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One item left - should I pursue it?

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It's taking some time, but with some good advice, bit of persistence, and hard work on my part (as by and large, i HAVE been relaying what I owe) my credit files are starting to look pretty good.

 

My Experian file is now 'clean' - don't get me wrong, I still owe money here there & everywhere, but there are no defaults, arrears, arrangements to pay etc - it's all 'good' debt!

 

On my Equanti file, there is just one outstanding default. It relates to a hire purchase I defaulted on in some years ago.

 

Now, I've had NO correspondence from them / attempt to find me for a good couple of years (when the car was taken back).

The amount I owe is manageable - not at this very minute, but doable (less that £2k)

 

Now, I guess I have 2 options....

1) Wait for it to be stat-barred, and live with the neg credit entry until then

2) track them down and make an offer to resume some form of re-payment (or if I can get it, I'll offer a reduced cash amount, which I think I can do in Jan/Feb time when some shares I have mature)

 

If I start repayments, will my 6 years of having a default re-start? Or will it no longer actually be defaulted if I start paying again?

 

If I offer a lump some, what happens to the default?

 

Thanks!

 

One other question - if my file says I owe x amount, should that re regarded as correct? They can't tease me into getting back in touch by showing a low amount, only for them to whack it up can they?

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huh - interestingly, looking at my profile more closely, it's suggesting I defaulted in April of this year - which is quite frankly bollox, as I've not heard from these people in years - they don't even have my right address listed for the account.

 

Can they do that?

 

I've just checked my report I extracted in January, and it doesn't actually show a default on it - just that I had missed 5 payments as of Feb 2006, and all entries since then are marked 'not updated'

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Hi,

The default falls off after 6 years-period. No amount of money will restart that. It does, however, restart the statute Barred clock

 

If you offer the full amount, they should mark the default as settled but it still shows.

If you offer a Full and Final settlement of a lower amount, your file should show "partially settled" and will also show until the 6 years are up.


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huh - interestingly, looking at my profile more closely, it's suggesting I defaulted in April of this year - which is quite frankly bollox, as I've not heard from these people in years - they don't even have my right address listed for the account.

 

Can they do that?

 

I've just checked my report I extracted in January, and it doesn't actually show a default on it - just that I had missed 5 payments as of Feb 2006, and all entries since then are marked 'not updated'

 

Difficult choice this. Accept it or go after them.

 

A default should be placed in a timely manner and certainly within 6 months of last payment. If they have defaulted you in April this year and your last payment was x years ago, you can go get em


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Thanks Silverfox

I had it in my head that full & final meant just that - but if they mark it as 'Partially settled' then actually that could still be deemed negative, couldn't it?

and I'm guessing if I start paying again, it will be deemed 'arrangement to pay'? (Unless I revert back to the full monthly payment?)

 

Also, do you know how old a default can be on a settled / up to date account before lenders typically stop being that bothered by them?

I have a good few, mostly from about 3 years ago which are now all settled, but will be a few more years before they drop off!

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Difficult choice this. Accept it or go after them.

 

A default should be placed in a timely manner and certainly within 6 months of last payment. If they have defaulted you in April this year and your last payment was x years ago, you can go get em

 

Thanks. What would I be going after them for / what would they have to do to put it right? Does it go anyway to invalidating the default altogether (clutching at straws a bit )

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credit.JPG

 

Not sure if this helps at all - but you can see that payments stopped back in early 2007.

I do recall making a couple of payments to a DCA, but that would have been mid 2007 - but the default only shows as March 2010

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Few thoughts below

 

Thanks Silverfox

I had it in my head that full & final meant just that - but if they mark it as 'Partially settled' then actually that could still be deemed negative, couldn't it? YUP

and I'm guessing if I start paying again, it will be deemed 'arrangement to pay'? (Unless I revert back to the full monthly payment?) YUP

 

Also, do you know how old a default can be on a settled / up to date account before lenders typically stop being that bothered by them? Generally, any default, even 5 years 11 months, is seen as negative.

I have a good few, mostly from about 3 years ago which are now all settled, but will be a few more years before they drop off!

 

Thanks. What would I be going after them for / what would they have to do to put it right? Does it go anyway to invalidating the default altogether (clutching at straws a bit )

 

Just imagine this scenario. 5 years 11 months after you missed payments they decide to default you. That default stays on for a further 6 years which is why the OFT said to place the default within 6 months. See here

 

As they have placed a default 2 years 4 months after the last missed payment, they should be slapped. The latest a default should have been placed was May 08


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Thanks - that was a useful document - I've kept a copy of it.

Reading it, it would imply that I could target them for failings under the Data Protection Act - as the data isn't accurate.

 

Am I best going for the Lender or the Agency in the first instance?

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Thanks - that was a useful document - I've kept a copy of it.

Reading it, it would imply that I could target them for failings under the Data Protection Act - as the data isn't accurate. CORRECT

 

Am I best going for the Lender or the Agency in the first instance?

 

You would go after the name on the Credit Reference Agency file whether it be the original creditor or a DCA


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You would go after the name on the Credit Reference Agency file whether it be the original creditor or a DCA

 

Oh Joy - that would be the OC then. Perhaps I'll wait until after Christmas before I open that can of worms!

 

Well, I may do it before then, but I move house in a couple of weeks, so I'll wait until after that to avoid confusion / lost post!

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