Have I defaulted?

YorkshireBoy

WonkeyDonkey wrote: »

Where would I find the marker ID?

I don't think there is one. I was hoping Consumerist could enlighten us as to why the limit would be irrelevant.

The codes & wording Experian use are shown on pages 10-13 of their 'Your credit report explained' booklet here...

http://www.experian.co.uk/downloads/consumer/YCREJul08.pdf

Consumerist

WonkeyDonkey wrote: »

The Halifax was closed at my request to avoid a rate hike but the barclaycard was closed without my knowledge. I had dealt with a collector for the arrears but nowhere on the paperwork is there a reference to closing the account.

If you have dealt with debt collectors then, I regret to say, the likelihood is that you have defaulted. I think a look at your file is going to be the only way to be sure. A default is usually marked as not having been settled.

YorkshireBoy

Flyboy152 wrote: »

From what I understand is two missed payments are generally considered to be a default.

See page 11 of the document referenced above (where you'll see lenders may report a '6', ie payments are 6 months in arrears, before formally defaulting you).


EDIT: I see you've deleted your post now!

WonkeyDonkey

Consumerist wrote: »

That raises an interesting point. If the accounts are closed and no more spending is possible then, presumably, the "credit limit" is the outstanding balance each month. I must admit I don't know how that would be recorded on a credit file.

I'm afraid that one of the first things that I learned from dealing with CC companies is that presumtion counts for nothing.

It's good to see the available credit in terms of reminding myself i've paid, over and above the arrears. When I finally come to paying these two off though my 'available credit' will be £10k higher than it realy is and this may reflect badly on my credit rating (?)

YorkshireBoy

Consumerist wrote: »

If you have dealt with debt collectors

Could just be Barclaycard's 'collections department'.

But I agree the best approach would be to spend £2 each on a couple of statutory reports and see exactly what has been recorded.

WonkeyDonkey

OK. The credit report shows all of my accounts as satisfactory apart from the two previously mentioned and they show...2 late payments and 1 late payment.

Things never got so bad as to show a "6" thankfully.

Consumerist

If you have defaulted, the 10K "available credit" will make little difference to your credit rating.

Edit
If you haven't defaulted then when you have paid them off they will be marked as "settled" and your credit limits will become irrelevant.

WonkeyDonkey

That's all well and good if I have defaulted, but that's not quite clear yet.

If I have defaulted (and my credit rating is screwed) then could I ask them to freeze my interest and submit a payment plan?

Consumerist

WonkeyDonkey wrote: »

If I have defaulted (and my credit rating is screwed) then could I ask them to freeze my interest and submit a payment plan?

You could ask but if you are keeping up your payments then it's unlikely they will freeze interest and charges unless you can demonstrate hardship.

Best to be sure before going down that route, I would say.

Flyboy152

YorkshireBoy wrote: »

See page 11 of the document referenced above (where you'll see lenders may report a '6', ie payments are 6 months in arrears, before formally defaulting you).


EDIT: I see you've deleted your post now!

It was far too late at night to making posts like that.

You are of course correct it is six months and not two. I was think about something completely different.