Unfair Default Help!

michael1234

pegg wrote: »

hey im a big boy i do not need back slappin or sympathy. Just trying to get head round the fact that a late payment - not arrears ! leads to a 6 year punishment ?
thats all , i am not angry with anyone ( apart for bank of scotland ) and all coments do help .

Hmm I thought my post was hopefully helpful - not overly sympathetic nor ireful towards anyone. Wasn't intended to be anyway. :rotfl:

opinions4u

michael1234 wrote: »

I have to say there is quite a big difference between one missed payment and a default.

In legal definition I don't think there is (quite happy for somebody to provide links that prove me wrong. There may be "guidelines" and the like, but something more cast iron that that doesn't appear to exist). That said, in "normal practice" it does appear to be unusual to register a default in these circumstances.

The dictionary definition of the adjective default is "failure to act, esp a failure to meet a financial obligation". The OP didn't meet their financial obligation on time.

Here's a linky to more information. And here's another link that says "Whenever you take out a loan or hire purchase agreement you sign a declaration stating that you agree that should you not keep up your payments in any way then the bank or other financial institution has the right to inform the credit reference agencies of your default etc. This could be due to late payment."

pegg wrote: »

Fantastic comment ! the whole country is turning so slow ..... small businesses always chasing payment as i do ......... 3 weeks late and default - fair ? ! ?

Did I in any way shape or form say it was fair?

well if thats your opinion then next time a client is 3weeks late should i take away there car ? or tv ? or perhaps just break there legs ! yep if thats the way forward ! GREAT BRING IT ON

No. Because in this case the bank hasn't repossessed your house or sent the boys round. So it's a silly comparison.

And i first new about default when i was buying a new van - no lender would touch me! we have never made a late payment before my bussiness is good

Whether it's a default or a late payment, I doubt any mainstream lender would touch you. You did pay the mortgage late, after all.

financial ombudsman will take over after us

And if the FOS rules that the bank have been hasty, which they might have been, then things will be put right and you will be compensated. The two links I've included in this post provide you with some helpful suggestions on how to get the lender to remove the default. My first post on this thread, #2, suggested that you use the bank's complaint procedure. Take a step back, take a few deep breaths and then sit down and work out how you are going to put this request in writing. Ranting won't achieve what you want. A firm but polite request might.

But strangly when we spoke to a different lady at bank of scotland she said there should be 2 letters issued and a late payment fine before default! but we have recieved nothing !!! SO will keep you posted.

That may be their standard internal procedure. If they haven't followed their own procedures then their is an increased chance that the FOS will rule in your favour. Assuming this is a residential mortgage and not a buy-to-let arrangement.

Have you had missed payments in the past? That could lead a lender to acting more swiftly.

Just cannot believe that they treat us like this - if I ran my company in this maner - well id be taken to court

Take them to court then and bypass the FOS. You have a right to do so.

well get there im sure , but opinion coment - that being 3 weeks late and deserves a default - well lets hope it never happens to you x

I didn't say it deserved a default. I simply confirmed the facts to you. Get a grip.