Credit File Missed Payment

b3ats · 25 February 2010 at 8:53PM

I swapped my previous vehicle, which was on finance, to a new one that was also on finance back in May last year.

The company I bought the new vehicle from arranged all of the finance for me on the new vehicle and as far as I was concerned it was a done deal.

I drove my new car away with a newly completed agreement and promptly ensured that the DD was cancelled for my old vehicle because I wouldn't be able to afford it, plus the company had told me that they would be settling the finance for me - as you would probably expect. I had about 3 weeks until the payment on the old vehicle was due.

A couple of weeks after the DD for the old vehicle would have been due I received a letter from the old finance company telling me that the payment had been missed. I called them and explained that I didn't even own that car any more and had a new vehicle with a new finance company and that the dealer had settled the finance with them. They told me that it hadn't been done.

I called the dealer and asked what was happening and they told me that it was just an oversight on their part and they would get on it - which they did, and a week or so later I had a confirmation letter from the finance company stating that the account had been settled.

I've just recently tried to apply for a loan but have been refused so I thought I would check my credit file, which I have done, and have found that there is a missed payment marker on that agreement where the dealer never gave the finance company the money.

Is there anything that I can do to dispute this marker as it is affecting my ability to get credit through no fault of my own?

Any help would be very much appreciated.

Regards,

Dan

b3ats · 26 February 2010 at 7:23AM

Is anyone able to offer any advice??

noah271007 · 26 February 2010 at 8:11AM

b3ats wrote: »

I swapped my previous vehicle, which was on finance, to a new one that was also on finance back in May last year.

The company I bought the new vehicle from arranged all of the finance for me on the new vehicle and as far as I was concerned it was a done deal.

I drove my new car away with a newly completed agreement and promptly ensured that the DD was cancelled for my old vehicle because I wouldn't be able to afford it, plus the company had told me that they would be settling the finance for me - as you would probably expect. I had about 3 weeks until the payment on the old vehicle was due.

A couple of weeks after the DD for the old vehicle would have been due I received a letter from the old finance company telling me that the payment had been missed. I called them and explained that I didn't even own that car any more and had a new vehicle with a new finance company and that the dealer had settled the finance with them. They told me that it hadn't been done.

I called the dealer and asked what was happening and they told me that it was just an oversight on their part and they would get on it - which they did, and a week or so later I had a confirmation letter from the finance company stating that the account had been settled.

I've just recently tried to apply for a loan but have been refused so I thought I would check my credit file, which I have done, and have found that there is a missed payment marker on that agreement where the dealer never gave the finance company the money.

Is there anything that I can do to dispute this marker as it is affecting my ability to get credit through no fault of my own?

Any help would be very much appreciated.

Regards,

Dan

Write to your car finance company, and outline the circumstances as highlighted above and request the late payment marker to be removed from your credit file.

They should be able to do this for you, IF it is their mistake. What you have described would suggest you have a good case for them to remove the late payment marker.

Get this in writing ASAP.