help with timescale of default

the_boy_with_no_name

heres the details guys i have a loan with just over £14,000 left outstanding. i have arrears of £550 outstanding. the bank have passed it to a solicitors & they are going to register a default against me if i cant pay it by friday.

i have 3 questions.

1. i have never been issued with a default notice, can they do this.

2. what will show as default, will it the arrears of £550 or the full outstanding loan amount.

3. how long will the default show on my credit file (i still have 3 years to go on the loan).

the bank is clydesdale bank & the solicitors are sutcliff's (inhouse with cb)

cheers guys.

MoonRose77

can't help you with the answer but will bump up so this doesn't go to second page and get missed by someone who can help you out.

the_boy_with_no_name

can anyone help, worrying about this

10past6

the_boy_with_no_name wrote: »

1. i have never been issued with a default notice, can they do this

Yes, but they are supposed to send you a written default notice

the_boy_with_no_name wrote: »

2. what will show as default, will it the arrears of £550 or the full outstanding loan amount.)

It will show the arrears, but if they take you to court, they may well claim the whole amount

the_boy_with_no_name wrote: »

3. how long will the default show on my credit file (i still have 3 years to go on the loan)

6 years

the_boy_with_no_name

10past6 wrote: »

Yes, but they are supposed to send you a written default notice

It will show the arrears, but if they take you to court, they may well claim the whole amount

6 years

i have been paying the monthly payments (apart from 2 which i missed) the missed payments are from the summer. will they still be able to claim the whole amount.

i'm planing on paying this off over 3 payments if they will allow it (which i think they will). will this make a difference

also is it 6 years from the date of issue or 6 years from the date the default was settled

the_boy_with_no_name

sorry but bumpty

Fire_Fox

It's six years from either the date the account was settled OR the default whichever is the earlier.

MrsTinks

the_boy_with_no_name wrote: »

i have been paying the monthly payments (apart from 2 which i missed) the missed payments are from the summer. will they still be able to claim the whole amount.

i'm planing on paying this off over 3 payments if they will allow it (which i think they will). will this make a difference

also is it 6 years from the date of issue or 6 years from the date the default was settled

Your previous paid payments won't matter - if the account defaults it's marked as default on your credit file - the amount is irrelevant it's the account that is placed into default.
If they agree to a payment plan then great - make sure they agree to stop the default going on your account though because if it does then your credit file is marked for 6 years... If you can then either come to an agreement with them or if you are confident it's a one of and you can pay it back then borrow the money of a relative and pay them back in 3 installments instead.
The 6 months is usually from the date the account is placed into default by the lender.

the_boy_with_no_name

MrsTine wrote: »

Your previous paid payments won't matter - if the account defaults it's marked as default on your credit file - the amount is irrelevant it's the account that is placed into default.
If they agree to a payment plan then great - make sure they agree to stop the default going on your account though because if it does then your credit file is marked for 6 years... If you can then either come to an agreement with them or if you are confident it's a one of and you can pay it back then borrow the money of a relative and pay them back in 3 installments instead.
The 6 months is usually from the date the account is placed into default by the lender.

thats is exactly what i was going to do, but they are telling me over the phone that the default is already registered. the bank are still going to be taking the monthly payments out every month. this says to me that it is only the 555 arears that is regestered. without checking my credit report could this be the case?????

if that is the case then it would be pointless in borrowing the money

MrsTinks

the_boy_with_no_name wrote: »

thats is exactly what i was going to do, but they are telling me over the phone that the default is already registered. the bank are still going to be taking the monthly payments out every month. this says to me that it is only the 555 arears that is regestered. without checking my credit report could this be the case?????

if that is the case then it would be pointless in borrowing the money

Defaults don't work like that... either the account is in default or it's not - it doesn't matter if it's for £1 or £1000. If it is then that's it. If it's not then all it will have is markers showing late or missed payments on your credit score.
Once it's in default they will continue to take their payments because they want their money back one way or another

the_boy_with_no_name

MrsTine wrote: »

Defaults don't work like that... either the account is in default or it's not - it doesn't matter if it's for £1 or £1000. If it is then that's it. If it's not then all it will have is markers showing late or missed payments on your credit score.
Once it's in default they will continue to take their payments because they want their money back one way or another

i think i'm starting to understand.

so if it is marked as a default, when i clear the areers off will the dafault be showan as cleared or will it still be active.

just checked my credit report & the 2 missed payments are showing, but that is all.

many thanks for your help