Removal of Loan from credit rating

[RedVixen]

Hello

 

I have just drafted a letter Lloyds basically firmly asking them to remove the records on my credit rating for a loan that I originally took out in 2005 but after a PPI refund it turns out would probably not have happened. If it had it would have been for a much smaller amount and I maintained the loan for long enough to clear the smaller amount comfortably. Essentially in 2009 when I went to the FOS over a PPI refund Lloyds ended up crediting me just over £4000 to settle the account so it hasn't existed in any form since then

 

It is however still showing on my credit record as a current debt and I am still being chased by debt collectors for it (not something I worry about anymore)

 

I have checked the figures and it isn't a mistake.

 

My questions are - can they remove the entry completely

 

I don't want a 'settled' or 'satisfied' default as it would not have defaulted on the smaller sum given the time period that I was paying the loan

 

Is there a specific term for this that I should be asking for and have I been reasonable in demanding that they make the amendments within 14 days of receipt of the letter, (I will send it recorded)

[BRIGADIER2JCS]

What is the default date showing on the CRA entry?

Was there any remaining balance?

Did you formally close the account?

Have you checked the 3 main CRAs?

CRA files must be accurate and up to date

and reflect a true picture of the conduct of the account.

[RedVixen]

Default date 23/08/2008

Remaining Balance showing £5579 where that has come from I don't know the DCAs are chasing for £6413 - however irrelevant THEY credited me to settle the loan therefore there is no balance

As far as i know no one formally closed the loan account I can only assume that it should have been closed when the PPI cheque was issued. They haven't sold the loan on it is still being chased on their behalf

 

When I said I have checked the figures I mean that the settlement as part of the PPI refund was correct. The loan has been cleared by them

 

Essentially one department in Lloyds has not communicated to another one

 

My overdraft with them is also still showing but that was all charges and again they wrote that off 2 years ago as a 'gesture of goodwill' - that one has not been updated since 2009.

 

The loan record has been updated as recently as this year

[2ltr16valve]

I think a formal complaint to the Data controller at lloyds, followed up by a complaint to the ICO if they dont sort it fast.

[RedVixen]

I want it sorted before my free trial runs out ideally - much to my surprise my credit rating is fair not poor and the removal of those two item may mean I can finance the qualification and memberships I need to vastly improve my career prospects

 

Logged onto the CRAs yesterday and want to send the letter tomorrow I was going to send it to Lloyds insurance that issued the check but the data controller makes much more sense

[2ltr16valve]

I want it sorted before my free trial runs out ideally - much to my surprise my credit rating is fair not poor and the removal of those two item may mean I can finance the qualification and memberships I need to vastly improve my career prospects

 

Logged onto the CRAs yesterday and want to send the letter tomorrow I was going to send it to Lloyds insurance that issued the check but the data controller makes much more sense

 

 

noddle.co.uk is completely free. I can not see you getting any resolution for a while to this issue, no credit file issue I have seen has been sorted fast.

[ims21]

Why not use Noddle....its free forever

 

https://www.noddle.co.uk/

[RedVixen]

I used that one as well there is one record showing on one of the CRAs but not the other two - wasn't noddle as I remember

[BRIGADIER2JCS]

CRAs do not share data, the CRA used will vary from lender to lender.

 

In post 1# you say that you are being ''chased'' by debt collectors?

Is it a debt collectors name showing on the entry??

[RedVixen]

Its has Lloyds written all over it - they have not sold the loan on

[BRIGADIER2JCS]

Reading this again my guess is that the ''cleared' debt was more than the PPI

refund the bank has ''cleared'' it from its books and sold the balance on.

[RedVixen]

No the PPI was a lot more than the debt and was rolled over 5 loans going back 10 years. by the time all the roll overs had taken place I had overpaid by 4K- The statement on the refund letter relating to it was "I have recalculated the settlement amount on loan 5 and have credited you with £4K" on top of the refunded PPI across all the loans.

 

If they had to credit me to settle the loan it no longer exists

[RedVixen]

Lloyds definitely have not sold it on yet - all DCA letters refer to operating on behalf of Lloyds

[BRIGADIER2JCS]

You should then make a formal complaint (must be answered within 8 weeks)

to achieve a final response from the creditor, if the response is unsatisfactory

then you complain to FOS.

Address the complaint to the Compliance Manager.

 

As to the DCAs write and state that the alleged debt is formally in dispute.

[RedVixen]

I am not worried about the DCAs - they can waste their time and money as far as I am concerned. There are no DCAs chasing the overdraft. I accept that for the overdraft the default will stay but it needs to be updated to say settled/satisfied

[RedVixen]

Thankyou I will redraft a new letter and send it off

[BRIGADIER2JCS]

May be a good idea to make a SAR, that should help clear this up.

[RedVixen]

I have sent a letter off to the data controller - I will look at sending a SAR off when I have had a look at my budget - between jobs so £10 is a lot of money right now

[assisted blonde]

Sorry to but in but can you clarify Noddle really is free as you do have to put in your credit card number and I am always reluctant to do this online?

thanks

[BRIGADIER2JCS]

Noddle (Call Credit) is free a debit card is used to verify ID, NO

payment is taken.

One should be aware that this agency is no where near as widlely

used as Equifax or Experian.

[assisted blonde]

:-)Thanks Brig, just a bit cautious in my old age