Help! Car dealership delay leads to default

[Deleted User]

BJV said:

Ok - ask your dealership's finance manager to call the finance company. They will have account managers etc who will have more sway than you and I. They should be able to remove it. They were the ones who recorded it. ( a few years ago a bank recorded something against me incorrectly and they removed it ) 

Send off the evidence to credit reference agencies.

However, please remember It can take 6 - 8 weeks ( sometimes longer ) for your report to adjust even when they change it. Also please remember that as you have applied for another loan ( extension ), this will impact your credit score.

No, you mean Data, not Score.
This is corrected time and again on this forum.
Data is the all important fact - not the score/number.

HT_Harry

@enthusiasticsaver Thank you; definitely won't be applying just yet. The MSE Credit Club suggests I'll be point blankly refused even £1000 over 7 years (by everyone).

Update though; TransUnion emailed today to say my dispute was successful and the credit report will be updated in the next few days but may take up to 4 weeks to show.

Experian is a pain - anytime I type in dispute, it takes me to the U.S version. Looks like I may need to pay for a month's sub in order to dispute it.

Equifax still love me so waiting on that to update before I challenge.

Thanks again.

MrFrugalFever

Whilst I hope you have now resolved your issue and haven't been significantly impacted by way of a missed payment (or worse a default), please bear in mind that it is your responsibility to ensure that a) your next car is purchased/ordered in good time and b) you make you intentions clear to the finance company in good time as to what you are doing with current car so that any extensions/final payments can be processed effectively.

A direct debit is often pulled 5 working days prior to the actual date it comes out your bank account and once this process starts with the banks it cannot be reversed until the money has physically left the bank.

Agreeing and signing a finance extension on your current agreement is quite normal, however, doing so in plenty of time prior to the Optional Final Payment becoming due is best practice and ensuring that the agreement was successful and 'live' with the finance company again is your responsibility.

Nasqueron

HT_Harry said:

@enthusiasticsaver Thank you; definitely won't be applying just yet. The MSE Credit Club suggests I'll be point blankly refused even £1000 over 7 years (by everyone).

Update though; TransUnion emailed today to say my dispute was successful and the credit report will be updated in the next few days but may take up to 4 weeks to show.

Experian is a pain - anytime I type in dispute, it takes me to the U.S version. Looks like I may need to pay for a month's sub in order to dispute it.

Equifax still love me so waiting on that to update before I challenge.

Thanks again.

As this has been bumped please do note that you do not need to pay for anything, the subscription is for their nonsense "improvement" service, just get the free statutory report and then complain to them (which you don't need to sub for) if there is anything wrong