Thread: Question - I just discovered mortgage default on credit file!

Hi folks!

I have just accessed my credit file having had a knock back on car finance. It seems my former mortgage company (Redeemed in September 200(Eight) - to stop the smiley!) put a default on my account in September 2007.

I was going through a tough time then and whilst arrears did hit 3 months (Just!) and we had a daily deluge of stroppy letters, we made an arrangement to clear the arrears over 6 months which we subsequently cleared in 3 months. At no time did we received any papers headed 'Default Notice' or similar. The mortgage company did instruct Solicitors to send us a Threat-o-gram. However, their letter was received AFTER we had come to an arrangement and after I explained the arrangement, I heard no further from the Solicitors.

My question is, is there a formal procedure that has to be followed to officially default a mortgage account! i.e. Is there specific guidelines/instructions on what constitutes a mortgage default notice and what time limits are imposed?

Bump

Anyone?

My question is, is there a formal procedure that has to be followed to officially default a mortgage account! i.e. Is there specific guidelines/instructions on what constitutes a mortgage default notice and what time limits are imposed?

I feel that I'm invisible! Lol

Can anyone confirm that this house purchase mortgage incepted April 2006 and redeemed September 2008 was subject to CCA (1974) regulation?

If so, the mortgage company would need to issue a formal default notice and then wait the alloted number of days before adding a default to my credit file?

I do need an answer soonest.

Thanks

A BIGGGGGGGGGGGGGGGGGGGGGG BUMP!

Anyone? Please!

Originally Posted by Helford

I feel that I'm invisible! Lol

Can anyone confirm that this house purchase mortgage incepted April 2006 and redeemed September 2008 was subject to CCA (1974) regulation?

If so, the mortgage company would need to issue a formal default notice and then wait the alloted number of days before adding a default to my credit file?

I do need an answer soonest.

Thanks

On 31 October 2004 (“M-day”) the FSA became responsible for regulating most first charge mortgages. Under the CCA, the Office of Fair Trading regulates most types of credit agreement under £25,000. (limit now removed)

When setting up the Financial Services and Markets Act (FSMA) regime, a Regulated Activities Order (RAO)4 was made by HMT, which made changes to the CCA so as to exclude certain activities from the scope of the CCA.

These amendments made agreements that were subject to FSA regulation exempt from regulation under the CCA in most circumstances, thereby avoiding the complications of individual agreements being subject to dual regulation.

Thanks for that Suetonius, I will do some further research.

H