Default on loan

Mattchew

I have a default on my credit file for a loan I had a few years ago. Initially the loan was approx £1500 over 24 months approx £75 a month with interest. After 4 or 5 payments of £75, I increased the loan repayment to £150 each month. There was a small balance of £100 or so outstanding that I failed to pay ontime and the account went in to default.

My quest is - if I was making over payments each month anyway and essentially was a year ahead of my loan agreement, is this infact a default?

Thanks

CLAPTON

If you still owe £100 then yes it is a valid default.

because you paid some money early then maybe there would be less interest payable, but this would depend upon details you haven't provided

why didn't you pay off the final £100

Mattchew

CLAPTON wrote: »

If you still owe £100 then yes it is a valid default.

because you paid some money early then maybe there would be less interest payable, but this would depend upon details you haven't provided

why didn't you pay off the final £100

I don't know - i'm in dispute with them regarding the default anyway. I have been waiting 75 days for copy of the CCA, which as of yet has not been provided. They have 7 final days to comply with my request or I am taking legal action. It appears from my calculations that I may have overpaid. Their figures in a spreadsheet with compound interest, do not add up. I'll post further details when I hear something...

I have requested the loan repayments back in full and for formal written confirmation that they do not have a copy of the credit agreement...

The dispute is with egg