Default Help

[stebut08]

Hi,

 

Thanks for looking at my post.

 

I have recently applied for a joint mortgage from Santander with my husband.

We received a mortgage in principle certificate.

However, we have been informed that the application has now been declined.

 

My husband already has a mortgage for the property we reside at the moment.

We were advised to obtain a copy of our credit report from one of the credit reference agencies.

 

I found that a default has been registered on file June 2013, this year.

The default has been put on my file by company named Waverley Finance Ltd.

 

I had a loan agreement with this company in 2008,

I fell in to difficulty paying the loan after being laid off from my job early 2009.

I sought advice from Money Advice Service,

they advised to make payments towards the debt.

 

However, the loan company did not acknowledge my proposal.

I have continued to make payments towards the debt.

 

I have never received a default notice from the loan company.

 

I have followed the advice on this forum and decided to write a letter to the company to request a copy of the credit agreement and default notice.

 

Please see a copy of agreement and default notice attached.

 

Please note, the default notice references another default notice we have received, no recollection or knowledge of this other default notice.

 

The default notice has been sent to an old address.

I have written several letters asking the company to remove the default as I haven’t received the default notice,

and informed them that if I had received such notice I would have taken steps to put things right.

I have provided them with relevant section of my credit report listing my correct address at the time the default notice was sent, thus substantiating my claim.

 

Unfortunately, they’re uninterested in my request to remove default.

They have informed me that if I pay outstanding balance they will mark the default as “satisfied”.

I would be extremely grateful if anyone can provide any advice on this matter.

Thank you in advance for your assistance.

Edited December 27, 2013 by stebut08

[fkofilee]

Much better! Looking now

Edited December 27, 2013 by fkofilee

[dx100uk]

the fact that you did not receive a DN makes no odds

 

you say the default is june 2013?

 

when did you first miss a payment?

 

have you all the statements? if not SAr them.

 

ideally a default should be registered within 6months of your 3rd missed payment

not several years later.

 

 

 

dx

[stebut08]

Hi dx,

 

Thank you for your response.

 

Yes, the default was registered on CRA June 2013.

 

The missed payments began 2009-2010. Is the any legislation I can quote regarding the time limit of registering a default?

 

I have recieved statements, but the statement starts October 2012. I will SAR for all statements.

 

Thank you again for your assistance.

 

Kind regards,

[dx100uk]

...

[stebut08]

Hi dx,

 

Thanks for the info. I have read through documentation, in particular section 11 of time framework. The company has filed the default within six months (June 2013) of the default notice letter (Jan 2013, sent to wrong address).

 

The missed payments started September 2009. Is there any legislation relating to when the default should be filed, i.e. within 6 months of start of missed payments?

 

In addition, the loan agreement terms & conditions of the agreement haven't been signed. The loan agreement has been signed, please see attachment. Furthermore, the loan agreement doesn't include full name, it lists initial of first name and all of surname. Are there any grounds for the agreement to be unenforceable? Please note, the account has been settled. I am simply looking at different options to get the default removed.

 

Thank you in advance for your assistance, or anyone else who can be provide assistance.

 

Kind regards,

 

 

[stebut08]

Hi,

 

I notice the letter the company claim is a default notice, is in fact a "Notice of Default Sums", please see attachment.

 

Do I have any ground to request removal of default as I haven't been sent a default notice,

 

instead a notice of default sums letter?

 

In addition,

 

I thought a default notice should contain certain information,

 

can anyone provide a sample of a correct (legal) default notice?

 

Thank you in advance.

 

Kind regards,

[dx100uk]

there is no direct link between a DN if it exists or not

 

and what is recorded on your CRa file.

 

dx

[stebut08]

Hi,

 

Hope someone can help with question. The agreement attached doesn't list any fees for defaults, please see attached agreement. The letter is a "notice of default sums", please see attachment.

 

1. Can the company send a "notice of default sums" if there are no sums to pay?

 

2. I requested a copy of the default notice, they have provided the "notice of default sums" letter, informing me this is a deafult notice. Is this valid?

 

3. If the company record a default on my file, do they have to provide a default notice first or is a "notice of default sums" letter acceptable?

 

Thank you for your assistance.

 

Kind regards,

[dx100uk]

as stated above

 

there is NO requirement for a DN before your CRA file can be marked

 

the issuing of a default notice and what is recorded on your CRA are not linked.

 

a NODS letter is of course not a DN

 

but its a letter they must send you each time they levy a PENALTY fee

 

the fees part of the agreement

will be the T&C's where they are mentioned.

 

dx

[stebut08]

Thanks again dx,

 

I thought they should have sent a notice of intention to file a default before placing the default on my credit file.

 

This is distinct from a DN under the consumer credit act and is a requirement of the ICO guidelines and the banking code. confused???

 

In addition,

 

section: Notices to comply with Sections 13.7 of the Banking Code5 and 7.5 of the Lending Code6 should provide adequate warning.

 

A notice of intention to file a default can be sent with a formal default notice serunder Section 87 of the Consumer Credit Act 1974.

Where lenders arnot required to issue these notices,

they can send an intention to filedefault through a final demand, letter or relevant account statement,

which should make clear not only the intention to file but also the date of the intended default.

 

The date should allow the customer enough time to respond properly.

 

Lenders who have to provide a notice of intention to file a default under a relevant code of practice should be aware that not complying with the code

may be taken into account in any assessment of the fairness of their processing.

 

I haven't been provided with any of the above. I'm very confused with the whole thing.................

 

Any suggestions, or should i give up?

 

Kind regards,

[dx100uk]

I would suspect this:

 

when you miss a payment any co. are quite within their rigts to 'mark' your cra file

with a late payment marker.

 

you'll get 1,2,3. etc. numbered markers

 

when you get to 6

depending upon the cra company you use

they either mark it 8 or 6 or D

 

and the system automatically notes this date as the default date.

 

could this be the case.

 

it sounds like it.

 

as they've sent you NODS letter they must have also levied £12 fee which would support it?

 

didn't spot this earlier sorry:

 

1. Can the company send a "notice of default sums" if there are no sums to pay?

 

 

what do you mean?

by this point the debt had been settled?

 

dx

[dx100uk]

nicked this from another thread fyi:

 

dx

 

 

 

 

Cagger sinceDec 2012Posts17

Re: welshperson3 v blemain finance - 140A Unfair relationship -started court proceedings

 

Hi wps....here is some info off the ICO..

 

http://www.ico.org.uk/for_organisati...%20%20doc.ashx

 

Accuracy of a lender’s default records

 

 

Any default record should be accurate. We normally expect a lender to

keep records that are necessary to show an agreement exists and to

support filing a default. We would al

so expect a lender to be able to

produce evidence to justify a default record they had placed on a credit

reference file. Not having any supporting records may indicate a breach

of the data protection principle requiring

personal data

to be adequate,

relevant and not excessive for the purpose for which it is processed. A

record that a notice of an intention to file a default was sent, if not a copy

of the notice itself, will help lenders

to comply with this requirement.

 

Factors to be taken into account in enforcement

 

Any decisions on enforcement action

will be taken in accordance with our

Regulatory Action Strategy. When we

consider enforcement action in

cases where there is inconclusive ev

idence of whether a default did or

did not occur, or the amount of a default, we must make a judgement on

whether we consider that the Info

rmation Tribunal would support a view

that a default record filed with an agency is incorrect or misleading. To

reach a judgement we will cons

ider, among other factors:



any evidence that exists, even if it is inconclusive;



the credibility of the data subject;



the credibility of the lender;



the reliability of the l

ender’s internal procedures;



the existence of other simila

r complaints about the lender; and



the use which the customer, or lender has made of other mechanisms

to determine the accuracy of the record, for instance the courts or a

relevant

Ombudsman

scheme.

 

Credit reference agencies potentially have a defence against action

through the courts by individuals who successfully challenge the

accuracy of data received from a lender. However, this defence is only

available if the agency takes reasonable steps to make sure the data is

accurate and, as soon as they become aware of the challenge, takes

steps to mark the file accordingly

 

. Records where the accuracy is

challenged can be marked as ‘under query’. This marker alone is

unlikely to be sufficient to provide

protection against claims, including

those for compensation. Agencies should therefore ask the lender to

substantiate the disputed information within a reasonable time frame, foR example, 28 days, and, if the lender

is unable to substantiate the disputed information in that time, should suppress the information from the file.