Skoda (VW) Finance slight problem

[WyrleyD]

Took delivery of new Skoda Karoq early November, took out PCP to get the finance contribution and servicing deal fully intending to pay it off after a couple of weeks (before the 14 day cooling off) which I did. Roll forward to yesterday and I got refused a new credit card, WTF I thought I had a perfect credit score so went on to Experian to have a look and it appeared that the finance amount is still showing as owing and there is a missed payment of the first repayment. I called the Skoda Finance number and the chap said that he could see that it had been paid off but didn't know why the system was still showing it was still owed and that the repayment had been missed, he didn't have access to the part of the system where changes/corrections could be made and was going to pass it over to the team that deals with missed/late payments.

Will see what transpires but annoyed that there will be a mark on my credit file due to the credit card application being refused even if VW Finance clear their part of the problem.

[Justatwist]

If they have reported incorrectly then they have to correct the issue so it won’t show a missed payment.

[anonymous-user]

WyrleyD said:

Will see what transpires but annoyed that there will be a mark on my credit file due to the credit card application being refused even if VW Finance clear their part of the problem.

Your credit file won't show a refused credit card application, it'll just show a credit search from them, I wouldn't worry about that part of it, it's the missed payment against VWFS that's important that they remove.

Once VWFS have said they have corrected your credit file and you can see on your Experian that it has been updated, I'd wait at least 30 days (as sometimes it takes time for the information to be reported) and sign up for the free trial with https://www.checkmyfile.com/ and check that also, as it shows data from all of the major credit bureaus. Each can often show different info and you want it to be corrected across the board.

Edited by anonymous-user on Tuesday 14th December 14:17

[WyrleyD]

Thanks both, you've put my mind at rest. Will check the suggested site next week to give it time to work it's way through the system.

[lornemalvo]

Anyone had any problems paying off a vw finance pcp arrangement like this? I presume they must legally allow this within the 14 day cooling off period? As they are selling cars at a lower price to push people into pcp deals they may not want I would have no qualms in doing this. Can they penalise you in any way?

[Mandat]

lornemalvo said:

Anyone had any problems paying off a vw finance pcp arrangement like this? I presume they must legally allow this within the 14 day cooling off period? As they are selling cars at a lower price to push people into pcp deals they may not want I would have no qualms in doing this. Can they penalise you in any way?

You can settle PCP finance at any point in time that you want.

[liner33]

Yep no issues doing this I've done it a few times , the 14 days cooling off thing doesn't come into it as said above you can settle at any point

[zeewrath]

I've done the same recently. You can withdraw in the first 14days, if you settle after they charge you 90days interest penalty

[Sheepshanks]

lornemalvo said:

Anyone had any problems paying off a vw finance pcp arrangement like this? I presume they must legally allow this within the 14 day cooling off period? As they are selling cars at a lower price to push people into pcp deals they may not want I would have no qualms in doing this. Can they penalise you in any way?

I've done it with VWFS (Withdrawn within 14 days) - absolutely no issue, kept the £2750 deposit contribution. It does seem a bit of a grey area regarding keeping incentives as Withdrawing is supposed to be as if the credit agreement never existed. However they do charge interest per day until you say you want to Withdraw, which seems to go against the "never existed" statement. I paid about £30 in interest.

If you leave it until after 14 days then it's Settling - there's definitely no issue keeping incentives then. You have to give a month notice and there's a month penalty so you'll pay something like a couple of hundred pounds in interest.