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CCCS_Sue

nick1974 wrote: »

Hi,

Your help would be much appreciated on this question.

I have had a number of defaults on my credit history over the last few years. Most of them have now been removed as are over 6 years old. I have 2 left from Cahoot (a loan, and a credit card). They are both 6 years old in February 2011. I dont remember ever receiving a default notice from this company, and have written several letters to them asking them for a copy of it. I was referred to Santander, and eventually received confirmation last week that they dont have a copy, and they are not obligated to keep copies of these letters. Instead they just sent me copy of a template letter that they say was sent to me in 2005. They say this is the final stage of the complaints process and there is no further recourse for me. The default is hindering me in getting a mortgage, and I would like to know what my next course of action could be. Should I take this to a solicitor on my behalf, or is there something else I can do. If there was a defualt on this account, then it would have been earlier than this anyway, which is why I think it is incorrect. I had an IVA in April 2004 and defaulted on several accounts around this time. The fact that they have recorded a default in February 2005 is definitely not accurate, and they are not able to prove this.

I am willing to do anything I can to have this default removed as at the moment it is unsubstantiated. Are they legally obliged to remove it as they cant prove it?
Many thanks,

Nick

Hi Nick,

Thank you for your message.

If you are not happy with the response that your lender has given you, and you feel that the information on your credit file is wrong, then you could complain to the Information Commissioner. I have attached a link to a booklet called Credit Explained which gives further information on how to correct information on your credit file. http://www.ico.gov.uk/upload/documents/library/data_protection/practical_application/credit_explained_leaflet_2005.pdf

To get some free legal advice on this, you could try Community Legal Advice. I have attached a link here: http://www.communitylegaladvice.org.uk

Regards
Sue

keanfl

Sorry if this seems a dumb question.

We have been in contact with the yourselves through the online tool and have been advised to go for an IVA (which scares me) or a DMP, my question is would it be better or worth going for the DMP before IVA?

CCCS_Sue

keanfl wrote: »

Sorry if this seems a dumb question.

We have been in contact with the yourselves through the online tool and have been advised to go for an IVA (which scares me) or a DMP, my question is would it be better or worth going for the DMP before IVA?

Hi keanfl and thank you for your message

The fact you feel anxious about going into an IVA may be because you are not entirely sure what it entails.
An IVA is a legally binding arrangement between you and your creditors, where they agree to a fixed affordable monthly payment over a fixed term, usually five years.
If you keep to the arrangement, the creditors will not chase you for payment.
They will also not add any further interest to your balances unless you are able to pay the debts in full during the term of the IVA.
You can either choose you own Insolvency Practitioner or use our CCCSVA.
They would contact you and explain what happens next.
There has to be a meeting of creditors and 75% of them in value have to agree to the IVA.
If it failed, then you could perhaps look at the DMP option.

If you were to do a DMP, this is more flexible and not legally binding, but your creditors could still add interest and take further action. It would also take longer to repay if there were no changes to your circumstances.

At the end of the day, it is your decision, but if you require further information and would like to talk this through with a counsellor, there is a telephone number you can ring on the website.



Hope this helps!

Regards
Sue

budg

Thanks for the reply. My ex acknowledges this is her debt and says she is dealing with it - she has contacted Westcot to this effect. BUT it was a horrible few days and a hard lesson learned. Once again thx.

huwbow

Hi, hope you can help.
We took out a secured personal loan with Intelligent Finance in 2002. We got into financial difficulties and had to sell the house to use the profit to pay off all of the debts. We moved into rented accomodation.
We thought that the loan would have been paid off when the house was sold (as it was secured on the property), but we recieved letters from IF a year later saying that we still owed £7500. Maybe a bit stupidly we ignored the letters thinking that they'd got it wrong. Where do we stand if a secured loan isn't paid when the property is sold?
We then found out in 2006 that IF had passed the debt onto debt collection agency Robinson Way. The first time that Robinson Way contacted us we explained the situation regarding the secured loan but they just told us to contact IF. We did contact IF but they explained that as we don't have any proof that the debt was paid then it still was payable.
At the moment my Experian record is showing that I owe IF £7500 and Robinson Way £7500 and that they have defaults on both. I contacted IF and asked them to remove their record as they had passed the debt on but they wouldn't as the debt is still outstanding to Robinson Way. They said when the debt is paid to Robinson Way then they would inform IF and both Experian records would then be cleared. Therefore at the moment my record shows that I owe £15000 rather than £7500.
Are they correct in doing this?

Hope you can help,
Many thanks.

CCCS_Sarah

huwbow wrote: »

Hi, hope you can help.
We took out a secured personal loan with Intelligent Finance in 2002. We got into financial difficulties and had to sell the house to use the profit to pay off all of the debts. We moved into rented accomodation.
We thought that the loan would have been paid off when the house was sold (as it was secured on the property), but we recieved letters from IF a year later saying that we still owed £7500. Maybe a bit stupidly we ignored the letters thinking that they'd got it wrong. Where do we stand if a secured loan isn't paid when the property is sold?
We then found out in 2006 that IF had passed the debt onto debt collection agency Robinson Way. The first time that Robinson Way contacted us we explained the situation regarding the secured loan but they just told us to contact IF. We did contact IF but they explained that as we don't have any proof that the debt was paid then it still was payable.
At the moment my Experian record is showing that I owe IF £7500 and Robinson Way £7500 and that they have defaults on both. I contacted IF and asked them to remove their record as they had passed the debt on but they wouldn't as the debt is still outstanding to Robinson Way. They said when the debt is paid to Robinson Way then they would inform IF and both Experian records would then be cleared. Therefore at the moment my record shows that I owe £15000 rather than £7500.
Are they correct in doing this?

Hope you can help,
Many thanks.

Hello,

Thank you for your message.

I would recommend that you seek advice from the financial ombudsman with regards your credit file, as this information should not be showing twice.

When the house was sold you should have received a statement showing how much the house was sold for etc. You could contact IF and ask the breakdown the balance.

Any shortfall would be now treated as an unsecured debt so you could always make reduced payments if needed. If you would like an appointment to discuss this, you could call our helpline on 0800 138 1111.

Regards
Sarah

panicsetin

Sorry, deleted as decided to e-mail direct

Zim_3

Hello,

I'm in a bit of bother and need to find out how I should proceed. I've been a bit stupid and managed to accumulate about £30,000 worth of debt.

This is broken down as follows:

£13,500 - unsecured loan at 14%
£10,000 - credit card (with my bank LloydsTSB) at 14% (approx)
£4,050 - credit card with Egg at 0%
£3,160 - credit card with Barclays at 0%

Feel a bit stupid as I have a good credit history, I took out the loan to pay off a balance I had on the bank credit card but never got rid of the card! Unfortunately I made a few balance transfers to it while still using it (another mistake!) and the balance grew on it again.

I transferred some of the LloydsTSB balance onto the Egg and Barclay cards which I applied for for that purpose. A couple of unforeseen circumstances and the high interest has meant the LloydsTSB balance has crept up again.

I'm hoping you can give me some advice on which way to turn next to try to help.

I have a pretty good job at the moment (IT) but it's just not bringing in enough to pay debt down. I'm looking for better paying jobs at the moment as well as looking for a second job but until I find one I have to manage on what I currently earn.

Really hope you can advise me on the best strategy.

Thanks.

CCCS_Sue

Zim wrote: »

Hello,

I'm in a bit of bother and need to find out how I should proceed. I've been a bit stupid and managed to accumulate about £30,000 worth of debt.

This is broken down as follows:

£13,500 - unsecured loan at 14%
£10,000 - credit card (with my bank LloydsTSB) at 14% (approx)
£4,050 - credit card with Egg at 0%
£3,160 - credit card with Barclays at 0%

Feel a bit stupid as I have a good credit history, I took out the loan to pay off a balance I had on the bank credit card but never got rid of the card! Unfortunately I made a few balance transfers to it while still using it (another mistake!) and the balance grew on it again.

I transferred some of the LloydsTSB balance onto the Egg and Barclay cards which I applied for for that purpose. A couple of unforeseen circumstances and the high interest has meant the LloydsTSB balance has crept up again.

I'm hoping you can give me some advice on which way to turn next to try to help.

I have a pretty good job at the moment (IT) but it's just not bringing in enough to pay debt down. I'm looking for better paying jobs at the moment as well as looking for a second job but until I find one I have to manage on what I currently earn.

Really hope you can advise me on the best strategy.

Thanks.

Hi Zim and thank you for your message

In order to give you detailed advice regarding your situation, I would recommend that you call us for an appointment to speak to one of our debt counsellors.
The free helpline number is 0800 138 1111.
Lines are open from 08.00 until 20.00 Monday to Friday
Alternatively, you can use our online Debt Remedy facility. www.cccs.co.uk/ref/drcu

Regards
Sue

Zim_3

CCCS_Sue wrote: »

Hi Zim and thank you for your message

In order to give you detailed advice regarding your situation, I would recommend that you call us for an appointment to speak to one of our debt counsellors.
The free helpline number is 0800 138 1111.
Lines are open from 08.00 until 20.00 Monday to Friday
Alternatively, you can use our online Debt Remedy facility.

Regards
Sue

Thanks Sue, will do.