Voluntary temination of PCP

bazzyb

neilmcl said:

bazzyb said:

lcc86 said:

OP in answer to your question, a VT should not affect your credit file as it's something you're allowed to do contractually.

Being allowed to do it doesn’t mean it won’t affect your credit file. If you VT an agreement it will definitely be marked as such, and will show on your credit history for six years. 

But as I mentioned in the first reply in this thread a VT marker will not have an adverse affect on the credit history, so what @lcc86 said is correct.

It’s unlikely to have an impact in the OP’s scenario as he is looking to take finance from a different provider and it sounds like he’s looking at main dealer finance so one would assume that his credit history would be relatively good. 

However saying in general terms that a VT will not affect somebody’s credit file is simply not true. It can (and does) affect lending decisions. 

neilmcl

bazzyb said:

neilmcl said:

bazzyb said:

lcc86 said:

OP in answer to your question, a VT should not affect your credit file as it's something you're allowed to do contractually.

Being allowed to do it doesn’t mean it won’t affect your credit file. If you VT an agreement it will definitely be marked as such, and will show on your credit history for six years. 

But as I mentioned in the first reply in this thread a VT marker will not have an adverse affect on the credit history, so what @lcc86 said is correct.

It’s unlikely to have an impact in the OP’s scenario as he is looking to take finance from a different provider and it sounds like he’s looking at main dealer finance so one would assume that his credit history would be relatively good. 

However saying in general terms that a VT will not affect somebody’s credit file is simply not true. It can (and does) affect lending decisions. 

It rarely does, and then only if you happen to be a repeat VTer. Think about what goes on the credit file, a marker saying a VT has taken place, which is totally legitimate, followed by a note stating the credit agreement has been settled. There's no black mark here, but I guess we can agree to disagree.

ontheroad1970

neilmcl said:

bazzyb said:

neilmcl said:

bazzyb said:

lcc86 said:

OP in answer to your question, a VT should not affect your credit file as it's something you're allowed to do contractually.

Being allowed to do it doesn’t mean it won’t affect your credit file. If you VT an agreement it will definitely be marked as such, and will show on your credit history for six years. 

But as I mentioned in the first reply in this thread a VT marker will not have an adverse affect on the credit history, so what @lcc86 said is correct.

It’s unlikely to have an impact in the OP’s scenario as he is looking to take finance from a different provider and it sounds like he’s looking at main dealer finance so one would assume that his credit history would be relatively good. 

However saying in general terms that a VT will not affect somebody’s credit file is simply not true. It can (and does) affect lending decisions. 

It rarely does, and then only if you happen to be a repeat VTer. Think about what goes on the credit file, a marker saying a VT has taken place, which is totally legitimate, followed by a note stating the credit agreement has been settled. There's no black mark here, but I guess we can agree to disagree.

It's not just motor finance that access your credit file, though.  Is BazzyB saying it will affect credit elsewhere?

bazzyb

ontheroad1970 said:

neilmcl said:

bazzyb said:

neilmcl said:

bazzyb said:

lcc86 said:

OP in answer to your question, a VT should not affect your credit file as it's something you're allowed to do contractually.

Being allowed to do it doesn’t mean it won’t affect your credit file. If you VT an agreement it will definitely be marked as such, and will show on your credit history for six years. 

But as I mentioned in the first reply in this thread a VT marker will not have an adverse affect on the credit history, so what @lcc86 said is correct.

It’s unlikely to have an impact in the OP’s scenario as he is looking to take finance from a different provider and it sounds like he’s looking at main dealer finance so one would assume that his credit history would be relatively good. 

However saying in general terms that a VT will not affect somebody’s credit file is simply not true. It can (and does) affect lending decisions. 

It rarely does, and then only if you happen to be a repeat VTer. Think about what goes on the credit file, a marker saying a VT has taken place, which is totally legitimate, followed by a note stating the credit agreement has been settled. There's no black mark here, but I guess we can agree to disagree.

It's not just motor finance that access your credit file, though.  Is BazzyB saying it will affect credit elsewhere?

I’d say very unlikely. Some motor finance providers will either decline or impose terms based on VT but I’m not aware that other lenders would do this.

ontheroad1970

bazzyb said:

ontheroad1970 said:

neilmcl said:

bazzyb said:

neilmcl said:

bazzyb said:

lcc86 said:

OP in answer to your question, a VT should not affect your credit file as it's something you're allowed to do contractually.

Being allowed to do it doesn’t mean it won’t affect your credit file. If you VT an agreement it will definitely be marked as such, and will show on your credit history for six years. 

But as I mentioned in the first reply in this thread a VT marker will not have an adverse affect on the credit history, so what @lcc86 said is correct.

It’s unlikely to have an impact in the OP’s scenario as he is looking to take finance from a different provider and it sounds like he’s looking at main dealer finance so one would assume that his credit history would be relatively good. 

However saying in general terms that a VT will not affect somebody’s credit file is simply not true. It can (and does) affect lending decisions. 

It rarely does, and then only if you happen to be a repeat VTer. Think about what goes on the credit file, a marker saying a VT has taken place, which is totally legitimate, followed by a note stating the credit agreement has been settled. There's no black mark here, but I guess we can agree to disagree.

It's not just motor finance that access your credit file, though.  Is BazzyB saying it will affect credit elsewhere?

I’d say very unlikely. Some motor finance providers will either decline or impose terms based on VT but I’m not aware that other lenders would do this.

I was asking whether that was what you were referring to - but obviously not.  

32Battalion

When the country is circling the wagons for the impending storm of redundancies they are very likely to look at anything and everything when making a lending decision.  Mortgage lenders are already tightening up.