Volkswagen Finance > Settled

ReaperALM

Hi,

Quick question - I had an Audi that was on a balloon agreement through VW Finance.  I settled the agreement in full but the account still shows as being live on my credit report, I waited until it showed as being last reported (after the settlement date).

The problem I have is that I want to go for a mortgage but this still shows as me borrowing £27,000 when I'm not - I even spoke to VW Finance last week and they confirmed the account was fully settled and I wouldn't hear from them again.

Where do I stand and what can I do?

[Deleted User]

If you're looking at the free versions of your credit files, it can take a while for it to be visible to you, whereas lenders will see real time data.

When you apply for your mortgage, you'll be able to evidence that the debt is cleared in any case.

ReaperALM

Deleted_User said:

If you're looking at the free versions of your credit files, it can take a while for it to be visible to you, whereas lenders will see real time data.

When you apply for your mortgage, you'll be able to evidence that the debt is cleared in any case.

I pay Experian to have an up to date credit file available to me at all times.  I do have a settlement letter showing the agreement is settled so hopefully that will be okay.

Thanks for your help.

Aran76

What is the timeline here? The information shown on credit files is typically 4-8 weeks behind.

martinbainbridge1975

it can take up to 60 days for credit files to show, if you have the settlement letter to confirm it has been cleared it is nothing to worry over.

I found experian are not the quickest 

[Deleted User]

ReaperALM said:

Deleted_User said:

If you're looking at the free versions of your credit files, it can take a while for it to be visible to you, whereas lenders will see real time data.

When you apply for your mortgage, you'll be able to evidence that the debt is cleared in any case.

I pay Experian to have an up to date credit file available to me at all times.  I do have a settlement letter showing the agreement is settled so hopefully that will be okay.

Thanks for your help.

You should immediately cancel that unless you just like wasting money, there is no benefit in having a constant live report and especially not paying to do so.

madal38089

thanks helped me as well.