Voluntary termination

kingy18

I need some help!!
I have recently applied for a remortgage only to have it declined because of a default put on my credit report by santander for a voluntary termination on a PCP 13 months ago which santander never informed me of!, apart from this default my credit report is flawless.  At the time the VT was accepted a payment plan was agreed between myself and santander and a payment has never been missed.  Santander have refused to remove the default which has left me confused as a VT has no impact on a credit report as it's our legal right use a VT under the consumer credit act 1974.  Has anyone experienced anything similar and what was their outcome?

Nearlyold

What was the payment plan to cover, was it charges for damage/mileage or was it to bring you up to the 50% of the Total Amount Payable threshold? Did Santander treat it as a VT or Voluntary Surrender?

[Deleted User]

It's not the VT which has caused the default, but the payment plan. They could have marked it as an arrangement, but that would have been worse.

Use a broker who is experienced in adverse credit.

MEM62

OP, are you sure that you VT'd?  This normally requires you to get to the 50% point and you walk away without any further liability.  I do not see how you can VT and have a payment plan.      

molerat

MEM62 said:

OP, are you sure that you VT'd?  This normally requires you to get to the 50% point and you walk away without any further liability.  I do not see how you can VT and have a payment plan.      

But that is not the whole story, from the initial credit agreement yes but there can be further liabilities such as damages, mileage (arguable) and extras that were not part of the main agreement.