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  • FIRST POST
    • Corfyboy
    • By Corfyboy 13th Jan 18, 3:12 PM
    • 2Posts
    • 0Thanks
    Corfyboy
    Default
    • #1
    • 13th Jan 18, 3:12 PM
    Default 13th Jan 18 at 3:12 PM
    Hi guys new to the forum some advise please.. I had a personal loan that a defaulted on due to relationship break up . This default is now being handled buy a recovery agent a payment plan has been set up but when I check my credit file it is showing default every month. I have never missed a payment since setting the plan up is this correct or are the recovery agents wrong in applying the default .. I do under stand I defaulted on the original loan but my default isn't with the recovery agents .. and in my opinion should not be applied every month to my account thanx in advance
Page 1
    • zx81
    • By zx81 13th Jan 18, 3:15 PM
    • 14,891 Posts
    • 15,713 Thanks
    zx81
    • #2
    • 13th Jan 18, 3:15 PM
    • #2
    • 13th Jan 18, 3:15 PM
    It's correct that it shows as a monthly default, which just reflects the current status.
    • Corfyboy
    • By Corfyboy 13th Jan 18, 3:29 PM
    • 2 Posts
    • 0 Thanks
    Corfyboy
    • #3
    • 13th Jan 18, 3:29 PM
    • #3
    • 13th Jan 18, 3:29 PM
    So because the balance isn't clear this is why it's showing default.. The default was just over 6 years ago thanx
    • Arleen
    • By Arleen 13th Jan 18, 3:43 PM
    • 1,110 Posts
    • 840 Thanks
    Arleen
    • #4
    • 13th Jan 18, 3:43 PM
    • #4
    • 13th Jan 18, 3:43 PM
    It's default because you've defaulted on the original agreement and indeed paying it off will improve how it shows in your file.
    • CommitedToChange
    • By CommitedToChange 14th Jan 18, 11:32 AM
    • 1,197 Posts
    • 3,810 Thanks
    CommitedToChange
    • #5
    • 14th Jan 18, 11:32 AM
    • #5
    • 14th Jan 18, 11:32 AM
    When is the date of the default on the credit file - they "fall off" your credit file after 6 years so it should disapear soon anyway.
    Attempting to buy a house
    • sourcrates
    • By sourcrates 14th Jan 18, 1:58 PM
    • 13,054 Posts
    • 12,363 Thanks
    sourcrates
    • #6
    • 14th Jan 18, 1:58 PM
    • #6
    • 14th Jan 18, 1:58 PM
    So because the balance isn't clear this is why it's showing default.. The default was just over 6 years ago thanx
    Originally posted by Corfyboy
    No, its showing default as you failed to make the minimum payments on your account, and the creditor decided the relationship between you had broken down, so issued you a default notice, which wasn't complied with, they then issued a default on your credit file for non payment.

    This will remain for 6 years from the date of default.

    What you see on your credit file every month is a status update of the original default.

    Any payment arrangement agreed after these events will not be reflected on your file until the debt has been repaid, it will then show as settled.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
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