Payment Arangement Nat West

MrStuck

Hi, I need your advice / help please as I'm stuck.

Three years ago when things where going ok I decided to take out a loan. £18000 to be precice. I wanted to get a nice car and pay off my other loose ends. Anyway, a year later I got ill, lost my job and couldn't pay.

I went to the citizens advice and they sent a letter offering £1 for the next 6 months until I was well. They accepted this in a letter though for the next three months I recieved all sorts of horrible letters from Nat West as they had not realised they has accepted my £1.00 offer.
Now I have upped my payment to £101 as I get Icapacity benafit. I have agreed this for a further three months as all I want to do is work and though I have a health condition I really WANT to work. Its just finding the right job and for the right employer. Sorry, I'm rambeling.

The whole point of this is that I checked my credit rating last week and it said I had 8 defaults. I was gutted as I have never missed a payment. I called Nat West and they said it was because I did not keep within the origanal agreement.

When I first aranged this with Nat West they said it would not affect my credit rating as I acted quickly and its an agreed arangement with them.

Does anyone out there know if they should be still defaulting me ?
Any help or advice would be great.
Thanks.

stclair

MrStuck wrote: »

Hi, I need your advice / help please as I'm stuck.

Three years ago when things where going ok I decided to take out a loan. £18000 to be precice. I wanted to get a nice car and pay off my other loose ends. Anyway, a year later I got ill, lost my job and couldn't pay.

I went to the citizens advice and they sent a letter offering £1 for the next 6 months until I was well. They accepted this in a letter though for the next three months I recieved all sorts of horrible letters from Nat West as they had not realised they has accepted my £1.00 offer.
Now I have upped my payment to £101 as I get Icapacity benafit. I have agreed this for a further three months as all I want to do is work and though I have a health condition I really WANT to work. Its just finding the right job and for the right employer. Sorry, I'm rambeling.

The whole point of this is that I checked my credit rating last week and it said I had 8 defaults. I was gutted as I have never missed a payment. I called Nat West and they said it was because I did not keep within the origanal agreement.

When I first aranged this with Nat West they said it would not affect my credit rating as I acted quickly and its an agreed arangement with them.

Does anyone out there know if they should be still defaulting me ?
Any help or advice would be great.
Thanks.

How many times did you not make the full payment as required?

It would affect your credit file whether you had an agreed arrangement with them or not.

MrStuck

Thanks for your reply,

I think it's been about 8 times maybe a couple more since the arangement started. I thought it might not affect my credit rating as it was agreed and I have always made my payment on time albiet a the reduced agreed payment. Its not that I want to take out more credit, no way, I'm just very aware that it lasts for six years and I guess now I cant even get a new phone contract ?
Gutted about the whole situation really.

MrStuck

I have just read your question again and I made full payments for just over a year.

Thanks again.

stclair

MrStuck wrote: »

I have just read your question again and I made full payments for just over a year.

Thanks again.

Id speak to natwest about the 8 defaults if you had an agreement with them they shouldnt keep slapping defaults on you unless you broke the agreement.

MrStuck

Hmm intresting thanks, I felt it was wrong hence my post. I have never defaulted on my agreement but they have told me that I have not kept up with the terms & conditions of the loan. I thought if they agreed to the agreement, in a sence they are changing the terms & conditions for the length of the agreement. Or is that wishfull thinking ?
I am now dealing with another company on behalf of Nat West though the letters are all on Nat West paper !?

stclair

MrStuck wrote: »

Hmm intresting thanks, I felt it was wrong hence my post. I have never defaulted on my agreement but they have told me that I have not kept up with the terms & conditions of the loan. I thought if they agreed to the agreement, in a sence they are changing the terms & conditions for the length of the agreement. Or is that wishfull thinking ?
I am now dealing with another company on behalf of Nat West though the letters are all on Nat West paper !?

Well you would have defaulted on your payments as you did not make the full payment as required. Im unable to confirm or deny if the defaults should be marked on your credit file in such a manner.

Are the defaults marked on your credit file footprinted by Natwest or is it the other company?

CLAPTON

you have defaulted on your agreement as you haven't paid the contractual amounts

the 'agreement' you made to make reduced payments was not a free and equal agreement as basically Nat West had no choice but to agree.

anyway the default is right and correct but they should only default your a/c once.

stclair

CLAPTON wrote: »

you have defaulted on your agreement as you haven't paid the contractual amounts

the 'agreement' you made to make reduced payments was not a free and equal agreement as basically Nat West had no choice but to agree.

anyway the default is right and correct but they should only default your a/c once.

I agree clapton my understanding is that is should only be defaulted once.

PNPSUKNET

it will be one default does it say 8 , which on experian means default not 8 defaults?

[Deleted User]

I posted a new thread on here a while back addressing this, but no-one seems to have responded.

The Information Commissioner's Office sets out VERY clear guidelines as to when a lender can slap a default on your credit file - and the circumstances you set out do NOT satisfy that test:

http://www.ico.gov.uk/upload/documents/library/data_protection/detailed_specialist_guides/default_tgn_version_v3%20%20doc.pdf

Have a read of that and you'll see what I mean.

They should have applied an 'arrangement to pay' but not a default, as communication/payments have not broken down between consumer and lender.

So, complain to them and if you get no joy, consider going to the ICO too.