Egg loan now marked as settled?

ste_coxy

fermi wrote: »

It would still stay as a default, but would be amended to show that it had been settled.

do settled defaults make it easier for you to obtain credit?

fermi

ste_coxy wrote: »

do settled defaults make it easier for you to obtain credit?

A little bit.

However, a default is a pretty black mark whether it is settled or not, so you are still likely to struggle with most mainstream lending.

ste_coxy

fermi wrote: »

A little bit.

However, a default is a pretty black mark whether it is settled or not, so you are still likely to struggle with most mainstream lending.

would a mortgage be easier to obtain albeit with a higher interest rate?

also would it possible to obtain a personal loan/credit card?

I ask as I do have a default that was issued in oct 2008 but I have recently received an alert from experian saying that the status is settled however, I do still owe money on the loan as we agreed to freeze the interest until the loan was paid off. The default is showing for the month it was issued and then the month after it is showing as settled.

McKneff

ste_coxy wrote: »

would a mortgage be easier to obtain albeit with a higher interest rate?

also would it possible to obtain a personal loan/credit card?

I ask as I do have a default that was issued in oct 2008 but I have recently received an alert from experian saying that the status is settled however, I do still owe money on the loan as we agreed to freeze the interest until the loan was paid off. The default is showing for the month it was issued and then the month after it is showing as settled.

Something is wrong here, a debt wouldnt be marked as settled if it wasnt. I would check up on it without actually mentioning that thee is still money owed.

fermi

McKneff wrote: »

Something is wrong here, a debt wouldnt be marked as settled if it wasnt.

The account may have been sold on to a DCA .

Sometime that results in the debt being marled as settled with the original creditor.

Ether in the short term until the DCA takes over the default record, or permanently if the DCA is not intending to report data to the CRAs.

ste_coxy

The loan is with egg. I think it might be because the interest has been frozen and so it is now within their collections department so it might be classed as settled even though i've still got fair bit to pay off as the original agreement is now defaulted and the new agreement with collections is to pay a reduced amount until it is settled.

fermi

Can't see it being marked as settled if it's gone to Egg's own collection dept. Freezing interest/charges wouldn't mean it being marked as settled.

Barring a mistake on their part anyway.

Egg do have a habit of marking accounts as settled when they sell them on to a 3rd party, so it might be worth making enquiries.

fermi

Please don't post personal information on the forums. Name, date of birth, or anything else identifying.

ste_coxy wrote: »

It's definitely not been sent onto a 3rd party as I've had no correspondence confirming such.

You won't always receive immediate notification that it has.

Check with Egg.

ste_coxy

I finally got round to contacting Egg regarding my loan.

I had totally forgot I had created this post until the issue I have had today when dealing with their customer services.

The reason for me contacting them was because I have made the decision to go back to my parents' in order to get my finances straight.

My proposal was to increase my payment I was making to them from £127 to £300 as due to moving back home I will have more disposable income to pay them however, to my shock the advice given above about the loan potentially being passed to a 3rd party was correct.

This sheds light on the loan showing as settled on my credit report.

The problem remains though that I have not received any notification and today after being told by Egg it is now with a company called Apex, I tried calling them and they had no details of me on their records, despite it being in March my details were meant to have been passed onto them.

I tried calling back Egg to enquire about what I do now as I have been paying them since March still and obviously have the intention of paying the loan off but the client liaison team (a team within their collections department) would not speak to me as my account is no longer with them.

I feel as though I am in limbo - do I cancel the standing order that I have to Egg and have been paying as per our original reduced payment agreement? How do I move forward here? Anyone got any advice for me what to do next? Should I write a letter to both companies?