Lowells/Lloyds defaults

Janeyxox · 7 October 2013 at 9:56AM

Hi,

Can someone please help me with my husbands situation....

He has a loan and overdraft with Lloyds that has recently (08/13) been sold onto Lowells. On his credit file it shows that the debt is now satisfied with Lloyds but underneath says "DEBT ASSIGNED TO CAIS MEMBER" which I am guessing is Lowells. However the debt was sold back in June 2013 and is still now showing on his credit file. Can anyone tell me why and if it does appear should the default date be the same as the Lloyds one which is 21/08/2009? Also am i right in thinking that in 2015 this default should drop off? If so will the Lowells one also if no payment is made or if payment is made will we have to wait a further 6 years?

Thank you

xxx

fermi · 7 October 2013 at 10:13AM

Default dates must be the same as the original.

Entries/accounts drop off 6 years from the recorded default date, no matter what else you do. No exceptions.

Janeyxox · 7 October 2013 at 11:11AM

Thanks, so the default date is 20/07/2009 so does this mean it will drop off around 20/07/2015?

Also do you know maybe why Lowells not recorded that they have brought the debt?

Thanks for your help

MrSilk · 7 October 2013 at 12:44PM

My Lloyds default was also bought by Lowells on the same date, but no new entry has appeared as of yet!

Janeyxox · 7 October 2013 at 1:01PM

Hmmmm wonder why this is. Has your Lloyd's one disappeared or is it still on there?

tifosi · 7 October 2013 at 1:11PM

Janeyxox wrote: »

Hmmmm wonder why this is. Has your Lloyd's one disappeared or is it still on there?

This.

they arent allowed to have 2 defaults for the same account, if Lowells own the account now, Lloyds should remove their DF leaving just the Lowells one

Another thing worh looking at is the actual date of default, does the date they have recorded match 6 months after you stopped paying (or stopped paying the full miniomum payment)?

Janeyxox · 7 October 2013 at 1:18PM

It matches around the last time my husband agreed to make a payment to them of £40 a month but never did so in guessing that's when they recorded the default. How long have Lloyd's got to remove it and Lowell's to put there's on? Thanks

happy_bunny_2 · 7 October 2013 at 1:35PM

When a debts sold, the buyer and seller agree who will keep your file up to date. Usually the buyer.

Can take a while to show as changing on your report. Might go missing for a month or two then reappear with the buyers details. The date of default is not allowed to change.

fermi · 7 October 2013 at 1:37PM

tifosi wrote: »

This.

they arent allowed to have 2 defaults for the same account, if Lowells own the account now, Lloyds should remove their DF leaving just the Lowells one

Experian works a little differently since a little while back. If the original default record is marked with a "debt assigned to CAIS member" then even if the debt buyer adds their own default record, the original lender's stays. Point is that the debt assigned flag means that only you see the original entry. Other people checking your file will not. So as far as potential lenders are concerned, there would only be one entry.

If there is no "debt assigned to CAIS member" flag, then obviously the previous situation applies and only one default record is allowed.

fermi · 7 October 2013 at 1:40PM

Janeyxox wrote: »

Also do you know maybe why Lowells not recorded that they have brought the debt?

Who knows? May not have got around to it yet?

Lowells are an incompetent shower at the best of times, so take a guess.

Buzby · 7 October 2013 at 2:34PM

It can also remain a mystery as to who retains ownership of the a legged debt. It could be assigned to a third party for collection purposes but is not owned by them.

Only if you have received written confirmation of a charge is it safe to assume there's a new owner.

Lowells/Lloyds defaults

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