Clearing a loan default (LloydsTSB)

leereni

Please can someone give me some good advice about a default on my loan.

I had a loan with LloydsTSB which I went into arrears with about 3-4 years ago. The loan was eventually refinanced in february 2007. Checked my credit file and they've shown two accounts for the same loan. One showing the loan as settled and the other showing the loan as 5 payments in arrears for the past 12 months (last updated march 2007).

Any advice as this is seriously hampering me getting any type of credit never mind a mortgage.

Thanks

Sunny2good

Get in touch with their department which deals with Credit References. You can get their details by going to a branch or calling Llyods customer services. See whether its possible for you to talk to them over the phone, if not, get their address and post them a letter with recorded delivery explaining the error.

They should remove the duplicate account which shows 5 payments in arrears.

If you are an experian customer, you can get them to chase llyods TSB for you. Contact them for details.

Add a "Notice of Correction" to your file in the mean time till this gets resolved.

All the Best,

Sunny

leereni

Thanks Sunny.

I sent their customer services department a letter today with the query. Hopefully I'll get some kind of positive feedback.

bossanova1962

In the interim you should be able to ask the credit reference agency to post a notice of correction on your credit reference file.

In the longer term unless Lloyds cooperates the entry should be spent after 6 years from the date of lodgement.

All the best,

Nick

leereni

Thanks again.

On the notice of correction. I take it this wouldn't effect my credit score?

Also. What exactly is a default? Just if say for example I miss a couple of payments on an account that won't necessarily mean it's a default. At what point does it become a default?