Removing satisfied defaults

amgamc1983 · 13 January 2017 at 2:31PM

thank you all I will keep trying, If account holder status is wrong would that mean they had to remove it or not lok clutching at straws as it says im deceased but carried on paying lol

amgamc1983 · 13 January 2017 at 3:15PM

how did u go about it with lowells as theyve given me the usual reply of its their duty ro report accurately blah blah blah

edrushuk · 13 January 2017 at 3:17PM

I think you should speak to a Mortgage broker as your credit score (e.g. the number that business like Experian & Noddle give you) are a bit irrelevant as banks/building societies will score you according to their own requirements. I have heard people with excellent score being rejected and the opposite. Speak to your bank, especially if you have a long term relationship with no problems. A mortgage broker will see if there is a lender who will be lenient due to the fact that your defaults are over 4/5 years old.

Also watch out for any arrangement to pay (AR) on your record as they won't leave your file until 6 years after your final payment.

Good luck.

amgamc1983 · 16 January 2017 at 6:45PM

ok so i received a letter from moorcroft today and they are removing the default so thats one down.
T Mobile (now EE), Next and Lowells are not budging at all despite messaging their CEOs.

National_Debtline · 16 January 2017 at 7:06PM

Thanks for the update. It’s interesting to know that some organisations are still prepared to remove defaults.

James
@natdebtline

smb86 · 16 January 2017 at 7:53PM

This is an interesting topic - I have about £950 left on a default with Lowell. I scaled the remaining balance 6 months ago to how long was left before the 6 years and have paid that by standing order. It's only about £25 per month. Would my credit score increase if I satisfied the default quicker or is a default a default regardless of its status?

Interesting to hear they also consider removing them..

MrsTinks · 16 January 2017 at 9:26PM

I'm confused about your question smb86 - a default will be worse than a settled default, but a newer one will count for more than an old one if you have kept your nose clean and 6 years after it was registered it will drop off your file by it self.

smb86 · 17 January 2017 at 12:11PM

Should probably try and explain myself better.

I had a default applied by Lowell (sold onto them by Vanquis) and at first, I was paying about £115 a month. Then my partners circumstances changed and I dropped to £10 a month for about 18 months. I worked out that continuing paying £10 a month wouldn't clear the balance of what was owing before the 6 years was up. So I looked at when the default was applied, how many months was remaining til the 6 years was up and divided the remaining balance by the number of months to get a new monthly figure. This was because I figured that a default is a default regardless, so it was pointless trying to pay it off quicker if was seen as a negative anyway. This equated to £25 so increased my payments so that by the time the 6 years was up, the amount was paid in full.

However, my question is, say I've got £900 remaining and the default drops off in 2 years, am I better paying it off quicker so that it shows as satisfied before the 6 years is up or when applying for credit, mortgage etc is it still seen as a negative irrespective of it being a default that's reducing in value or a satisfied default.

Hope that clarifies my situation a bit more :-)

Removing satisfied defaults

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