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Will this hurt my offer?
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TheOtherMittens
Posts: 2 Newbie
I have a formal offer, and I am due to complete in a few days.
I needed car tax, and without thinking, set up a direct debit since I was so impressed that you can do it via direct debit these days...only the next day did it hit me that this was essentially applying for credit, at £17 per month. The first payment would be taken on the 10th of November which is after my completion date.
Today I kind of freaked out a little bit about this causing a last minute problem, so I phoned the DVLA, and told them that I wanted to cancel the DD and just pay in one payment. They told me I could just cancel the DD with my bank and after 2 days (once 3 working days were up) I could tax the car again in one payment.
I phoned the bank, and they say that they will monitor the account and cancel the DD when it shows up, presumably after 3 working days so around the 30th. The funds are being requested by the solicitor on the 31st.
I am worried that this could show up as some kind of default, although the lady from the bank said it shouldn't, or as new credit that would spook the lender. The 10th is after completion anyway, so it shouldn't matter, but does anyone see any problems with the whole thing that might, due to appearing on my file, affect the final request for funds?
TIA
I needed car tax, and without thinking, set up a direct debit since I was so impressed that you can do it via direct debit these days...only the next day did it hit me that this was essentially applying for credit, at £17 per month. The first payment would be taken on the 10th of November which is after my completion date.
Today I kind of freaked out a little bit about this causing a last minute problem, so I phoned the DVLA, and told them that I wanted to cancel the DD and just pay in one payment. They told me I could just cancel the DD with my bank and after 2 days (once 3 working days were up) I could tax the car again in one payment.
I phoned the bank, and they say that they will monitor the account and cancel the DD when it shows up, presumably after 3 working days so around the 30th. The funds are being requested by the solicitor on the 31st.
I am worried that this could show up as some kind of default, although the lady from the bank said it shouldn't, or as new credit that would spook the lender. The 10th is after completion anyway, so it shouldn't matter, but does anyone see any problems with the whole thing that might, due to appearing on my file, affect the final request for funds?
TIA
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Comments
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This is not credit. It is a regular outgoing.
I strongly suspect your concerns are unnecessary.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I agree with amn.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Even if it would have an effect cancelling after the (potential) issue would be a pointless exercise as it wouldn't remove the search.
I'm with the above poster, I don't think this would have any kind of impact on your file.Thinking critically since 1996....0 -
No impact - motoring costs (inc tax) will already have been factored in so no affect on affordability and they (DVLA) don't report to CRAs.
Chill out !
Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Thanks for the advice, guys.0
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