Settled Default Removal

McKneff

When I said 'ah but did you know you owed the money and thought you had got away with it' it was self explantory but I'll elaborate.

Did you know you owed some money to them and thought you would get away with not paying it. okay (i'm one of the calmest people you could ever meet):D

chanz4

doubt capital one would just issue a default, think at least 3 pays were underpaid or missed. Welcome to subprime

may1979

McKneff wrote: »

When I said 'ah but did you know you owed the money and thought you had got away with it' it was self explantory but I'll elaborate.

Did you know you owed some money to them and thought you would get away with not paying it. okay (i'm one of the calmest people you could ever meet):D

Well you need to be careful how you word your posts because it came across quite aggressive. Anyway thanks for trying to help.

KingElvis

Crapital One would not have issued a default for a few late / reduced payments, it MUST have gone further than that?

jonjamie1970

Obviously something has happened here thats has involved you missing payments, they will not have issued a default for one missed payment, you need to look at your CC statements and work out what has happened. The default will stay on your file for 6 years.

ste_coxy

may1979 wrote: »

Hi! I was actually made redundant so i called them to advise that my financial situation had changed and they said i could make payments of £25 a month and then could review the amount every 6 months. I made three monthly payments of £25 and then started to pay £100 a month for just over a year, i then transferred the remaining balance to another credit card and then closed the account. I think i missed maybe one payment in that time.

It sounds possible they froze the interest for you whilst you were experiencing these financial difficulties. I had a similar situation with Egg where I rang their money management team and they said they could freeze the interest on a loan and I'd pay a reduced payment until the balance was cleared. Because of this they then placed a default on the account after 3 payments at the reduced rate had been paid and said they'd check the status of it every 6 months to see if things had imrpoved/worsened. Think this is what has happened here to you. Strangely, my default status is also now showing as settled.

Sorry for some of the sarky responses you've had on here, you will find you get people throwing their 2p in just to have a pop. Just don't rise to it. We all aren't that bad.

I think it might be worth checking over your previous statements and finding out exactly what it shows.

Tixy

When a credit card company agrees to accept reduced payment on an account you have already broken the original terms of the agreement - ie defaulted on it. A lot of creditors will then automatically issue a default notice a couple of months after this to accurately reflect you were unable to keep up with the original credit agreement you signed.
Some credit companies choose instead to issue a arrangement to pay notice on your credit file instead of a default, but if they do this and you don't keep up with the agreed arrangement to pay then they will then issue a default.