Removing old defaults from you credit history

InternationalDave

Hi, not sure if this is the right part of the forum for this one but here goes!

I received 3 defaults, all 3 are showing on my credit report as satisfied over 3 years ago, but they're still there and this is really screwing everything up!

Two were bank overdrafts where I'd been (stupidly I know) using them to keep things running while I tried to sort things out, and the 3rd was a catalog. Is there any chance of getting them removed early? they've been on there for 3 years which I think has been punishment enough especially since I paid them all off.

Also there's a 4rd one from HUTCHISON 3G UK LTD which was a few months after the first 3 where I'd signed up for a mobile phone contract from 3 which was supposed to be free for the first 8 months which given the situation I was in it seemed ideal.

When I received my first months bill I rang to see why I was paying for something that was free and was told that I had to pay all the bills as usual and then they'd sent me a check for the 1st 8 months line rental after I'd paid for 8th months. (know they're a bit more open about this now but this was when they first started offering "free line rental")

I tried to explain the difference between free and a rebate at that point but after going round in circles for 30 minutes or so I said I'd pay that bill and send the handset back and call it quits as if the store had explained it was a rebate rather than 'FREE' as it stated in massive letters I wouldn't have taken the contract on, but the guy on the phone told me I was in a 12 month contract and would have to pay the 12 months in order to end the contract, I asked to speak to his manager and was told the same thing so after about an hour of this and given the frame of mind I was in after getting the 1st 3 defaults I told them simply "chase me then!"

Can I get any of these removed? Please tell me I can I've got 2 houses (one my home one a rental) both mortgaged to the hilt and getting a better deal would help me get out of this rut!

Thanks,

ID

4$£&*(£$&*(!

Hello and welcome to the forum.

Firstly I'm going to tell you some bad news, but stick with me on this as it sounds like you need for someone to tell you this.

The reason defaults appear on your credit file are to serve as a warning to other lenders that you are a high risk. These can appear as a result of being irresponsible with money or doing something silly. I am going to be honest and say to tell a mobile company to 'chase me then' is not a smart thing to do and they will always have the last laugh (as proven by this). There are loads of people coming onto the mobile forums saying they will just cancel a direct debit and that is the end, it never is.

I do not know your full financial history, but to me you sound like a bad risk. You admit to being in a rut and mortgaged to the hilt. If I were a lender and knew just what you said in this post I would either charge you a ridiculous fee or show you the door.

Defaults can only be removed in this case in one of two instances. One is if the default was placed there incorrectly, and from what you say it doesn't sound like it was. The mobile for instance you would have got lots of warnings first, I am not suggesting the mobile provider was completely right but neither were your actions in telling them to chase you, the default is your penalty.

The other way, and you are really not going to like this, is wait six years from the date of the default. It then drops off your credit file. This is what I suspect you will end up doing.

At this stage in proceedings I think the wisest thing you can do is follow some of the guides on this forum to increase your income and reduce your expenditure, and perhaps get debt counselling. I hope this helps, and sorry it isn't perhaps the answer you wanted.

Leon_W

You cannot remove the defaults.

They are a factual record of you having defaulted on a credit account and are marked as either satisfied (paid) or unsatisfied (unpaid). The only way they can be removed is by the company that notified the credit reference agency, and only if it was a genuine mistake (ie: you hadn't defaulted).They are under an obligation to tell the truth in order that other companies get a fair picture of your creditworthiness.

They will appear for 6 years either satisfied or not.

Sorry if that is not what you wanted to hear.

Leon_W

Wish I hadn't bothered writing that !!

Good answer CitySlicker that beat me to it.

4$£&*(£$&*(!

Leon_W wrote: »

Wish I hadn't bothered writing that !!

Good answer CitySlicker that beat me to it.

It's a bit more back-up for the OP though to see the six year thing is not waived for anyone. I know this will not be nice for him to hear but as we all know the period is not to punish anyone, it is to demonstrate a factor of risk to a lender so the lender can have a balanced view of the person to decide if they are worth the risk and at what cost.

casual_2

Good advice from the seat of your high horse there cityslicker

4$£&*(£$&*(!

casual wrote: »

Good advice from the seat of your high horse there cityslicker

And your advice would be?

fiveyearplan

Hi CitySlicker - I was searching for your insurance thread yesterday (searching by your username) and nothing came up. Now I've got it, so will send the newbie over to it.

4$£&*(£$&*(!

fiveyearplan wrote: »

Hi CitySlicker - I was searching for your insurance thread yesterday (searching by your username) and nothing came up. Now I've got it, so will send the newbie over to it.

That's great. I am still fighting that cause for all bankrupts and their families who are affected by it. The FSA has made it clear recently that this area falls outside their remit, so I am still working with the Information Commissioner. Anyone else can equally help out by referring insurers to the ICO who perpetually penalise discharged bankrupts and their families.

(This is the current thread for anyone else: https://forums.moneysavingexpert.com/discussion/comment/39127760#Comment_39127760)

fiveyearplan

CitySlicker wrote: »

That's great. I am still fighting that cause for all bankrupts and their families who are affected by it. The FSA has made it clear recently that this area falls outside their remit, so I am still working with the Information Commissioner. Anyone else can equally help out by referring insurers to the ICO who perpetually penalise discharged bankrupts and their families.

I just posted the link to your thread on 2 different threads. Hopefully you'll get some new joiners to the cause!

InternationalDave

Thanks for the info. It's seems I'll just have to hang in there for a couple more years.

Good luck to you all in 2011.

ID