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A default is better than a payment plan (read on )

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We decieded to check my credit file today using http://www.checkmyfile.com which has left me fuming with rage some time back we got into trouble with The Halifax

 

After some tooing and frowing we entered into a payment plan with them,ON OUR TERMS I MIGHT ADD.

 

It has now come to light that we would of been better off Defaulting on the account and therefore they would of only been able to update the cra for 6 years .

 

But we decided to go with a payment plan as we thought this would be better in the long run.

 

It is recorded as AR on the credit file but this is what we were not told.

Lenders regard arrangements to pay as serious arrears, which is having a significant impact on your ability to obtain credit. Negotiating a lower amount to repay on just one occasion can indicate to lenders that you're struggling to meet your existing credit repayments, so you represent a greater risk should they lend money to you
.

 

Reported Until6 years after account closure

 

So if you start to pay using a payment plan in 2011 and it takes 3 years to clear and they then close the account on the last payment it will not fall off your CRA until 2020.

 

were as if you Defaulted in 2011 they can only record the default until 2017.

 

 

Can somebody please advise if BCOBS is the way to go as we find this very unfair.

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Subbing

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:razz:ALWAYS REMEMBER, IF YOU GOT YOURSELF INTO YOUR SITUATION, YOU ARE MORE THAN CAPABLE OF GETTING YOURSELF OUT OF IT

WITHOUT THE HELP OF THE DCA's!!!!!!!!!!!

 

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Hi huggy and huggys boss. Just popping in as this is interesting.


OFT debt collection guidance

 

Please remember the only stupid question is the one you dont ask so dont worry about asking the stupid questions.

 

Essex girl in pc world looking 4 curtains 4 her pc,the assistant says u dont need curtains 4 a computer!!Essex girl says,''HELLOOO!! i,ve got WINDOWS!!'.

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you know me GODMOTHER love a fight it's just so wrong them not telling of coarse has realy peeeed me off but will call them on Monday and point out the error of there ways and what they are going to do for us to rectify there short commings all recorded of coarse.


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Was this your Pre CAG days?


OFT debt collection guidance

 

Please remember the only stupid question is the one you dont ask so dont worry about asking the stupid questions.

 

Essex girl in pc world looking 4 curtains 4 her pc,the assistant says u dont need curtains 4 a computer!!Essex girl says,''HELLOOO!! i,ve got WINDOWS!!'.

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to all that are going to follow this thread weather the out come is good or bad. i believe in fair and honest play.

 

and i play Fair Honest.

 

I sent a letter to the Halifax ages ago informing them and there agents that i record all phone calls to use on any site i see fit including youtube and my own in small print at the very bottom of the page

and therefore i do not have to remind them of such.

 

so will put links to all.


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I remember this coming up before more than once.

Since the start of CAG back in 2006 we have seen CPUT,BCOB ,and revised guidance from the ICO.

This may be better placed in the CRA forum as there are some very clued up posters there.

Anyway,will flag this up in team forums.


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Advice offered by Martin3030 is not supported by any legal training or qualification.Members are advised to use the services of fully insured legal professionals when needed.

 

 

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To my knowledge, if you enter into a payment plan with a creditor related to a specific default payment issue, they can only keep the information on your CRF for 6 years. However, if you default on the payment plan, I guess that they can record a new default and that would be on the CRF for 6 years.


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as long as you have a default [not a marker] on your cra file

regardless [we need to confirm this everyone]

the account and the default will fall off on the defaults 6th birthday.

 

All references to a defaulted debt must be removed from your credit files after 6 years has passed from date of default, whether paid off or not.

This is so that someone who continues paying something even after 6 years from default should not be at a disadvantage

to someone who pays nothing after default and ends up with a clean file after 6 years.

 

refers

 

dx


please don't hit Quote...just type we know what we said earlier..

 

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Can I just clarify something DX, if an account is defaulted, then six years pass, but payments are still being made. Do the payments beyond the six years simply not get recorded at all on the CRA?

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9/10 payments before are not recorded!!

 

esp if to a DCA or DMP co.!!

 

after are not no.

 

this is why i do not trust these people.

 

as far as i can kick them

 

dx


please don't hit Quote...just type we know what we said earlier..

 

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GOOD MORNING ALL.

 

first THANKS with all help.

there is NO DEFAULT on my file at the moment because we entered into a payment plan with them but they record this with the CRA'S as AR an arrangement . now then stay with me people :-)

eg. start plan Jan 1st 2010 they then mark your CRA file Jan 1st 2010 AR.

You pay your plan without missing a payment for 2 years and your CRA file has been marked AR for that period.Jan 1st 2012 (still with me here )

On Feb 1st 2012 you make your final payment, and your account is closed.

They then have a further 6 YEARS TO REPORT ON IT so it will then fall off on Feb 1st 2018 If we had Defaulted on the account in the beginning it would be off our CRA file Jan 1st 2016.

 

TAKEN FROM CHECKMYFILE.COM WEB SITE.

 

Arrangement To Pay

Definition of 'Arrangement To Pay'

An arrangement to pay is recorded on your credit report when the lender agrees for a short while to take fewer payments than those that are due contractually under the Credit Agreement.

The impact of an arrangement to pay on your credit rating varies depending on the attitude of lenders. Some lenders view an arrangement to pay similarly to a default, as they regard it as a fundamental inability to pay debts as they fall due (which is one of the definitions of bankruptcy).

Other lenders take a much more relaxed view about an arrangement to pay. They would prefer to receive less than expected rather than nothing at all, and they see the approach by their customer to ask for time to pay as a proactive and positive step, and not one that should be penalised.

An arrangement to pay stays on your credit report for six years and can seriously impact your ability to get credit.


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There is widespread abuse of the CRA files, we know this, we should NOT have to pay to check our own data, nor should we have to provide THEM with further evidence of residence at an address (as checkmyfile wanted from me) and we should have the right to immediately take people to court who abuse the files.

 

Perhaps a class action could be instigated against Experian/Equifax and Callcredit for falsely reporting data, holding data beyond a reasonable date (6 years is completely unreasonable after an account has been closed) and generally not being fit for purpose due to the 'sale' of said data. Add in third party processing of inaccurate, unneeded data and you have a good case.

 

Did anyone see that Experian have brought 192.com now? That site has so much inaccurate data about me it is crazy, I've been linked to people I have no knowledge of, have NEVER had a financial transation with and have NEVER lived with at a previous address - will they remove them NO - they need THEIR dates of birth to confirm that I don't have an association with them!

 

Rant over for today!!!!!

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Checkmyfile.com have been kind enough to request 2 payments from our bank account, even though we signed up for the 30 day free trial and they clearly state that they only ask for a debit card to verify your id and that no funds will be taken.

So this morning our account is £20 lighter (they are soooooo lucky they did not make us go overdrawn) and it is lucky for them that their offices are closed.

I am going to give them hell as my account clearly states that unless I cancel within the 30 days, the first payment of £9.99 will be taken on 1st April. Not sure if this will be just NatWest's way of doing things or if it will be all banks!

I am going to report this matter further as it could put some people into a major financial mess (as it would us if that had been our last £20 until payday!).


:razz:ALWAYS REMEMBER, IF YOU GOT YOURSELF INTO YOUR SITUATION, YOU ARE MORE THAN CAPABLE OF GETTING YOURSELF OUT OF IT

WITHOUT THE HELP OF THE DCA's!!!!!!!!!!!

 

IF YOU NEED HELP WITH UPLOADING YOUR IMAGES THROUGH PHOTOBUCKET CLICK HERE

IF I HAVE HELPED YOU OR MADE YOU SMILE, PLEASE FEEL FREE TO CLICK MY STAR

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