Written by John Kruse, one of the leading experts on Bailiff Law, this consumer friendly guide is essential reading for anyone who comes into contact with a bailiff.
The book is easy to understand and clearly explains the rights
a bailiff has, and also what they cannot do when collecting debts and repossessing goods etc.
I've done a search, and I can't find anything in relation to this. I've been told that making purchases on a credit card can help build your credit rating if it's taken a bit of a battering [my credit rating isn't too great at the moment].
I'm wanting to build my credit rating back up to a decent standard and am prepared to have a CC to do this [I always said I'd never have one], but to make small purchases which I can pay off immediately, and give the card to my bf for safekeeping so that I can't overspend!
I've been told that Capital One offer a card with a high interest rate for people to establish and strengthen their rating at a rate of 29.9%apr. Does anyone know if this is only for people who don't have any credit history, or are relatively new to credit, or will they allow people with a crap history to have one? Also, are there any other companies about with a better apr who will give CCs to people with bad history?
Sorry for the long-winded post! Any information/advice would be much appreciated
If so, what is the cause of your "poor rating"? It can be many things, but if you have an open default, adding another creditor isn't going to help... Neither will the deduction of points you get for the credit search they do when you apply.
I know someone who managed to get a Capital One credit card with a low credit limit - and had to pay a deposit to match that credit limit - with an extremely poor credit rating. This was due almost entirely to a single default entered against them which they are now disputing.
The credit card has been regularly used and paid off before interest gets added.
I don't have a clue whether this has helped them to get a better credit score but I don't think for a minute that it can have harmed it.
I'm not disagreeing with fivelaws here; I'm just relating anecdotal evidence which probably doesn't prove or disprove anything LOL.
This was due almost entirely to a single default entered against them which they are now disputing.
From personal experience, if you have a single default, not matter how good the rest of your finances are, you are mostly untouchable. Everything becomes more difficult to get, even secured loans.
I've had two defaults in my life. The first one was unjustified and I took BMW to court to get it removed. I have just started the process again with A&L who had the barefaced cheek to default me for non-payment of their bloody penalty charges (Thick end of £5k now being claimed back).
I know that you build up "points" for regularly making payments on cards/loans etc, but you need to find out why your credit rating is in the toilet first, to make sure this will eventually "clean" your rating.
I haven't had a credit report from Experien recently [last got one Dec 03], but know that I am still paying off two accounts that show as defaults on my report. I know that defaulted accounts are kept on file for 6 years from the date of default, but are they still removed even if the default isn't settled?
You can only get these things removed AT ALL within the six years if you convince the organisation who placed it that they did so outside the law, or that they have made an error. Once they're on, if there's no suggestion that the debt was mostly unlawful charges, and there's no dispute on your part about the debt, they'll be on there six years, full stop.
Now, if you can make them back down and say "we put that there unlawfully" then it'll come off faster than Cynthia Payne's bra...
I don't think I explained myself too well there Stoney [sorry, I've had a few glasses of 'pop' ]. I'm not arguing the defaults, what I'm wondering is I don't think that one of them will be settled within 6 years of the account being defaulted [unless I win the lottery], but will it still be removed from my credit file if still unsettled after the 6 years is up? [am I making sense yet?]
oh, that's confused me now cos on the report there's a note under each of the defaulted accounts that says " Defaulted accounts are kept on file for six years from the date of default, even if they are subsequently marked as satisfied by the lender".
That's completely thrown a spanner in my understanding, I only started off as wanting to know if they were still kept on file even if unsatisfied! That'll teach me to stop trying to widen my knowledge and understanding lol
Credit Rating - Well, there are discussions based on things like mobile phone contracts for instance. Having a credit (debt) card will possibly help, and the cap one card is certainly a possibility - hell, they even gave ME one, and my middle name is default!!
Having more credit accounts open than you use is considered a bad thing, so if you have 'dormant' credit accounts with catalogues or banks, close them. It just suggests that you could possibly tap into more credit (debt) at any time.
The very best thing you can do now is not to be late making any payments on anything that you are contracted to. Things will get slightly better as time goes by, but the default will always be a big stumbling block, I'm afraid.
..
.
Opinions given herein are made informally by myself as a lay-person in good faith based on personal experience. For legal advice, you must always consult a registered and insured lawyer.
When the Liberals and Conservatives were in opposition they both agreed that banks should pay back high bank charges to customers. Nothing seems to of happened since they came into power as a coalition. PPI insurance has been sorted now they should turn their attention to bank charges and help customers get exorbitant charges refunded.
Should you be offered help that requires payment please report it to site team.
Alliance & Leicester Moneyclaim issued 20/1/07 £225.50 full settlement received 29 January 2007
Smile £1,075.50 + interest Email request for payment 24/5/06 received £1,000.50 14/7/06 + £20 30/7/06
Yorkshire Bank Moneyclaim issued 21/6/06 £4,489.39 full settlement received 26 January 2007
Advice & opinions given by Caro are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.
* Religious satire on a Sunday? What am I thinking of...
lmao - Didn't you know Jesus founded the very first BAG? He did throw money-lenders out of the Temple for making profits from those forced to use them!
When the Liberals and Conservatives were in opposition they both agreed that banks should pay back high bank charges to customers. Nothing seems to of happened since they came into power as a coalition. PPI insurance has been sorted now they should turn their attention to bank charges and help customers get exorbitant charges refunded.
Should you be offered help that requires payment please report it to site team.
Alliance & Leicester Moneyclaim issued 20/1/07 £225.50 full settlement received 29 January 2007
Smile £1,075.50 + interest Email request for payment 24/5/06 received £1,000.50 14/7/06 + £20 30/7/06
Yorkshire Bank Moneyclaim issued 21/6/06 £4,489.39 full settlement received 26 January 2007
Advice & opinions given by Caro are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.
I have done quite a lot of research on this topic, and in some case you can get both defaults and CCJ's removed, but before you can, you need to get a copy of your credit file, then you write to the loan company or whoever placed the default - see sample letter below:-
ABC Loans Ltd
etc
etc
etc
Re: Agreement ABC123456
Dear Sir/Madam
I am writing to you concerning a record that has been recorded on my file by the credit reference agencies concerning a debt that I owed to you. If this debt has now been repaid or settled could you please write and confirm this so that 1 can clear my name with the credit reference agency. If the debt has not been settled could you please write and give me the details of what you would require to settle the outstanding amount.
The loan was taken out on the 10th December 1999 and the account number/reference was ABC123456.
I look forward to hearing your reply.
Your faithfully
PJ etc
amend to suit
Once you get a letter back you can then start to take action to get said defaults removed. If you owe nothing and they agree for the default to be removed you write to all the credit reference agencies and send them a copy of the letter from the creditor stating they agree to allow the default to be removed.
I have enclosed confirmation from the county court that the enclosed judgement has been set aside. Could you please remove this county court judgement from my file immediately?
I also enclose a letter from ABC Finance stating that the loan from them has now been repaid in full and that they are prepared to have the default in my file removed. Could you please also remove this immediately? As soon as you have carried out the above could you please write and confirm this as soon as possible.
I look forward to hearing your reply.
Yours faithfully
amend to suit
CCJ's are actually easier, I know someone who has done it very easily, and I am in the process now of having two set aside (not removed) set aside means in all likelyhood they will never be taken back to court especially if the set aside was due to unlawful bank charges etc. Once set aside you write the above letter to the CRA's and your file is then cleared. All this takes some time, but you should be able to do it in around 2 months, depending on how many you have, how quick they reply and if you can settle any default loans etc.
I have just written to the courts on two counts, one for a CCJ from Barclays for which a significant portion of the debt was unlawful bank charges and penalties and one for a consumer credit CCJ that in fact has been paid in full and I have a Certificate of Satisfaction for, but which I want removing from the records. I will let you know how I get on, letters are going off tomorrow.
There are ways, does not always work depends on your situation, but it can be done.
Trying to build a decent credit rating
offer a card with a high interest
Reply With Quote
Originally Posted by pjdudley69
