Paid F+F to CL on GE Edge card debt - now won't remove default

[Jasper1965]

please tell us you made this agreement in writing.......

[Melbel]

I certainly did, Jasper

[alfwithhair]

Did you stipulate in your offer that it was on the condition they removed the default or simply marked it settled, that it was not a part settlement and that they will not puesue or sell on the remaining balance at a later date.

 

Did CL confirm in writing to accept the terms of your offer?

[Melbel]

I did, Alf.. part of their reply was;

 

''in an effort to bring this matter to a satisfactory conclusion, we are prepared to accept your offer of £43.00 in full and final settlement of the amount outstanding.

 

Please ensure payment is made to us by 28/4/11. On receipt we will arrange for your credit file to be updated to show the account has been settled''

 

I made the payment on the 27th,

[Jasper1965]

on receipt we will arrange for your credit file to be updated to show the account has been settled''

 

 

aaaaaaaaaaaaaaaarrrrrrrrrrrrrrrgggggggggggggghhhhhhhhhhhhhhhhhh!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[Melbel]

:|What? what have I done wrong?

[Jasper1965]

see post #4.

[Melbel]

But they have agreed to settle it?

 

They have taken the amount off the balance but not marked the 'settled' on my account.

 

I have had another DCA do the same had they marked my account with a green 'S' after the red 'D'

 

I didnt think they could remove a default before the 6yrs if it hasnt been paid, only mark it as settled?? or am I wrong? I'm not so sure how it works, but thought marking my account as settled would suffice.

[alfwithhair]

‘Satisfied’ and ‘Settled.’ can have two very different impacts on your credit scores.

 

A 'Settled' account is derogatory while a 'Satisfied' account is viewed more positively.

 

A 'settled' account means that you have come to a negotiated settlement with the lender that is less than the original repayment terms of the loan. Once the settlement has been reached, the lender will update your credit file with the words ‘settled.’ Such a reference in a credit file is a bad mark. The term “settled” implies that you did not meet the full terms of the agreement

 

When negotiating a reduced payment amount, make sure that on our credit file it will say ‘paid in full’ or ‘satisfied.’ Ether one of these terms on your credit file will imply that you met the full terms of the agreement. This reflects more positively on our credit report than 'settled' accounts.

 

But as you say they have agreed to mark as 'settled' so contact them and ask why they have not upheld their end of the agreement.

 

 

[Melbel]

I see, I didnt realise there was a difference.

 

I have written them a letter and will send it tonight.

 

I havent banged on about the settled bit in the letter, I'll tell them I have noticed the Default is still there despite our agreement etc etc and that they have taken the £43.00 off the defaulted balance.

 

Thanks for your replies everyone, I'll let you know the outcome.

[Melbel]

I,ve had no reply to the letter so checked my credit report again and found a lovely fat green 'S' the account has been marked satisfied.

[brokebutnotbeatn]

I saw a post somewhere (maybe in the CRA forum?) that stated settled or satisfied meant the same and neither had greater or lesser impact on your credit rating.

[Melbel]

I've got green 'S' on loans that never defaulted and were paid off normally so it can't be a bad thing surely?

 

Can they actually remove a red default or does it drop off after the 6yrs whether or not it has been settled??

[brokebutnotbeatn]

It drops off regardless. Only the person that placed the default can instruct it to be removed before the 6 year period.

[Melbel]

Does it still drop off if you're slowly paying the debt but there is still some outstanding by the end of the 6 years?

and does the 6 years start from the actual default date??

 

thanks

[brokebutnotbeatn]

from the date you defaulted. It drops off 6 years after, regarless of whether you are paying or not. BUT if you have a AP (arrangement to pay) then those markers continue to show...so you are better off with a Default. If you have accounts showing AP then you will most likely have been threatened with a default but one was never placed.

[Melbel]

Righto.

 

I have a fair few defaults, I have been deciding what to do with them. I dont think any of them were issued correctly.

 

I have old 'AP' on my file but I was defaulted after and they are now showing red 'D' so these won't drop off if I am still paying them off??

 

I think I may write to them and request a copy of the valid DN and if they cannot produce it then withhold my payments.

Edited July 21, 2011 by Melbel
more info

[brokebutnotbeatn]

You defaulted before your AP (hence the AP) so check the defaults are correct (dates). You want these as it drops off after 6 years!

[Melbel]

How would I know if the dates are correct? I have the actual default date on my file but no idea if it is correct or not. Would I need to write to them?

[Melbel]

My newest Default in in June 2010 which is a pain because the others are 07.

 

This is with Simply Be who do not have a CCA for the agreement at all, one was never signed. I need to get this one off as its too new. I think maybe I could argue this due to the fact they have no agreement at all. they have admitted there is no agreement

[brokebutnotbeatn]

You could argue about the default date - just becasue it has onlyu just been registered does not mean it is a new default?

[Melbel]

Oh right, I do know they havent sent me any default notices at all.

 

So how would I find out the correct date?

 

Sorry about all the questions, I'm still learning about defaults and what I have to do.