During 2000/2002, I can’t remember the exact year, the bank repossessed my vehicle. During 2008 I bought another vehicle. I went under debt review during 2010. The debt counsellor did not make payments as he was supposed to.
In the meantime I started to pay my vehicle myself as he neglected the payments of my vehicle. I reported him and decided to do a voluntary surrender of my estate. The bank gave me permission to keep my vehicle as I was paying it and every bigger payment.
They summonsed me before the surrender of my estate but I made arrangements. I settled my car during 2012. I was rehabilitated during 2014. I have proof from TransUnion that my credit is clear and that my credit score is good. I need to buy another car but the banks just decline my applications. I have asked the F&I’s and they said it’s because of my score and listings. But TransUnion has sent me the report and I think their system is just not updated as yet for the service providers. Today the one bank said that I have been blocked for finance because of the vehicle that was repossessed. I don’t know what to do. They say that I have to wait another two years. According to them they block you for 15 years but what I bought the other car during 2008. Can you please assist with advice?
Thank you for your question.
The latest amendments to the National Credit Act include changes to the retention periods of credit information. Credit bureaus will now have to remove adverse information and judgement listings from a consumer’s credit profile, if the amount owed has been settled.
Consumers no longer need to have their judgement rescinded to get it removed from their credit profile. Furthermore, the retention period for default listings has now been reduced to 12 months. In the same way, retention periods concerning administration and sequestration orders have been reduced to 5 years.
If you have reached your retention period and the information is still listed I would suggest you firstly dispute your credit listing with TransUnion. Here is a link to TransUnion’s page explaining the dispute process: http://bit.ly/1bhiC8F
If you have a complaint about a specific credit provider you can lodge a complaint with the Credit Ombud. Here is a link to their page explaining the complaint procedure: http://bit.ly/1MMS9NI
Also keep in mind that there are 4 major credit bureaus. TransUnion, Experian, XDS and Compuscan. It can be that some of these other credit bureaus have not yet updated your profile. TransUnion is the best of the lot and some of the other are really slow in updating their systems.
With regards to the bank. It is a fact that they flag consumers on their internal systems. Mostly the flag remains for 5 years. I would suggest that you contact other banks if you wish to finance your vehicle. MFC might be a good option.
Hope this information was helpful.