Overdraft debt

[katie0207]

Hello,

 

I'm really struggling to get some advice about my situation and hoping someone here can help.

 

1st Credit Finance limited have registered a default on my call credit, credit file for "bank" for just over 2,000. This is impacted my application for a mortgage. The issue i have is that while at university I opened 3 student bank accounts and run each of them very badly. Exceeding the agreed overdrafts and then continuing to spend on them by using my cheque books and garentee cards.

This was 6 years ago and should have come off my file, which i'm assuming happened with the others. 1st credit have registered the default as march 2006, which is definately way after i originally defaulted on all of the accounts.

 

To date i have ignored all corresondance from 1st credit but now i need to sort this out as I have completely turned my financial situation around and i want to be able to buy my house. If i pay off this debt it will show on the credit file for another 6 years, whereas if i can sort out the default date then it should be removed from my file.

 

What i really need to know is:

 

1. Are overdrafts (unauthorised expenditure) covered by CCA's?

2. They have not stated which bank this is in relation to, so will I have to send a SAR request to all 3 to find out when the account defaulted.

3. How does defaulted accounts work with overdrafts? Is it when i last made a payment into the account, 6 months after that, or when the bank passed it on to the debt agency.

4. Do i need to start corresponding with 1st Credit finance

 

I am sure that this was definitely more than 6 years ago and i need to get them to admit this and remove it from my credit file. Any help you can provide me with would be greatly appriciated.

 

Thanks in advance

[katie0207]

Hello,

 

I'm really struggling to get some advice about my situation and hoping someone here can help.

 

1st Credit Finance limited have registered a default on my call credit, credit file for "bank" for just over 2,000. This is impacted my application for a mortgage. The issue i have is that while at university I opened 3 student bank accounts and run each of them very badly. Exceeding the agreed overdrafts and then continuing to spend on them by using my cheque books and garentee cards.

This was 6 years ago and should have come off my file, which i'm assuming happened with the others. 1st credit have registered the default as march 2006, which is definately way after i originally defaulted on all of the accounts.

 

To date i have ignored all corresondance from 1st credit but now i need to sort this out as I have completely turned my financial situation around and i want to be able to buy my house. If i pay off this debt it will show on the credit file for another 6 years, whereas if i can sort out the default date then it should be removed from my file.

 

What i really need to know is:

 

1. Are overdrafts (unauthorised expenditure) covered by CCA's?

2. They have not stated which bank this is in relation to, so will I have to send a SAR request to all 3 to find out when the account defaulted.

3. How does defaulted accounts work with overdrafts? Is it when i last made a payment into the account, 6 months after that, or when the bank passed it on to the debt agency.

4. Do i need to start corresponding with 1st Credit finance

 

I am sure that this was definitely more than 6 years ago and i need to get them to admit this and remove it from my credit file. Any help you can provide me with would be greatly appriciated.

 

Thanks in advance

[BankFodder]

I agree that it seems very unfair to have a credit reference file entry which does not appear to relate to the date upon which the account ran into problems. I'm afraid that what you are experiencing here is common practice. The problem is that the credit reference agencies are unregulated and out of control. The DCA's have direct unfettered access to them. It is all a bit of a closed shop and very difficult to penetrate and very difficult to sort out.

 

Are you able to tell if you received an earlier negative credit file entry in respect of the same matter from the original creditor? This is another problem is that we are often hearing of: multiple overlapping credit file entries in respect of the same debt.

 

What often happens is that the original creditor will put an entry on your file. Then they sell the debt to DCA. The DCA then enters a another entry on your credit file – this might be three years down the line. If at some point the DCA gives up and decides to sell the debt on then the new DCA may well enter a further default. It is entirely possible for people to have defaults on the same debt going on for 12 years or more. It is completely unfair yet I have not noticed that anybody has so far managed to do anything about it. One or two people on the forum have said that removing multiple entries is an easy business – but they have never come back to this forum and told us that they managed it and how they managed it.

[BankFodder]

you have already posted this question elsewhere on the forum. I don't know why you think that multiple posts on the same subject are going to help you. We try to help you free of charge and trying to "gee us up" by repeatedly posting the same question around the forum is unhelpful to us – and it is unhelpful to you because it will make your story very difficult to follow.

 

Don't do it.

[katie0207]

Wow - i had no idea that it would cause so many problems - i'm really sorry but i had no idea which place was the best to post to get a response - i didn't realise i was "geeing" anyone up - i just want some help and advice and i'm not sure how this forum works. I really meant no offence and didn't know all of the different forums were linked.

 

If you could let me know which is the best place to have this i will post it there and remove the others - i just want to get some help with this extremely stressful situation.

 

Apologies agian