Sutton's default removal letters

leemuddywaters

Hi All hope you can help

My main question i this... I have 2 defaults on my credit report dating back to 28/03/2006 (Defaulted Date) which is an egg loan sitting at £2500 I am currently paying £80 a month

Also a capital one account defaulted on 30/03/2007 which was £350 which I paid off in total last week.

Should I pay the egg loan off or wait for it for it to drop off? I want to apply for a mortgage in the next year and was wondering the best way to go about this.

Thanks.

never-in-doubt

leemuddywaters wrote: »

Hi All hope you can help

My main question i this... I have 2 defaults on my credit report dating back to 28/03/2006 (Defaulted Date) which is an egg loan sitting at £2500 I am currently paying £80 a month

Also a capital one account defaulted on 30/03/2007 which was £350 which I paid off in total last week.

Should I pay the egg loan off or wait for it for it to drop off? I want to apply for a mortgage in the next year and was wondering the best way to go about this.

Thanks.

Ive responded to you in your own thread mate.... #63

But specifically, you're paying which is the biggest mistake! Have a read of the last 7 pages and get an idea what to do, same as Parki and a couple of others - the letters are there as well. Start at page 8....

never-in-doubt

leemuddywaters wrote: »

Hi All hope you can help

My main question i this... I have 2 defaults on my credit report dating back to 28/03/2006 (Defaulted Date) which is an egg loan sitting at £2500 I am currently paying £80 a month

Also a capital one account defaulted on 30/03/2007 which was £350 which I paid off in total last week.

Should I pay the egg loan off or wait for it for it to drop off? I want to apply for a mortgage in the next year and was wondering the best way to go about this.

Thanks.

Mate,

your options are as follows;

1. Refuse to pay and wait 6yrs from date of default for debt to fall off;
2. Pay and wait 6yrs from date of default for default to disappear
3. Refuse to pay and issue enforceability against them to prove the debt was legal and hope you win so they are forced to remove default (may backfire though)

In any case, you will not get a mainstream mortgage next year. That is a fact as you have a couple of defaults.

You need to decide what is best for you, that is all that is left to do. The defaults will remain for 6yrs, that is unfortunately the way it is.

Paying was the biggest mistake as at non payment stage you could haggle that you'd pay in exchange for data removal.... you lost this option now matey...

never-in-doubt

leemuddywaters wrote: »

Hi Never in doubt, sorry just seen this reply.

Original debt was with Egg, Balance is currently £3600 it is now with NCO Europe (DCA) they have offered a settlement figure of £2200

Im not sure when my last payment to egg was I guess in 2005 when the loan started. I went to New Zealand to live and left money with a family member to pay it off who stole the money so I only found out this has had happened when it had already defaulted.

Hi,

can you confirm do you have one default or two? please be specific, you said you were paying £80 per month - then you said you last paid in 2005...?

Please stick to this thread and enlighten me - lol

never-in-doubt

leemuddywaters wrote: »

So basically im screwed for a mortgage until 2011? Payed or not??

yes, some sub-prime may help but expect higher APR's...... that is not definite but in the current climate you'll struggle unless you have a huge deposit...... i.e. 75% LTV or similar. I have a self cert mortgage and had to pay 25% but i've got a good deal of £250k at 6% (still fixed) so you can get the deals.

never-in-doubt

leemuddywaters wrote: »

Thanks for the info... We earn joint 45k a year, Im just not sure whether to continue paying or not. Trying to persuade my other half to clear it on one of her credit cards then I can maybe push egg to remove it.

No, dont pay it then argue - you'd argue for removal on the condition that you pay. So something along the lines of: I'll pay the balance if you agree to remove all details of the account from all CRA's. Failure to agree will result in my defaulting the account which means you'll end up with nothing.

Mention the first principle of the DPA stipulates that they will process data fairly and accurately, do they consider it to be fair to process derogatory data when you're offering payment to clear the debt? Suggest 'fair' in your eyes would be a fair swap, payment for removal of default and all account related data from all 3 CRA's.

leemuddywaters

Sorry! Pretty new to finding my way around the site. Gonna answer your previous reply which Ive just noticed. I last paid last month to the DCA Sorry I thought you were asking when I last paid Egg. Ive set up a direct debit with the DCA on a monthly basis.

Yes the other defualt was with captial one I cleared this completely this month. It was only £155.

Do you have a template of how to word the letter? Would be great to get it removed!

never-in-doubt

leemuddywaters wrote: »

Sorry! Pretty new to finding my way around the site. Gonna answer your previous reply which Ive just noticed. I last paid last month to the DCA Sorry I thought you were asking when I last paid Egg. Ive set up a direct debit with the DCA on a monthly basis.

Yes the other defualt was with captial one I cleared this completely this month. It was only £155.

Do you have a template of how to word the letter? Would be great to get it removed!

Did you see my post above? explaining your options..... #284

You have no rights to get them written off mate, its a gamble that may or may not pay off.

leemuddywaters

Yeah, just weighing up the benefits of paying it off? If it still shows as a default on my credit file even though its settled?

never-in-doubt

leemuddywaters wrote: »

Yeah, just weighing up the benefits of paying it off? If it still shows as a default on my credit file even though its settled?

exactly, it will. it's there for 6yrs, whether you pay or not mate.