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Account status - open. No default issued but agreement breached.


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This is a scenario i heard about a while ago and I have been discussing this with some friends.


A couple have a loan that they have not been able to make the payments on. They made arrangements with the company to make token payments. This was in 2004.


A default was never issued against this account and payment are still being made in 2010.


On checking their credit file, this account is still marked as open and the payments are all being marked as late payments.


I would argue that as the agreement was breached by the customer, the account should be marked as closed as of that date. Others are arguing that because no default was ever issued, that the account will remain open and 6 years after the last payment is made on the debt, this is when the account will fall off their credit file.


Can anyone shed some light on this? I couldn't find any guidance to help clarify the options available to the couple. It seems very harsh for them to be punished with that 'bad' account on their credit file for so long. What would others advise?

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