Voluntary Termination and credit rating

[Struggler]

Hope this is not too complicated! I was unable to finance our car due to having had an IVA 4 years ago, (2 years to clean my credit file).

My wife obtained finance under an HP agreement and she proceeded in obtaining the agreement at an apr of 14.1% We now are in negative equity with the car and want to consider handing it back. More than 50% has been paid. How will this affect her credit file and if she wants to obtain a further agreement ? As it happens a new car is available at 0% finance, but it seems it is the same finance company! , ( VW Financial Services)

Has she any chance if the car returned.

Thanks for any insight on this.

[labman]

Re: Voluntary Termination and credit rating

It won't affect her CRF at all. She has every right to write to them naming the date on which the contract is due to finish.

Have you read this excellent thread by Peter Bard:

http://www.legalbeagles.info/forums/...r-the-CCA-1974