Historical defaulted Nationwide overdraft

logicelf

Hi guys,

Newbie here after a bit of advice. Back in March 2006, following a few financial difficulties, Nationwide pulled a £700 overdraft out from under me without notice and demanded the full amount. This put me in serious difficulty and I ended up defaulting a total of about £1500 with them.

I took advice from the CAB (who told me they acted against the banking code and their own policies), wrote to them, explained that they shouldn't have done that and told them that they had in part caused my financial difficulties - and had effectively prevented me from being able to pay them back. I asked them to take me to court so that the case could be decided by an impartial third party. They never did, instead selling the debt to a collection agency (who has since sold it on and on, etc.).

Four years on and I am solvent, debt-free (if still poor) and a (very) small business owner (a two person Limited Liability Partnership). The problem is that we want to expand - and HSBC require both of us to pass credit checking before lending the company money (which they're otherwise happy to do, based on our accounts). My partner was fine, but I failed (obviously, they can't tell me the exact reason). Once we both pass, we're good to go!

I've obtained my statutory credit reports from Experian, Equifax and CallCredit. Nationwide is the only red mark, so must be the problem entry.

It states:
Started 25/09/01, Default £1594, Defaulted 07/04/06, Current balance £1461, Status history 8.

If anyone could offer some advice on who to contact and how to get this taken off my credit report (preferably without spending money) in the fastest way possible, I'd be very grateful indeed!

Thanks in advance,


James

KingElvis

Hi James

I think what you ask is not very likely, the best you can do is to pay up and have the default marked as satisfied.

You may get a good offer for settlement as the debt will have been changing hands for a few quid by now.

If the default was the start of 2006, you may just be best to wait for it to drop off your record in 2012.

I think you'll have huge problems getting credit as long as it's on there.

AnonymousForObviousReason

Below was a response to another post from a while ago, I edited it slightly:

Defaults are really quite serious (compared to CCJs in link below) - Read the top link for an overview of defaults and the problems you've got. Hope is not lost the second link (which is actually on the first page) helps remove in cases of small amounts.

http://www.learnmoney.co.uk/credit-file/remove_default_notice.html

http://www.learnmoney.co.uk/credit-file/small-defaults.html

Hope it helps.

logicelf

Thanks guys!