default notice on paid loan

nathancuk

hi
i ran into some trouble with a loan back in july 2007 this was transfered to "litigation"? team i think halifax call it.
i managed to pay off the balance of this very rapidly (by jan 2008) it did not go to court or anything else.
they agree with me that i did pay off this loan and are "WORKING" on removing the unpaid default from my credit file.

?? Should this still show as "DEFAULT" status on my credit file? they say it will and remains for 6 years even though i paid in full within approx 2- 3months
many many thanks

[Deleted User]

but even though you paid it off you did default

nikki2804

My OH has the same problem. It should show as settled.

We're fighting it too, except they sold the (paid) debt on to a debt collecter, fun times.

inmypocketnottheirs

Here is the really bad news.

Once a default notice is registered it is nigh on impossible to get it removed. And a default notice is a red flag to any lender, and is viewed as badly as a county court judgement.

nathancuk

thanks for your help
i feel this is unfair or incorrect as a default though can anyone tell me where i find out the legal explanation of "default" on an agreement
as i informed the lender all the way through the 3/4 months that i did not make payments that i was about to clear the balance and need some time - this did not go to court it was passed to litigation team and i made Payment in full as promised

thanks for all your responses - very informative

1) i informed the lender that i was going to clear the balance within a few months and kept that promise

2)the balance shows as unpaid default on my credit file - this is not true and is unfair?

3)should the legal description be a "DEFAULT" if it has truly been paid

thanks again

elrichio86

The simple fact is you missed some payments, hence they can log a default against you.

The fact that you made these payments later on is irrelevant.

Harsh I know....

nathancuk

ok sorry but i like to have the legal defention or Law for this subject
where do i find this i cant go through life accepting a non valid reason
really would like some more info - when is a default legally placed -
i.e if you do not pay a loan for three payments

id rather not accept an awnser like
"those are the breaks tuff luck kiddo" we need to stand up and fight against unfair practices like these

the simple fact that if you miss 3 x £150 payments then manage to raise £3841 in two months and pay off the sharks is outstanding in my opinion
are we supposed to just let these guys come round and break your legs because you were late a couple of times

sorry i dont accept the fact is you missed some payments tuff this is unacceptable
grinds my gears lol

!WHOS WITH ME!

Wutang_2

nathancuk wrote: »

!WHOS WITH ME!

You might need to try a different section of MSE for support on this. You did default and you won't get much sympathy here. If you didnt default then it could be removed - I have done it. But you did.

nathancuk

sympathy is not my search? where did that come from just an Explanation of default is!!! and no one knows or has not explained it.

did i really default if i paid this off ?
what is defenition of default ?

nathancuk

forgot to add in the 1st place according to most websites quotes

""Default" essentially means a debtor has not paid a debt which they are required to have paid."

i paid this how is there a default?

corbyboy

Here is a copy and paste from an online legal dictionary:

To default on a debt is to fail to pay it upon its due date. Default in contract law implies failure to perform a contractual obligation.

If you failed to pay it on time you have defaulted. I appreciate it is frustrating, but you did default according to this definition.