Paying off card which filed adverse on report

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digitalphase
digitalphase Posts: 2,087 Forumite
edited 11 September 2010 at 1:28PM in Credit cards
I have recently been accepted for a Barclaycard, with 0% for 13mths. I want to use this to transfer a £800 odd debt over from my Lloyds TSB, which has reached the end of its 0% offer.

As Barclays have been generous with their limit, I can also transfer the balance of another card, on which I owe about £400.

Now, my question is. The latter card gave me a late payment marker of a 5 (was originally a default, then magically changed to a 5) whilst my account was in dispute following unfair charges. I did write to them about this but they didn't remove the marker, however they did pay me back the charges. I have had an arrangement to pay them back a set amount which is a bit over the minimum amount until the debt is paid.

I would like to write to them offering to clear the debt if they will remove the late payment.

Or, what happens regarding my report if I paid it off with the marker on there. As I think the late payment marker will remain on my report even longer then won't it? As the file will drop off 6 years from the date it was settled, so I'll be adding a longer time for it to be on my file.

Is there a limit to the time in which you transfer balances? I.e. if I transfer Lloyds when I get the card, then this Marbles one a month or so later?

I know it is a golden rule not to spend on balance transfer cards, but what happens regarding payment allocation when transfering more than one balance across? Or does it just become one balance?

Thanks, I hope someone can help :o Have recovered my credit file and moved back to mainstream, so taking advantage of 0% deals now :)

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  • digitalphase
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    Bump... Would be grateful if anyone's got any advice :)
  • PNPSUKNET
    PNPSUKNET Posts: 4,265 Forumite
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    Im going to be honest, unless it was 100% fees youve done well to get the default marker changed to a 5. Paying in full will help as it will stay on file for 6 years from settlement
  • digitalphase
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    PNPSUKNET wrote: »
    Im going to be honest, unless it was 100% fees youve done well to get the default marker changed to a 5. Paying in full will help as it will stay on file for 6 years from settlement

    I didn't think it showed to lenders on Experian over 3 years?

    The thing is they gave me a default incorrectly plus they shouldn't have been reporting to CRA's whilst my account was in dispute as that broke the banking code. So the late marker should not be on there at all as it isn't correct.

    Is it not worth a barter to see if they will remove it in exchange for me clearing the card?

    So you think it better to pay it off as it will stay on report less time?

    Oh and what is 100% fees?
  • questionabout
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    Is it not worth a barter to see if they will remove it in exchange for me clearing the card?

    Depends on who it is with. Someone on here recently got O2 to remove theirs after full payment. :beer:

    However in your credit card companies defense, they will say it is required by law to give an accurate report of how you run your credit account. But because you say it was in dispute its definately worth a shot.

    Good luck :money:
  • digitalphase
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    Depends on who it is with. Someone on here recently got O2 to remove theirs after full payment. :beer:

    However in your credit card companies defense, they will say it is required by law to give an accurate report of how you run your credit account. But because you say it was in dispute its definately worth a shot.

    Good luck :money:

    They knew full well they were not allowed to continue to report whilst my account was in dispute, and I told them that fact. I may still have the original letters on my other computer, but that is awaiting repair at the moment, so can't look.

    I may be able to use this to my advantage though in getting them to remove it.

    It is their duty to report correct data - but they deleted all the previous good data I had with them for a couple of years previously, to replace with this incorrect 5. There has since been abut 18mths worth of green 0's.

    I am willing to pay my debt, but feel they should remove this marker.
  • Marksfish
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    In the meantime, can you not apply for a notice of correction on your credit files? Plus, if you pay it off and they don't remove it, the 5 will show for 6 years as already stated. If you carry on making monthly payments (and unfortunately incurring more interest), then as most agencies only store payment insight information for 12 months, it will drop off quicker.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    They knew full well they were not allowed to continue to report whilst my account was in dispute, and I told them that fact.
    So a formal complaint, escalated to the FOS (and with the ICO copied in), should easily resolve the situation then?
  • PNPSUKNET
    PNPSUKNET Posts: 4,265 Forumite
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    they can still report to cra's even when in dispute, it was only the balance o/s which was. If the minimum was paid you wouldnt have the late payments, so in effect the correct data has been reported. Its like people who get CCA requests, they still even if not provided will be continued to be reported to cra's. A settled account stays on file for 6 years from settlement, most lenders go back 3 years but can do 6.
  • Sharmaine
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    I didn't think it showed to lenders on Experian over 3 years?

    The thing is they gave me a default incorrectly plus they shouldn't have been reporting to CRA's whilst my account was in dispute as that broke the banking code. So the late marker should not be on there at all as it isn't correct.

    Is it not worth a barter to see if they will remove it in exchange for me clearing the card?

    So you think it better to pay it off as it will stay on report less time?

    Oh and what is 100% fees?


    Is that right? That Experian info does not show to lenders over 3 years? I thought it was 6! This is good news if correct.
    :o
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