Credit File Advice Needed!

GameOver_2

Hi

My biggest debt on my credit file is a car finance, for 5,771. And they havnt contacted me for 2 years, and they havnt defaulted me, it just says U, which means not updated, for 2 years? Why?

And If i pay all my debts 1 pound a month, will they start to show a "0" in green?

Thanks

Matt :beer:

file_wizzard

GameOver wrote:

Hi

My biggest debt on my credit file is a car finance, for 5,771. And they havnt contacted me for 2 years, and they havnt defaulted me, it just says U, which means not updated, for 2 years? Why?

And If i pay all my debts 1 pound a month, will they start to show a "0" in green?

Thanks

Matt :beer:

No they will show as arrangement to pay.

A “0” is only entered when all payments are up to date and are being made in accordance with the amounts stated in the original loan agreement.

GameOver_2

Your good at the files mate.

Do you have any ideas about the car finance people, my biggest debt?

Matt

file_wizzard

GameOver wrote:

Your good at the files mate.

Do you have any ideas about the car finance people, my biggest debt?

Matt

Unless you are 100% sure that you are in a position to offer a payment plan and keep to it then sleeping beasts are best left to lye for now…..

Was the car HP or finance?, and is there an outstanding amount after the resale value

GameOver_2

The car was on HP for 7k, it was taken back because i couldnt afford it in 2003, its now almost 2006 and ive heard nothing, no phone calls, no letters, no nothing, its not even been passed on.

The amount owed (after they sold it at auction) is 5,771.

This is what it looks like, on my credit file (hope the link works..........

GameOver_2

Any ideas?

file_wizzard

GameOver wrote:

Any ideas?

Looks like they have taken it out of their system and potentially reassign the debt to someone else.

However as no one has been chasing you it looks like it has got "lost" in the system somewhere for now.

Two choices really,

1) keep quite and wait and see if anyone comes chasing you
2) offer them a payment plan that is affordable to yourself

GameOver_2

So in this case can i do the 40 day thing, they shouldnt be able to find me on the system and it will drop off my file?

Please understand, i have depression and anxiety, i can barely answer the phone, if i can not pay this debt please help me? They have the car back and have sold it.

Matt

file_wizzard

GameOver wrote:

So in this case can i do the 40 day thing, they shouldnt be able to find me on the system and it will drop off my file?

Please understand, i have depression and anxiety, i can barely answer the phone, if i can not pay this debt please help me? They have the car back and have sold it.

Matt

No if you do the "40 day thing" you will awake a sleeping beast and they will start chasing you for the debt owed.

like i said, keep quite and hope no one undertakes an audit, or offer payment to start reducing the debt.

Painful i know for a car you dont have but that’s the agreement you signed for.

Only hope you have got is contact the CRA's and lodge a notice of dispute over the file entry, this will go one of 2 ways,

1) the creditor wont respond and the data is "suppressed" or hidden from searches after 28 days

2) They do acknowledge the dispute and know you are still out there so they will start chasing you

GameOver_2

But if im not on there system anymore, they cant make me pay can they? if i leave it, they may default me on the 5th year, and then the 6 years will start from there!

Matt

GameOver_2

Oops you edited your post while i posted lol.

So its a 50/50 and one is really good, and one is really bad........LOL.

Can i check without them acknowledging me and chasing me down?

Matt