Voluntary Termination

nobodysdriving

Hi,

in order to get the mortgage I wanted my mortgage advisor told me to get rid of all of my debts.

one of them was a car finance, an HP.

if I wanted to settle it in full and keep the car I would have had to pay almost £7000 but to do a voluntary termination was £1800.

As I also cleared other debts to amount to £30000 I had no money left to buy the car outright so I did a voluntary termination.

I am today waiting to hear if Kent Reliance will offer me the mortgage, they search my credit file on monday.

Today Peugeot has put on my credit file: voluntary termination.

will this look bad for me? will kent reliance search my records again and if they do and see it will it stop them from giving me the mortgage?

the agreement also shows ZERO default as I have never missed a payment on anything in my life.

am so worried now

Dave_Ham

This is virtually impossible for anyone to answer on here I am afraid.

I would like to think your broker would have checked this with Kent Reliance before you made this significant step, so you just have to trust in them.

Kent Reliance are not necessarily the quickest, although they must have looked at your case in advance of communication to broker.

Personally, so long as it shows as settled and there are no missed payments; I cannot see it having a huge impact although there must be other considerations to your case as otherwise seemingly no reason to use Kent Reliance.

Good luck

nobodysdriving

Dave_Ham wrote: »

This is virtually impossible for anyone to answer on here I am afraid.

I would like to think your broker would have checked this with Kent Reliance before you made this significant step, so you just have to trust in them.

Kent Reliance are not necessarily the quickest, although they must have looked at your case in advance of communication to broker.

Personally, so long as it shows as settled and there are no missed payments; I cannot see it having a huge impact although there must be other considerations to your case as otherwise seemingly no reason to use Kent Reliance.

Good luck

Hi Dave,
the only thing is that I am buying a shared ownership and need 95% LTV and Kent reliance was the only one fitting the bill who would accept my deposit being a gift from my father who lives in Italy (leeds does not accept parents from outside UK!)

that is it!

yes the voluntary termination has no defaults and is settled
I have nothing else on my report it is spotless with not one missed payment EVER. I have no CCJs nothing. I am 'clean', I have long standing credit cards which are now settled and one which I pay in full every month.

I never knew what a voluntary termination was until today!

I just thought I returned the car and that was it!