Is my credit score unfairly affected?

Leetommy14

Hi there all,

I did a quick search for similar topics, but wow, this forum is massive! I apologise if this has been done to death, but I need help before I lose my sanity...

I am in an ongoing battle with Secure Trust Bank over a voluntary termination of my car finance. I won't go into the details, but I'd love to hear from anyone else that has dealt with this company.

Long story short, I am arguing that I am in the right, and they themselves are arguing the same. With them being the big scary company, and me being the lowly individual, they can screw up my entire financial life by negatively changing my credit score, whether their actions are right or wrong (yet to be determined by the financial ombudsman, currently looking into my case.)

In the interim of this long ongoing battle, my credit score is, quite frankly, f*cked. If I am indeed vindicated, and STB are well and truly in the wrong, what can I do to rectify my score? I am showing as nearly a years worth of defaulted payments when the truth is I have never missed anything before on my mortgage, cards, direct debits or otherwise. How is it fair that one company can dictate my entire financial future, when odds are that they're in the wrong? The ins and outs of the caes aren't really the point in my question, more that why do they have all the power when they can be equally at fault as the individual?

I am having sleepless nights, arguments with my partner (not through lack of love, but through stress and a short temper) and endless worry. Any help would be ever so gratefully received. If anything, I think I just need some voices telling me I'm not totally insane for thinking I have a point?! Do I?

Strummer22

Leetommy14 wrote: »

Hi there all,
If I am indeed vindicated, and STB are well and truly in the wrong, what can I do to rectify my score?

If the ombudsman finds in your favour, they will instruct the company to remove all adverse information from your credit file. It will then take a minimum of one month for this to appear on your credit reports.

Ben8282

The ins and outs of this case are very much the point.
You speak of 'voluntary termination' which to my mind means that you have voluntarily terminated your car finance agreement by making full payment of the outstanding balance ,,, unless anybody else can suggest an alternative meaning.
Clearly you have not made full repayment and, in order for this credit agreement to be 'showing nearly a years worth of defaulted payments' (whatever that means as an account can only be defaulted once), you must have stopped making payments .

Nebulous2

Ben8282 wrote: »

The ins and outs of this case are very much the point.
You speak of 'voluntary termination' which to my mind means that you have voluntarily terminated your car finance agreement by making full payment of the outstanding balance ,,, unless anybody else can suggest an alternative meaning.
Clearly you have not made full repayment and, in order for this credit agreement to be 'showing nearly a years worth of defaulted payments' (whatever that means as an account can only be defaulted once), you must have stopped making payments .

There is an alternative meaning, which applies to HP or PCP and is written into legislation. You need to have paid 50% of the total amount due under the agreement, not just 50% of the monthly payments, so a large balloon payment may rule it out as a possibility. Then you can return the car.

See this for instance for more information.

I agree the OP hasn't given enough information about what exactly the dispute is.

TopperHarris

Ben8282 wrote: »

The ins and outs of this case are very much the point.
You speak of 'voluntary termination' which to my mind means that you have voluntarily terminated your car finance agreement by making full payment of the outstanding balance ,,, unless anybody else can suggest an alternative meaning.
Clearly you have not made full repayment and, in order for this credit agreement to be 'showing nearly a years worth of defaulted payments' (whatever that means as an account can only be defaulted once), you must have stopped making payments .

So the ins and outs are quite clearly the point, yet they are not provided. So you go ahead and make the assumption that clearly the payments were not made. One or the other!