Cleaning my credit rating.

JW1982

Culex wrote: »

Or you might just wish to refer them to the celebrated retort in the matter of Arkell v. Pressdram[/URL].

Ah yes, they clearly went to the same school of thought as my father when itcomes to legal threats. :rotfl:

Culex

JW1982 wrote: »

Apparently i had made a payment on the debt at some point in 2004 of £145.00 which i assume was 1 months payment, since then there has been nothing.

Unless the debt farmers have reinvented arithmetic or have radically redefined number theory, it would appear that six years after "some point in 2004" = "some point in 2010". They are therefore at least three months too late.

Hopefully I'll receive my credit file sooner rather than later and can start to get myself back on track. Do i need to apply to have the 6+ years debts removed from my file manually or is it automatically done?

It should already have fallen off your file.

As for the bu[STRIKE]gg[/STRIKE]ers who threatened court action, it might be helpful to get a copy of the OFT publication, Debt Collectors Guidance (link to PDF file) then print out the relevant page(s) and send it/them through the post.

If they persist, you could try telling the O.F.T., but do not expect miracles as they will probably have resumed their hibernation cycle by now.

JW1982

Culex wrote: »

Unless the debt farmers have reinvented arithmetic or have radically redefined number theory, it would appear that six years after "some point in 2004" = "some point in 2010". They are therefore at least three months too late.


It should already have fallen off your file.

As for the bu[STRIKE]gg[/STRIKE]ers who threatened court action, it might be helpful to get a copy of the OFT publication, (link to PDF file) then print out the relevant page(s) and send it/them through the post.

If they persist, you could try telling the O.but do not expect miracles as they will probably have resumed their hibernation cycle by now.

Well i just told them where to go when they called this morning, if they call again i'll ask them to put it in writing and deal with it appropriately.

Thanks for you advice, you've been very helpful. :beer:

JW1982

Hello again,

This morning i've recieved my Credit Report and i'm having a bit of a hard time deciphering it.

It shows a few defaults as expected but i'm not sure whether these defaults will be removed from the record soon or will i need ot pay them off to clean my record to a satisfactory level in the next 12 months or so.

It shows the following defaults



O2 Communications

Started 29/09/04 Defaulted 07/07/05

Balance £175


HFO Services Ltd ( The loan mentioned above)

Started 30/06/2004 Defaulted 01/10/2006

Balance £2400


Lloyds TSB Bank

Started 09/03/2006 Defaulted 24/04/09

Balance £460 (this is all Bank charges from when i moved accounts and forgot to cancel DD's)


Are the defaults removed 6 years after the date of default? Hence the Loan default wont be removed until 1/10/2012?

Tixy

Hi

Thats right 6 years from the default date, so the 02 one will be removed soon but the others will be on a while yet. If you pay the debts before the 6years are up they'll update your file to show as satisfied defaults for the remainder of the 6year period.

JW1982

Tixy wrote: »

Hi

Thats right 6 years from the default date, so the 02 one will be removed soon but the others will be on a while yet. If you pay the debts before the 6years are up they'll update your file to show as satisfied defaults for the remainder of the 6year period.

Thanks, i think i'll just let the O2 one expire naturally and pay off the Bank one then in that case, undecided about the loan default at this point.

After settling the defaults that need paying will they become a positive or remain a negative on my rating?

Gordon_Hose

Settled defaults are just as damaging as non-settled defaults unfortunately. But a 5 year old satisfied default is better than a 5 year old non-satisfied one when lenders look at your file.

JW1982

Well for the sake of £600 or so i think i'll settle anyway them for peace of mind.

I have a T-=Mobile contract at the moment, i've had it for 5 months or so now and every payment has been on the nail, i'm still not sure how i actually got it to be honest. I'll continue to make sure that payment is paid every time on time.

Is it worth obtaining small loans for small amounts with the likes of Wonga etc just to make the repayment on time, will this boost my rating?

Gordon_Hose

I wouldn't recommend getting small loans etc at the moment as it's not going to make a great deal of difference.

IMO you should wait until the defaults have dropped off your file and get a CC, put £20 petrol on it every month and when the bill comes in pay it off in full.

JW1982

Gordon_Hose wrote: »

I wouldn't recommend getting small loans etc at the moment as it's not going to make a great deal of difference.

IMO you should wait until the defaults have dropped off your file and get a CC, put £20 petrol on it every month and when the bill comes in pay it off in full.

A good while to wait though considering that the most recent one seems to be 2009 :mad:

Is there anything i can do in the meantime to help my cause any? or is just paying my bills on time and not applying for any lines of credit enough?