advise on Defaults and arrears

maximus999

Hi all again, i have been busy this morning on here.

If a loan company sends a debt to a credit collection agency should they prior to doing this place a default onto the account. i will reply the rest of the question on any reply Many Thanks

Tixy

They usually would, they don't have to. Usually it would depend on how much you were paying compared to how much you should pay, or how far you were in arrears.
If they haven't issued a default then the debt collection agency can - but again they don't have to. If the creditor did issue a default then the DCA cannot put another one on the same debt. or change the debt of the original default.

maximus999

thanks for the reply tixy, HFC on my credit file have placed 17 late payment months, on my other account which i did default they placed 6 and then a default, these 17 look really bad and i wish theh had just placed a default on month number 7 which would make this drop off my file 1 year earlier and now i have to wait another year, the funny thing about the file on equifax it states that it was 06/07/2004 the account started but the payment history started in june 2005. i do remember it was for a tv which was not on buy now pay later so i dont understand why there is misleading info?

CHR15

maximus999 wrote: »

on my credit file have placed 17 late payment months, on my other account which i did default they placed 6 and then a default, these 17 look really bad and i wish theh had just placed a default on month number 7

Not sure I follow that but every Month your are late, is a late payment.

Are you suggesting they just roll up all the 17 late payment markers into one single default at Month 7 (ten months before the most recent late payment)?

maximus999

Hi, it just looks really bad ( and i know i am to blame) i have read if you are 8 payments late ti goes to default as it says on experian faq's. One last thing, the account went to Weightmans recovery group, i presume HFC sell these so called bad accounts onto them to recover the money ( i might be wrong) so from the date it is passed over to weightmans surely that would be classed as a default seeing as they have passed the debt over. on my account it also states arrangement to pay which i did and cleared but HFC kept putting missed payments on my credit file.