How to get back on the credit ladder

marcellep

Looking for some opinion here!
I have checked all my credit files ie with Equifax, Experian, and call credit.
Only issue I have is a settled Default from Capital One dating back to early 2005.
How much of an adverse affect will this really have on my credit?
Am I just as well to forget applying for any more credit until this is removed?

seeya23

have you try jdwilliams or jacamo they are easy to get start off with a limit of £125

marcellep

have you try jdwilliams or jacamo they are easy to get start off with a limit of £125

I already have Catalogues which I have used and paid back, still have credit available on them and pay them on time. I also have a current account too.

I am really looking for a loan to buy a new car, but not sure if I am wasting my time!

RICK..._2

seeya23 wrote: »

have you try jdwilliams or jacamo they are easy to get start off with a limit of £125

i've never even heard of these companies, had a look on jacamo and there's loads of stuff i like, just signed up and got an account :T This will help me build my credit up. :j

so thanks! :beer:

marcellep

RICK... wrote: »

i've never even heard of these companies, had a look on jacamo and there's loads of stuff i like, just signed up and got an account :T This will help me build my credit up. :j
so thanks! :beer:

Have a read back in the very early stages of this thread, there is some really useful information

RICK..._2

Thanks, will do

never-in-doubt

marcellep wrote: »

Looking for some opinion here!
I have checked all my credit files ie with Equifax, Experian, and call credit.
Only issue I have is a settled Default from Capital One dating back to early 2005.
How much of an adverse affect will this really have on my credit?
Am I just as well to forget applying for any more credit until this is removed?

Most lenders will hold it against you, as one of my other arguments go - lenders don't really differentiate between settled and unsettled defaults. Bottom line is each lender has their own criteria and to be honest if its a smallish loan then i'd be suggesting your own bank or someone with relaxed criteria such as Tesco (they sometimes only look at the last 3 years of adverse - but other times they look back the whole 6)....

So to answer your question, the default will have an awful affect on you but some lenders will let you through - out of interest when did you last make a payment on the defaulted account? Are you in Scotland as well?

Early 2010 (i.e. less than a year) this will become statute barred and so you need to wait and send a statute barred letter. You send it exactly one month after the first outstanding payment is due. So, say you you missed a payment on 15th Jan 2005, the debt becomes statute barred on 16th Feb 2010.

Statute Barred is 5yrs in Scotland, 6 in England.

Good Luck.

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Statute Barred letter to send (Scottish version)

---

I do not acknowledge any debt to you or any other company or organisation that you claim to be representing.

Dear Sirs,

Ref: XXXXXXXX

You have contacted me regarding the account with the above reference number, which you claim is owed by myself.

I would point out that under The Prescription and Limitation (Scotland) Act 1973 Part 1 Prescription Section 6:

"If after an appropriate date, an obligation (an appropriate debt) has subsided for a continuous period of five years:

(a) without any relevant claim having been made in relation to the obligation, and
(b) without the subsistence of the obligation having been relevantly acknowledged;

then as from the expiration of that period the obligation shall be extinguished..."

I would also point out that the Office of Fair Trading (OFT) say under their Debt Collection Guidance on statute barred debt that:

"It is unfair to pursue the debt if the debtor has heard nothing from the creditor during the relevant limitation period".

The last written acknowledgement/payment of this debt was made over five years ago and no further acknowledgement or payment has been made since that time. Unless you can provide evidence of payment from me in the relevant period under Part 1 Section 6of the above Act, I suggest that you are no longer able to take any court action against me to recover the alleged amount claimed.

The OFT Debt Collection Guidance states further that:

"continuing to press for payment after a debtor has stated that they will not be paying a debt because it is statute barred could amount to harassment".

I await your written confirmation that no further contact will be made concerning the above account and confirmation that this matter is now closed.

I look forward to your reply.

Yours faithfully

Sign digitally

marcellep

never-in-doubt wrote: »

Most lenders will hold it against you, as one of my other arguments go - lenders don't really differentiate between settled and unsettled defaults. Bottom line is each lender has their own criteria and to be honest if its a smallish loan then i'd be suggesting your own bank or someone with relaxed criteria such as Tesco (they sometimes only look at the last 3 years of adverse - but other times they look back the whole 6)....

So to answer your question, the default will have an awful affect on you but some lenders will let you through - out of interest when did you last make a payment on the defaulted account? Are you in Scotland as well?

Early 2010 (i.e. less than a year) this will become statute barred and so you need to wait and send a statute barred letter. You send it exactly one month after the first outstanding payment is due. So, say you you missed a payment on 15th Jan 2005, the debt becomes statute barred on 16th Feb 2010.

Statute Barred is 5yrs in Scotland, 6 in England.

Good Luck.

---

Statute Barred letter to send (Scottish version)

---

I sort of thought it would have awful affects on my credit rating to be honest, This default is with Capital One bank (Credit Card)

I have been in talks with them trying to get it removed but its a big fat NO chance.

I last paid the account back in April 2005 and back in Dec 2005 they were included in my Scottish Trust Deed, this is similar too a IVA.

I am in Scotland for sure.

never-in-doubt

marcellep wrote: »

I sort of thought it would have awful affects on my credit rating to be honest, This default is with Capital One bank (Credit Card)

I have been in talks with them trying to get it removed but its a big fat NO chance.

I last paid the account back in April 2005 and back in Dec 2005 they were included in my Scottish Trust Deed, this is similar too a IVA.

I am in Scotland for sure.

Is it settled debt now then? If so, why pay? lol

You realise that december 05 as last payment means Jan 2011 as drop off date (statute barred)..... so ignore that letter! you shouldn;t have paid!

marcellep

never-in-doubt wrote: »

Is it settled debt now then? If so, why pay? lol

You realise that december 05 as last payment means Jan 2011 as drop off date (statute barred)..... so ignore that letter! you shouldn;t have paid!

Yeah the TD is over and I was discharged from that back in Jan this year, I had managed to get 3 other defaults removed but I am only left with Capital One.

I guess its just a case of waiting till it drops off then

Arghhhh why was I so bloody stupid