Volantary Termination - Does this sound right?

Grass-hopper

Hi Folks,

Having just exercised a volantary Termination on my HP agreement on a car and handed it back to an auction site 2 weeks ago... I have been told by the finance company (Black Horse) that the account will not show up as settled on my credit rating until it has been sold at auction... does this sound right to you all?

Also - I am now looking to go for another car - will this VT adversely effect my credit when trying to get another car on either HP or any other car based finance agreement? (every payment over a period of 2.5 years was paid on time).

CLAPTON

if you have VT according to the rules (i.e. half the finance has been repaid) then no they can't refuse to mark the a/c as VTed


obviously the fact that has been VT will show on your credit report; HP companies will see this and may or may not use this as part of their credit decision

nomoneytoday

I would imagine the auction wouldn't take too long.. a few days for listing then off to the block it goes