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    • GPO1004
    • By GPO1004 10th Jan 18, 11:16 PM
    • 1Posts
    • 0Thanks
    Help re default
    • #1
    • 10th Jan 18, 11:16 PM
    Help re default 10th Jan 18 at 11:16 PM
    Iím looking for guidance. Iíve recently checked my credit file and Iíve seen that I have a default from a company called Think Finance that was registered in 2012. Earlier in the decade I took out payday loans with companies to help my brother out - he let me down on payments and I ended up setting up a plan with Stepchange. No other Payday loan provider registered a default against me. The default is satisfied but I have tried to contact the company to speak about the initial registration of a default as itís kiling my credit file.

    I settled all of my debts in 2014 and how have credit cards that are ran well with no repayment issues. However, Iíd like this default removed even though it will drop off this year.

    Whatís the protocol when a company who has registered a default stops trading?
Page 1
    • boo_star
    • By boo_star 10th Jan 18, 11:34 PM
    • 1,357 Posts
    • 727 Thanks
    • #2
    • 10th Jan 18, 11:34 PM
    • #2
    • 10th Jan 18, 11:34 PM
    Think Finance are still trading as far as I can tell.

    What is your reason for disputing the default?

    Edit: I see a recent bankruptcy battle involving them but either way you owe the money to them or whoever buys their assets. The company going out of business is not a “get out of debt” free card.
    Last edited by boo_star; 10-01-2018 at 11:37 PM.
    • Gary_Dexter
    • By Gary_Dexter 11th Jan 18, 7:34 AM
    • 359 Posts
    • 197 Thanks
    • #3
    • 11th Jan 18, 7:34 AM
    • #3
    • 11th Jan 18, 7:34 AM
    Wait for it to drop off.

    What are you pushing for it to be removed?
    • DCFC79
    • By DCFC79 11th Jan 18, 8:36 AM
    • 30,594 Posts
    • 19,350 Thanks
    • #4
    • 11th Jan 18, 8:36 AM
    • #4
    • 11th Jan 18, 8:36 AM
    Have you been rejected for finance and is that how you know its killing your credit file ?

    Its dropping off this year, why not just leave it. When is it due to drop off ?

    A debt that old thats satisfied doesn't normally cause an issue.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • MEM62
    • By MEM62 11th Jan 18, 10:09 AM
    • 1,411 Posts
    • 1,027 Thanks
    • #5
    • 11th Jan 18, 10:09 AM
    • #5
    • 11th Jan 18, 10:09 AM
    I cannot imagine that a settled default from 2012 is 'killing' your credit report. Yes, it will have an impact but it would be minimal after all this time. As advised, just wait for it to drop off.
    • cjmillsnun
    • By cjmillsnun 11th Jan 18, 12:19 PM
    • 411 Posts
    • 273 Thanks
    • #6
    • 11th Jan 18, 12:19 PM
    • #6
    • 11th Jan 18, 12:19 PM
    I really wouldnít worry. I got a mortgage with a major high street lender with 6 defaults on file.

    What is your recent history?

    The credit cards? Are they maxed out or do you pay in full every month?

    Do you have a mobile phone contract?

    Are you oversdrawn at the bank?

    You need good recent history. The default will have a minimal impact now
  • National Debtline
    • #7
    • 11th Jan 18, 1:29 PM
    • #7
    • 11th Jan 18, 1:29 PM
    Hi GPO1004

    Welcome to the forum. I'm afraid a default cannot be removed unless it was registered incorrectly. The fact that a company may have stopped trading is not enough reason for it to be removed. The goods new is it is going to drop off your credit file this year, and as others have mentioned it's so old any impact it still has is likely to be minimal.

    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
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