Default on account from MMF

[Skop123]

Hi

Today I have checked my credit file

 

 

to find out that MMF have placed a new default on my account ( it wasn't there last month ).

 

 

I've copied from noddle the information below.

 

Account start date 03/09/2008

Opening balance £ 579

Repayment frequency Monthly

Date of default 25/09/2008

Default balance £ 579

 

 

Do I request proof of debt from MMF ?

I don't understand why this has suddenly appeared when the default date is nearly 6 yrs ago !

Many thanks for any advice

Skop

[renegadeimp]

First, place a notice of correction with the DCA. Also check the other 2 credit reference agencies. They should enquire to see if the entry is legit. If it is, then you can challenge MMF. You also need to check the historical entries and see if it has been listed on your file at any time. However, even if it was, in the next 4 weeks, it will be removed from your file.

[BRIGADIER2JCS]

Hi

Today I have checked my credit file

 

 

to find out that MMF have placed a new default on my account ( it wasn't there last month ).

 

 

I've copied from noddle the information below.

 

Account start date 03/09/2008

Opening balance £ 579

Repayment frequency Monthly

Date of default 25/09/2008

Default balance £ 579

 

 

Do I request proof of debt from MMF ?

I don't understand why this has suddenly appeared when the default date is nearly 6 yrs ago !

Many thanks for any advice

Skop

 

 

 

If that default date is correct then this becomes statute barred 25 Sept this year hold off sending anything to MMF at the moment.

 

 

Do Nothing until MMF actually contacts you, don't be tempted to pone or speak to them.

Don't alert the CRAs yet either> MMF no doubt hope you will make contact, admit the debt and offer payment.

 

 

I suspect this one of the very old PDLs.

 

 

Do you know which PDLC this may be if any payment or written acknowledgment has been made since the default date.

[Skop123]

Hi

Well today I received a letter from 'pounds til Payday

 

02/09/2014

NOTICE OF TRANSFER OY YOUR ACCOUNT

CREDIT AGREEMENT DATED

ACCOUNT NUMBER........

CURRENT BALANCE £578.92

 

Please accept this letter as our notice to you that we have today assigned all of our rights and interest under the above loan agreement and your outstanding debt with Northway Financial Corporation Limited to Motormile Finance Uk Limited of Protection House, 83 Bradford Road, Leeds LS28 6AT.

The assignment does not affect the terms of your loan agreement or alter your rights. You should now make all future payments under the loan agreement to Motormile Finance Uk Ltd. They will shortly be contacting you with regards to making payment arrangements to pay what you owe under the agreement.

Yours faithfully

 

This came in the same envelope as a letter from Motormile telling me that they now own the debt.

 

Surely MMF should of sent this letter before they placed a default on my account.

Does this change anything or is it still statute barred on the 25 th September

Thanks for any advice

Skop

[BRIGADIER2JCS]

Hi

Well today I received a letter from 'pounds til Payday

 

02/09/2014

NOTICE OF TRANSFER OY YOUR ACCOUNT

CREDIT AGREEMENT DATED

ACCOUNT NUMBER........

CURRENT BALANCE £578.92

 

Please accept this letter as our notice to you that we have today assigned all of our rights and interest under the above loan agreement and your outstanding debt with Northway Financial Corporation Limited to Motormile Finance Uk Limited of Protection House, 83 Bradford Road, Leeds LS28 6AT.

The assignment does not affect the terms of your loan agreement or alter your rights. You should now make all future payments under the loan agreement to Motormile Finance Uk Ltd. They will shortly be contacting you with regards to making payment arrangements to pay what you owe under the agreement.

Yours faithfully

 

This came in the same envelope as a letter from Motormile telling me that they now own the debt.

 

Surely MMF should of sent this letter before they placed a default on my account.

Does this change anything or is it still statute barred on the 25 th September

Thanks for any advice

Skop

 

 

 

No the procedure is correct, you have been notified of sale an purchase of the debt and the CRA files have been updated.

 

 

Is the default date the same as the original creditors entry?

Nothing changes.

[Skop123]

Hi

There was no original creditors entry. The first I knew of this was when MMF put the default on my file in June. Sorry if I sound daft but how can they default onto the file nearly 3 months before they notify me they have bought the debt ?

Thanks

[BRIGADIER2JCS]

Hi

There was no original creditors entry. The first I knew of this was when MMF put the default on my file in June. Sorry if I sound daft but how can they default onto the file nearly 3 months before they notify me they have bought the debt ?

Thanks

 

 

These debts are bought and sold in portfolio lots, so it takes time for the various processes to be put in place.

 

 

It seems that many of the lenders that MMF acquire debts from default accounts immediately prior to the sale thus never entering the default on the account in their name.

 

 

Do you know when the last payment or written acknowledgment was made in regard to this debt?

[Skop123]

No idea. I wouldn't of received any written consent ad I moved out of the property in November 08. So I know I would not have paid anything after this date. Sorry I can't be more specific.

[BRIGADIER2JCS]

No idea. I wouldn't of received any written consent ad I moved out of the property in November 08. So I know I would not have paid anything after this date. Sorry I can't be more specific.

 

 

As the debt has been sold the original creditor can be asked for the date the account was defaulted.

 

 

Either by a quick phone call or more formally by making a SAR.

[Skop123]

Hi

I will formally do this with a SAR

[sillygirl1]

No need to SAR, the debt will be statute barred in a few days and drop off the account anyway, unless of course MMF 'find' an alleged payment.

 

SARing would be a waste of time and money.

 

I would wait until they contact further and write back stating statute barred and no further contact allowed.

 

Then you complain to the authorities about this late registration of a default.