt. So, if you were say 3 months in arrears at the time of vt then that should be where it stops on your credit record and should read - 000123 vt. -albeit there may still be an amount outstanding.

The other thing you can do is to add a notice of correction to your credit file so that every future lender can review what you say about the matter before they make their lending decision.

Thanks for the reply, I totally agree - in order to get them to pick the car up I had to settle the monthly payments in arrears anyway (which never exceeded one) so at the time of VT I was up to date

Basically my timeline on the credit report goes

0
0
1 - missed payment
0 - previous payment and that months to make me eligible to vt
1 - the big bill, dispute started
2 - refers to the damage costs not money borrowed under the agreement
3 - ""
4 - ""
5 - ""
0 - gave up & Settled

The most annoying thing is that it's £2000 we're taking about, if I knew this was going to happen I would have taken the hit on a credit card!