We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Terminating a loan

I currently have a car loan which i want to terminate, the finance company say there will be a VT added to my credit score, will this effect me getting credit in future?

Comments

  • paddyrg
    paddyrg Posts: 13,543 Forumite
    It will certainly be taken into consideration.
  • ay other finance company cannot decline you solely based on teh VT, however, they impose special requirements, like a maximum term of 3 years, or asking you to put in a bigger deposit (these would reduce the chances of you VT'ing in the future)
    We've spent decades teaching people about their rights, but nothing about their responsibilities.
  • Apples2
    Apples2 Posts: 6,442 Forumite
    The company you vt with may not take you on again as they already lost money on you.
    Other companies might he cautious of you.

    It doesn't adversely affect your credit file but just makes a note on it which MIGHT put others off.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 353.5K Banking & Borrowing
  • 254.1K Reduce Debt & Boost Income
  • 455K Spending & Discounts
  • 246.6K Work, Benefits & Business
  • 602.9K Mortgages, Homes & Bills
  • 178K Life & Family
  • 260.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.