When is a default not a default?!

[tolstoy]

My previous thread has highlighted a further, different query regarding my credit files and any default which may be recorded on them. I failed to make the payment on my Mastercard Charge card which was due 5 years ago in October 2003. Apart from the regular statement, showing the same unchanging balance each month I received no communication from my creditor until 3 weeks ago when they suddenly sent a default notice. Today they have sent a standard statement saying the payment is due by 23rd October. So, did it default in October 2003 when I failed to make payment, or was it September 2008 when the default notice was sent, or has it yet to default because they have sent a statement saying the payment is not due until 23rd October 2008? I obtained a copy of my credit files last week and this account does not appear on them anywhere at all, but if it is to be added to them now surely a default from 2003 would be due to 'roll off' my otherwise clean credit files in a year or so anyway. Any ideas?

[PGH7447]

I think you will find its defaulted from the date of the default letter, and although it is in default they still tend to send out statements in the hope of receiving some cash

[tolstoy]

But how is it that it can be in default when the statement says the payment is not due until a future date?

[PGH7447]

Statements are computer generated and will still go out on a specific date, until some drone puts a stop to it

[tolstoy]

I realise this, but do they not constitute any sort of legal entity? If it says this payment is due by 23rd October doesn't that mean the payment has not been missed and thus the account is not in default?

[postggj]

pgh7447

 

ive asked this question before, still to get correct reply

 

a creditor sends a default notice after, say, three months of missed payments

its the first stage in recovery

 

say the account has never been defaulted but after five years 364 days they lodge a default on the cra records.

the account holder is then screwed for another six years with this default just as it was about to drop off.

 

considering the ammount of time passed, is there any legal recourse against the creditor, can it be argued as an abuse of legal process

[PGH7447]

Postggj - I would assume that in tolstoys case and the one you mention that there would be a case for the oc to answer to in that they have waited all this time to issue a default notice, and that you could rightly point out that the account was actually in default from the last payment made, as for it being able to pursue this through a legal challenge, I'm afraid that you would have to ask a legal eagle, someone who may know is surfaceagentx20, he/she seems well informed on all matters legal

[tolstoy]

Thank you PGH7447. Please can you tell me how to go about contacting surfaceagentx20, or do we just hope that he/she will spot the post?

[PGH7447]

Post a question about it in the leagl forum, he tends to visit that one more often

[postggj]

many thanks pgh7447

 

ime sure we would all like an answer on that one for future reference