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Removal of entry on my file by CRA?


PeteT
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Hi,

 

 

I had a car on finance back in 2003 and sadly financial pressures meant I had to hand it back in 2004. The original creditor obviously showed the account defaulted on my credit file and sold the debt to Marlin Financial Services. At that point they showed it still defaulted, but "settled" with a delinquent balance. I've been happily paying Marlin until this month I made a stupid offer to settle ex gratia. They rejected it but said they would settle for approx 65% of the outstanding balance. I can just about pull this together so I'm keen to get shot of the debt.

 

My question is this. Can I factor in a condition that the entry from the original creditor is removed from my credit file? Other DCA's normally (in my experience) have the original removed and add their own so it's easier to negotiate for the removal when the time comes.

 

How likely am I to be able to get the entry completely removed? If not, what's the best I should push for?? FYI I believe the debt was sold to Marlin, rather than them acting as agents. What have peoples experiences of this been?

 

 

Thanks

 

 

Pete

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It looks as if you may have two fights on your hands, since the original creditor will feel the position they are showing is correct. And even should you pay the whole amount to Marlin, the situation would not have changed

for the OC.

It might be easier to enlist the help of Marlin to get the data removed from your credit file on the basis of you get that removed and I will come up with a lump sum. If not, your money will be a long time coming.

You can also go to the OC pointing out that they do not have your permission to process your data now that the contract has ended. Especially as the six year rule has no legal standing. And see if they will remove it as

if not, you will take them to Court to challenge their right to continue to

process your data. Most seem to back down at this stage.

 

Whichever route you go, I would go back with a counter offer to Marlin-

somewhere between your "stupid" and their 65% and certainly less than 50%

and include a proviso that your credit file should come out clear.

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Thanks for your input.

 

For starters, my "stupid" offer was 39.4% of the outstanding balance, and they say the "minimum they can accept" is 70% in the nose - that seems a little too precise to be anything other than an in house figure rather than a true reflection of what they can accept. I might counter then with an offer of a split the difference 54.7% and see what they say..... however they have said they are happy to continue accepting the £100 a month I have been paying (interest free btw), so I'm not sure if they'll back down.....I can but try.

 

I'm not 100% sure what you mean by the 6 year rule having no legal standing? The only 6 year rule I'm aware of its to do with the Limitation Act. Are you saying that some creditors claim the right to continue process your data after the cesstion of a contract??

 

I might try in the first instance to push for a lower settlement with the removal of the CRA entry as part of it.

 

I'll let you know how it goes.

 

 

Pete

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The other 6 year rule is the unofficial one where CRAs process your data for

6 years after your account has closed, or in the case of a default, it will be

removed six years later.

I wouldn't have started off as high as 40% and if you are paying £100 per

month they may be quite happy with that, rather than settle for a lower

percentage. If you were only paying £10 or so a month, your chances might be greater.

I would just increase your offer a touch say 46-47%, so you still have some

leeway and giving them the impression that you are pushing it to go much higher. Far better to go up in small increases several times ever trying to

negotiate the best terms that you can. And getting any derogatory stuff off

your credit file even if it means perhaps giving them a higher percentage to

achieve it. Bear in mind they probably only paid around 10% at most for your debt.

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