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Voluntary Termination of HP
Comments
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I was told this had no effect on credit rating when I did this, but it's 10 years ago. I took a loan out straight after for a new car with no problems, so for me, it had no effect.0
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I was planning to voluntarily terminate an HP agreement for a car for genuine reasons. A V will be recorded on my credit file, I wondered what effect this might have from experience. Thanks.
Its your legal right to do this and shouldnt impact your credit rating.
The last time we did it some years ago, we got a letter from the finance company thanking us for our business and to give them a call when we were buying our next car!
I think they are a bit more sticky on condition of the returned car these days, so make sure there are no scuffs or dings. also it would be useful to photo all aspects of the car before it goes.0 -
I did it 4.5 years ago. VT'd a car and immediately bought two more on finance with no problems.0
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