Jump to content

 

BankFodder BankFodder


ljm1985

Soon to be 6 year old unsecured debts and my credit record

style="text-align:center;"> Please note that this topic has not had any new posts for the last 1549 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you

Recommended Posts

Hi all,

 

I have a number of unsecured debts and phone contracts that resulted from me giving up my business at the start of 2009 to take care of my parents who both have dementia. The debts were personal and not in the business name, although almost all of them were used to set up my business.

 

I always intended to go bankrupt but due to the pressure I am under looking after both of my folks, I just never got round to it. Letters came through the door, but nobody ever knocked it and here we are 6 years later. The letters are rare. In the last few months I have only received about 2-3 letters a month. As you can tell i'm in poor state with the paperwork and uncertain.

 

I am on carers allowance and income support and have no assets.

 

Today I decided to check my credit report after discussing this with a friend. To my surprise Experian gave me a 'fair' and im only 40 points off a 'good', 860/999.

 

Looking on my report I can't see any details of these debts although I do have 3 warnings on my account:

 

You have a defaulted or delinquent account (but no accounts or amounts appear?)

You have no settled non-mail order credit accounts

You have opened 1 new credit account in the last 6 months (a new bank account, but doesn't have an overdraft, it's a Cashminder that I was preparing to go bankrupt with).

 

I thought that on my report I would see a list of people chasing me and for set amounts, but that is not the case. Does it not work like that or have I overlooked it?

 

Experian is also suggesting I am eligible for loans and cards, although the rates are sky high 25-50%. I'm not looking for a loan, but I was surprised to see it as an option.

 

Given my situation I was looking at going bankrupt but having seen this file i'm not so sure. I do owe that tax man £2000 from the business which I could offer to pay in smaller chunks to save going bankrupt.

 

Apologies if this is in the wrong forum but I felt that I needed to understand my report better before knowing how to proceed.

 

Thanks in advance for your replies.

Share this post


Link to post
Share on other sites

Do you know when the default markers were first placed on these accounts ?

 

Do you know when the last payment dates were ?

 

Do you know if you received any Default Notices for the accounts ?

 

If you have not made payments to or acknowledged liability for any of the unsecured debts for more than 6 years, then they are very likely statute barred. This doesn't mean the debts have disappeared, just that the companies cannot use the threat of legal action to pressure you to pay.

 

If you can provide answers to the questions above, we can advise further whether you can now claim the debts to be SB'd.

Perhaps you could let us know the companies you have the accounts with.


Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy -

HERE

2: Take back control of your finances -

Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors?

Read Here

4: Staying Calm About Debt

Read Here

5: Forum rules - These have been updated -

Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

 

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

Share this post


Link to post
Share on other sites
Do you know when the default markers were first placed on these accounts ?

 

Do you know when the last payment dates were ?

 

Do you know if you received any Default Notices for the accounts ?

 

If you have not made payments to or acknowledged liability for any of the unsecured debts for more than 6 years, then they are very likely statute barred. This doesn't mean the debts have disappeared, just that the companies cannot use the threat of legal action to pressure you to pay.

 

If you can provide answers to the questions above, we can advise further whether you can now claim the debts to be SB'd.

Perhaps you could let us know the companies you have the accounts with.

 

 

Thanks Citizen B for the reply.

 

I've also gone ahead and done an Equifax check and the score was different due to a default from Citibank. However the default date is 2014 and relates to a previous address which I have not lived at in the last 6 years. I've not made any payment on this or had any contact in the last 6 years either. There are no other defaults on record.

 

Terms 0 @ £ 0 (Monthly) Status Defaulted

Current Balance £ 960 Start Balance £ 0

Credit Limit £ 0 Default / Delinquent Balance £ 843

Start Date 19/01/2007 Date Updated 06/10/2015

Date Last Delinquent Date Satisfied

Default Date 16/05/2014

 

I entered into a dmp with CCCS back in 2007 and then in 2009 when I had to give up my business I stopped making payments. From memory it would be January 2009. Certainly over 6 years from any payment vis CCCS for any of my creditors.

Share this post


Link to post
Share on other sites

Is the default date for the Citibank account, simply an update ? It is rather strange that they have waited for nearly 6 years after you have ceased payment to actually record a default and I would think you could challenge that ?

 

I would say if the debts are no longer being recorded on your credit files, then they have "dropped off" from the date of the first default marker and are now statute barred.

 

You will almost certainly find that some companies would have placed the default marker on your file up to 6 months after the breach (cessation of payment) which is permitted by the Information Commissioner.

 

If this were me and I were to receive a letter from a DCA / creditor then I would just send the Statute Barred letter which can be downloaded from the CAG Library (green link at top left of the screen).. or use the link in my signature.


Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy -

HERE

2: Take back control of your finances -

Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors?

Read Here

4: Staying Calm About Debt

Read Here

5: Forum rules - These have been updated -

Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

 

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

Share this post


Link to post
Share on other sites
Is the default date for the Citibank account, simply an update ? It is rather strange that they have waited for nearly 6 years after you have ceased payment to actually record a default and I would think you could challenge that ?

 

I would say if the debts are no longer being recorded on your credit files, then they have "dropped off" from the date of the first default marker and are now statute barred.

 

You will almost certainly find that some companies would have placed the default marker on your file up to 6 months after the breach (cessation of payment) which is permitted by the Information Commissioner.

 

If this were me and I were to receive a letter from a DCA / creditor then I would just send the Statute Barred letter which can be downloaded from the CAG Library (green link at top left of the screen).. or use the link in my signature.

 

Thanks for the reply and the letter.

 

Do you have a template that I could send to Equifax to get the Citibank removed? Like you suggest it must be an update rather than a default date given the time frame.

Share this post


Link to post
Share on other sites
Thanks for the reply and the letter.

 

Do you have a template that I could send to Equifax to get the Citibank removed? Like you suggest it must be an update rather than a default date given the time frame.

 

You will actually need to speak with Citibank in respect of the Default marker. You can send a letter to the Credit Agency advising that you are disputing the date of the marker and would like a notice of correction placed on file. This will stay for 30 days, so it should give you sufficient time to make contact with Citibank.

 

Do you recall receiving a Default Notice from Citibank ? If so, when ? The usual progression is that the account becomes delinquent for non payment - you receive a few threatening letters - the account is either then assigned/sold to a 3rd party debt collection company at which time a Default Notice would be sent by the original creditor (or it can be retained in house and the Creditor deals with the threatening letters, any court action, etc.) . Up to 6 months later the Default Marker then appears on your credit file.

 

What type of account is the Citibank account ?

 

The Credit file should actually show the original default date


Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy -

HERE

2: Take back control of your finances -

Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors?

Read Here

4: Staying Calm About Debt

Read Here

5: Forum rules - These have been updated -

Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

 

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

Share this post


Link to post
Share on other sites

If you wait a little while, other caggers with more knowledge of how the agencies work will look in and offer more advice.


Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy -

HERE

2: Take back control of your finances -

Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors?

Read Here

4: Staying Calm About Debt

Read Here

5: Forum rules - These have been updated -

Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

 

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

Share this post


Link to post
Share on other sites
You will actually need to speak with Citibank in respect of the Default marker. You can send a letter to the Credit Agency advising that you are disputing the date of the marker and would like a notice of correction placed on file. This will stay for 30 days, so it should give you sufficient time to make contact with Citibank.

 

Do you recall receiving a Default Notice from Citibank ? If so, when ? The usual progression is that the account becomes delinquent for non payment - you receive a few threatening letters - the account is either then assigned/sold to a 3rd party debt collection company at which time a Default Notice would be sent by the original creditor (or it can be retained in house and the Creditor deals with the threatening letters, any court action, etc.) . Up to 6 months later the Default Marker then appears on your credit file.

 

What type of account is the Citibank account ?

 

The Credit file should actually show the original default date

 

Thanks again Citizen B

 

The debt would be a current account and mot would be charges from the point I assumed i'd be going bankrupt and just let it run its course.

 

As I say I won't have touched this account in over 6 years now. It is down as my old address on the credit report and i've not lived there since before 2009.

 

Could I statute bar this one? I'd like to get it off my record.

Share this post


Link to post
Share on other sites

In my experience Experian are far too generous with their ratings. The reason seems to be that they disregard older defaulted accounts.

The same report from Noddle would be 1/5

Share this post


Link to post
Share on other sites
Thanks again Citizen B

 

The debt would be a current account and mot would be charges from the point I assumed i'd be going bankrupt and just let it run its course.

 

As I say I won't have touched this account in over 6 years now. It is down as my old address on the credit report and i've not lived there since before 2009.

 

Could I statute bar this one? I'd like to get it off my record.

 

Current accounts are slightly different I think - they let them run for a lot longer in order to rack up the charges. There doesn't have to be a default notice issued for current accounts as far as I am aware. But one would assume that they should have recognised within a fair time that the account wasn't being serviced ?

 

If the debt is mostly charges that they have been adding then I would think that they could become statute barred. But when I don't know.

 

I will ask others on the site team to look in on you.


Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy -

HERE

2: Take back control of your finances -

Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors?

Read Here

4: Staying Calm About Debt

Read Here

5: Forum rules - These have been updated -

Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

 

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

Share this post


Link to post
Share on other sites

It depends if the overdraft was agreed and its review date. If the overdraft was not agreed then the cause of action ( statute barred ) runs from the day the bank could have asked for the overdraft to be repaid.

Share this post


Link to post
Share on other sites

Ouch, apologies. Apparently I have provided you with some incorrect information. The Information Commissioner no longer stipulate that a Default marker should be placed within 3-6 months. So you might struggle to get it removed or altered.

 

I am really sorry for misleading you.


Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy -

HERE

2: Take back control of your finances -

Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors?

Read Here

4: Staying Calm About Debt

Read Here

5: Forum rules - These have been updated -

Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

 

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

Share this post


Link to post
Share on other sites

Hi all,

 

I decided to query this with Equifax. They sent me a note to say that it would be up to 21 days and the status was 'sent to 3rd party'. The 21 day deadline ended today, and whilst I have received no further communication, the sttus has changed to 'company - no reply'.

 

Does this mean it will be removed from my records? Do I need to do anything further?

 

Thanks again for the help on this.

 

It is such a relief to get this off my mind.

 

ljm

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...