HP motor finance & consequence of Voluntary Termination

Interesting-tale

Not necessarily.

Experian told me that the credit company can decide how they log a VT - either as a Satisfied Agreement OR as a VT. Supposedly it depends on the individual companies policy.

So thats the crucial thing here... unless you could predict which finance companies you were going to do business with over the next 6yrs.

If my finance company log it as a Satisfied Agreement, then I dont need to worry about future credit checks etc whereas if it goes down as a VT then I think I've found my answer and I will not be utilising the HandBack clause.

PNPSUKNET

Couple of years back I vt, but it just said satisifed/

System

Hi

I did a VT last year and it has had no impact on my credit worthiness whatsoever.

Since VT I have taken out: Amex credit and charge cards, first direct and Barclays current accounts, Tesco loan and credit card and Santander credit card.

That said, I couldn't say if it will affect future car finance applications, but logically thinking I would say there's a good chance it would. Finance companies don't like people who cause them unnecessary expense.

Depending on the value of the car your are thinking about getting next it may well be cheaper to purchase it with a personal loan.

Regards
UNDERGROUND