My Credit File Fewer Credit Accounts than I Expected. How Should I Proceed?

[JeffersonMangum]

Following the sage advice from a couple of experienced Forumsters, I got a copy of my credit file from Experian.

 

Bizarrely it only shows that I have 4 historic credit accounts. All of which are in 'default'. Although that sounds bad, I thought it would be a lot more.

 

I have been paying into a MyVesta DMP for about 6 years. Recently though, several lenders have contacted me to pursue full and final payment of their debts. I think this may be due to the dissolving of MyVesta, and the fact that no one has been forwarding my payments on. So, my question is:

 

If I receive a letter from someone claiming I owe them money, but the debt does not appear on my credit file, what should I do? Do I ignore the letter, or do I respond saying 'prove it?'

[robcag]

Even though others may say Experian and Equifax reports are the most up to date, it might be worth registering for a 'free-for-life' Noddle account whereby you can get monthly updates which are taken from Callcredit records (who own Noddle). Although it's free, you still need to enter details of a current credit card purely for ID purposes - no money will be taken.

 

www.noddle.co.uk

 

Although things may be different nowadays, it was a fact that 3-4 years ago my Callcredit reports always held far more info than those from the other two main agencies.

 

Rob

[BRIGADIER2JCS]

I suggest checking Equifax on their 3o day free trial.

Remember not all companies report to all the CRAs somee will use a different CRA for varying financial products.

 

All defaulted accounts are removed from CRA files on the 6th anniversary of the default date paid or not, but this does not mean they do not exist or are statute barred., for a debt to become statute barred there must be 6 clear years with no payment or written acknowledgment of the debt in that time.

 

If you have been in a dmp and payments have been made during the last 6 years these debts are not statute barred even if they are not shown on the CRA files.

 

If you have been paying via the dmp the debt has been acknowledged and the DCA wiill obviously be aware of the dmp,so not much to prove on those, but if an unknown debt arised then challenge them to prove it.

[JeffersonMangum]

Thanks Guys. Following your advice I checked my Equifax Credit Report. There are a lot more entries on this! Still I'm unclear on a couple of points:

 

(a) I have a Next account, the last time I paid anything off it was September 2006. I have not corresponded with Next after that date. Is it now statute-barred? It defaulted in December 2006, does that mean the default will lapse in December 2012?

 

(b) I have a credit card with Arrow Global. Who on Earth are Arrow Global? It appears that I was paying £10 per month off this bill (thru MyVesta). Am I better off continuing to pay the DMP and hope for the best, or cancel the DMP and double check that they have a valid CCA? The agreement was signed in 2003 if that makes any difference.

 

Thanks in advance

[BRIGADIER2JCS]

If no payment or written acknowledgment has been made in 6 clear years the debt id statute barred, but is there is still time to run befeore the default expires it will remain until it does and will be removed on the 6th anniversary of the default.,so yes you are correct.

 

Arrow Global are a debt purchase company, above you say my vesta is dissolved so which dmp are you referring to?

Have you statements for this account, who is the original creditor?

[JeffersonMangum]

Hi Brigadier

 

Although it would appear MyVesta is dissolved, someone has been taking £XXX from my account every month. Where it has been going I have no idea. The bank statement shows the money being taken by 'Synergence Finance' but what they are doing with it is anybody's guess. I have no statements for this account and to be honest I have no idea who the original creditor is. How do I find out? How do I find out if the debt is enforceable?

[BRIGADIER2JCS]

I think before worrying about enforceability we need to knoe where your money is going I'll see what I can find.

[BRIGADIER2JCS]

Any more detail on Synergence please??

[JeffersonMangum]

All I can find when I log into my account is that £100 is sent every month to Synergence Finance, their sort code is 12-24-82, account number is 06249831

[BRIGADIER2JCS]

I can't find any reference to this company so far have alerted the team to see if we can find them.

[BRIGADIER2JCS]

Synergence Financial Processing , Warrington seem to deal with property management,?

[cerberusalert]

Synergence Financial Processing Ltd

Activities auxiliary to financial intermediation SIC: 66190

 

The directors are;

Mr S.M. Tyrer

Mr M.J. Wright

 

and they are also directors of;

 

Breathe Financial Management Ltd company reg 04152145

The Money Carer Foundation company reg 07049575

[JeffersonMangum]

Thanks Cerberus, you've triggered a memory there. About the middle of last year I got a phone call from a DCA saying that my debt had been taken over by 'Breathe' and the repayment had tripled!! I made one payment and then stopped answering the phone to them. I'm pretty convinced though, that my £100 is no longer finding it's way to my creditors. My credit account files show balances reducing by nominal amounts (normally about £5 per month), until the start of this year. What should I do next?

[BRIGADIER2JCS]

Ask Synergence for a full and detailed breakdown of where youe money is being allocated and how much they are charging if anything.

[JeffersonMangum]

So, I called Synergence, and the number goes through to Sean Tyrer's mobile phone. He is Director of Synergence, Breathe and MoneyCarer.

 

There's information online about Breathe and MoneyCarer, but nothing about Synergence. I've left a voicemail and sent an email asking that they contact me to explain the situation. But, it seems pretty clear that from Feb 2012 I have been paying them £100 and it has not been passed on to the relevant creditors.

 

Should I hit them with an SAR?

[JeffersonMangum]

Well, a very nice man from Money Carer just phoned me to explain that Breathe took over MyVesta's DMPs, but themselves shut down in Feb 2012. They wrote to me (but at the wrong address) advising that I transfer my DMP. They are returning £800 to me and have promised it will arrive in my bank by Monday.

 

They are writing to me with information of all my original debtors and the most up to date info they have on the current DCA. I will use this info to request copies of original credit agreements to see if I can prioritise debts and get defaults removed from my credit file.

 

Thanks for all your help clearing this up!

[BRIGADIER2JCS]

Good result!!