Quick Question

Majestic

I'm currently paying back several hundred quid to a debt collection agency who have taken over a defaulted argreement I had with my old bank. The agreement defaulted back in 2006.

The question is;

Can the Debt Collection Agency keep updating the defaulted account on my credit file. I understand old agreements (defaulted or not) drop off your personal credit file after 6 years, but this old file is being constantly brought up to the current date. Even though the default is 4 years old.

I was under the impression the default date was from the date of the actual collapse of the old agreement, not when the DCA finally receive their final payment, and settle the account.

I'm a tad baffled by it.

king100

Majestic wrote: »

I'm currently paying back several hundred quid to a debt collection agency who have taken over a defaulted argreement I had with my old bank. The agreement defaulted back in 2006.

The question is;

Can the Debt Collection Agency keep updating the defaulted account on my credit file. I understand old agreements (defaulted or not) drop off your personal credit file after 6 years, but this old file is being constantly brought up to the current date. Even though the default is 4 years old.

I was under the impression the default date was from the date of the actual collapse of the old agreement, not when the DCA finally receive their final payment, and settle the account.

I'm a tad baffled by it.

Have the asked the question

Do you have a valid CCA?

Majestic

Forgive me, does that stand for Customer Credit Agreement?

I requested a copy from the DCA (to prove they had the account) before i'd agree repayments, and they sent me one. It was all dated during the year of 2005, defaulted during 2006.

king100

Majestic wrote: »

Forgive me, does that stand for Customer Credit Agreement?

YES

I requested a copy from the DCA (to prove they had the account) before i'd agree repayments, and they sent me one. It was all dated during the year of 2005, defaulted during 2006.

Is this a credit card or loan?

Dated doesnt mean a thing, do you still have a copy?

Can you scan it.

Is it signed, does it have the apr you are paying?

It needs to have alot more than just the date.

I will pm you.

Majestic

Thanks for the personal message and your time, king100. I appreciate it.

Let's say for arguements sake that the agreement is legitimate, (although i'l be checking with the site you gave) can the DCA still update the old agreement, which deafulted back in 2006?

Fair enough, I defaulted and i'm paying it back. But it seems the goalposts have been shifted here.

I'm suffering for a mistake i've made back in 2006, and now with the DCA updating it on my Experian credit file, it'll be staying an extra 6 years.

10 years from the date of the actual default.

It's crazy.

king100

Majestic wrote: »

Thanks for the personal message and your time, king100. I appreciate it.

Let's say for arguements sake that the agreement is legitimate, (although i'l be checking with the site you gave) can the DCA still update the old agreement, which deafulted back in 2006?

Fair enough, I defaulted and i'm paying it back. But it seems the goalposts have been shifted here.

I'm suffering for a mistake i've made back in 2006, and now with the DCA updating it on my Experian credit file, it'll be staying an extra 6 years.

10 years from the date of the actual default.

It's crazy.

I personally think is 6 years from default date.

winner12

I posed this question last week
Its updated on a monthly basis until its paid in full but the original date is when your 6 years started so after 6 years it drops off someone else will advise if im wrong

KingElvis

They will update that the account is in "default" each month but the whole thing will drop off after six years regardless.

king100

https://forums.moneysavingexpert.com/discussion/1433629

just to confirm


6 years after default date.

Majestic

KingElvis wrote: »

They will update that the account is in "default" each month but the whole thing will drop off after six years regardless.

Reassuring, thanks.

But how would the Credit Agencies, such as Experian and Equifax, know the actual day of default if the DCA keeps changing/updating the default date?

winner12

They are not changing the date of the original default just adjusting on a monthly basis until its settled