co sign

jonathon

Hi I co signed for my sons car,
Now he has paid over half he wants to voluntary terminate.


will this affect my credit rating.


Thank you

Ben8282

Not if he pays everything he owes. Otherwise yes.

Nebulous2

Ben8282 wrote: »

Not if he pays everything he owes. Otherwise yes.

This is the second time recently I've seen you discussing voluntary termination without knowing what it is Ben.

To the OP. Voluntary termination by your son won't affect your credit rating.

He should do it properly - notify them correctly, cooperate with the handover and come to an agreement on fees for damage.

Has he checked that he has definitely paid half the total cost?

jonathon

he needs to pay £300 then he is half way and can then hand the car back


Thanks for the replys

ate90

Further to this I am in the same situation as Jonathon's son, looking to voluntary terminate a hire purchase agreement as I have a new job that supplies a company car. Will this affect my credit rating when applying for future credit/mortgage?

Many Thanks,

Adam

DCFC79

ate90 wrote: »

Further to this I am in the same situation as Jonathon's son, looking to voluntary terminate a hire purchase agreement as I have a new job that supplies a company car. Will this affect my credit rating when applying for future credit/mortgage?

Many Thanks,

Adam

No it won't affect your credit rating but lenders don't see the made up number, all lenders see is your credit history.

Superscrooge

ate90 wrote: »

Further to this I am in the same situation as Jonathon's son, looking to voluntary terminate a hire purchase agreement as I have a new job that supplies a company car. Will this affect my credit rating when applying for future credit/mortgage?

Many Thanks,

Adam

If you look at the T&C's there will be a section on terminating the agreement.

As long as the termination of the credit agreement is in accordance with the T&C's that you agreed to when you signed the finance agreement, it is unlikely to adversely affect your credit history.