What If A Default Is Satisifed Within 1 Month?

[S8NDS]

HI,

 

If a default is satisifed/settled within 1 month of the account being defaulted can this default be removed? When a CCJ is satisifed/settled within a month this can be removed from the credit file so doesnt this apply to a default??? Esp as a the account has to be defaulted before a CCJ is issued???

 

thanks

[Jamesx81x]

No just applies to a CCJ. On your default notice it will state an amount of time you have to clear the arrears once you go by this date they can issue the default then its on file for 6 years.

[S8NDS]

Thanks jamesx81x

[bobbyh99]

If a borrower (you) fully meets the terms set out in a notice of intention to file a default (presuming that you received a notice of intention in the first place), it follows that the lender should not file the default.

 

...from the ICO guidance.

 

I think they have to give you 28 days (according to ICO), if you settle within the 28 days, then they shouldn't file a default. But, unfortunately, the lenders do not follow the ICO guidance.

[S8NDS]

bobbyh99.......thanks there is light at the end of the tunnel!!!!!!!!!!!! I will look into it

[S8NDS]

bobbyh99....the default notice was issued on 9/3/2005 and a statement of default was issued on 29/3/2005....so they only gave 20 days before they issued a default on file!!! should they have given 28 days then....the defaulted money was paid back on the 16/4/2005 according to them.

 

thanks

[freddyj]

Hello,

 

(sorry to 'barge in' on your thread)

 

but maybe bobbyh99 (or anyonelese) can advise, as I have a similar thing:

 

I have (what Next Directory are classing as) a default notice, where it's dated 16th July and they tell me that the balance is £1,700 but £600 needs to be paid by 8th Aug.... i.e 24 days to pay!

 

Does this make the default notice invalid?

 

Also it does not refer anywhere on the notice to the Consumer Credit Act....does that make it invalid as well?

 

Any advice will be greatly appreciated.

 

Thanks

 

FREDDIE

[S8NDS]

Hi

 

I have checked capital ones contrac of agreement and bingo it states 28 days also I checked the Banking code (because Capital one are suscribed to them) and the Information commissioners guidelines and both say 28 days............

 

Freddy you need to see who is underwriting next directorys finance i think and then check to their contract details with you. Mine is a bit diff as its a bank so not sure about catalogues?

[buzby]

You need to clarify what is a 'Default' - a properly actioned Default Notice under a CCA will appear on your credit file, as the file will simply report that the default was issued, and then qualify it with whether it is still owing or settled (satisfied).

 

Only when it refers to court action, and in the period between losing the case you have 28 days in which to make full payment of the amount owed plus costs. If this is paid, then there is no requirement for a CCJ, it is not recorded by Registry Trust, and therefore does not end up on your credit file. If the CCJ is issued, then it is too late and only the qualifiers mentioned previously will change.

 

A default on a service contract (say, for a mobile phone) there is no requirement for them to issue any default notice as it is not a CCA matter. Once the contracts is in default, the network advises the CRA of the status and it will then sit and have the same weight as a post-CCJ judgement.