Default/ settled account

masterstroke33

Hi,

can anyone please tell me how i can remove a default on an already satisfied/settled account. I am thinking of writing a plea letter to the bank to help remove it as it is abt 3 years old now. Does anyone know what the plea letter to the bank should look like.

thanks very much.

Dabooka

Assuming the Default is recording an accurate record, it can't be removed.

The whole purpose of a credit history is to track an individual's creditworthiness and risk for future lenders. It'll be there for 6 years, sorry.

McKneff

Dabooka is correct, it will be there for 6 years and then drop off your file automatically. Sorry

KingElvis

No chance, you could offer them you first born, blood or even your flower but it'll be there for the six years regardless.

chanz4

if you remove the default it will goto status 3, which will affect you longer

paulmcerlean

Whilst a satisfied default looks better than one not, it will remain for a full 6 years then fall off your report. No letter can get this removed. The entire point of this system is to track your history to future lenders.

In 3 years time, you will be free from this default.

savagej

I am not so sure everyone else here is right.

It is possible both to get them removed because they were not issued correctly and you can get them removed through negotiating with the lender.

What are the circumstances surrounding the default, was it on a Consumer Credit Act (CCA) agreement or was it for something like a mobile phone or other debt not regulated by the CCA such as an overdraft? Sorry you said it was a banks so it's not likely to be a phone. Does the amount you defaulted on contain any bank charges or payment protection insurance payments?

When exactly did you default? Is it simply showing as an "8" or a "D" and no other codes that came before as it should have went 0,1,2,3,4 if it was part of an agreement that was supplying positive data as well?

Is it still with the original lender or has the debt been sold on, if this is the case you will have been sent a letter or the name will have changed to that of the company who bought the debt? When did you last make a payment to the account?

How many payments have you made since it defaulted and how regularly and who did you pay the money to?

Which country in the UK are you in?

I am ready to be "flamed" as some people on here beleive it is "just deserts" for your irresponsbility, if only life was that simple.

KingElvis

savagej wrote: »

I am not so sure everyone else here is right.

It is possible both to get them removed because they were not issued correctly and you can get them removed through negotiating with the lender.

What are the circumstances surrounding the default, was it on a Consumer Credit Act (CCA) agreement or was it for something like a mobile phone or other debt not regulated by the CCA such as an overdraft? Sorry you said it was a banks so it's not likely to be a phone. Does the amount you defaulted on contain any bank charges or payment protection insurance payments?

When exactly did you default? Is it simply showing as an "8" or a "D" and no other codes that came before as it should have went 0,1,2,3,4 if it was part of an agreement that was supplying positive data as well?

Is it still with the original lender or has the debt been sold on, if this is the case you will have been sent a letter or the name will have changed to that of the company who bought the debt? When did you last make a payment to the account?

How many payments have you made since it defaulted and how regularly and who did you pay the money to?

Which country in the UK are you in?

I am ready to be "flamed" as some people on here beleive it is "just deserts" for your irresponsbility, if only life was that simple.

Even after typing all that, you still have to face the fact that if the default was issued CORRECTLY, then it cannot be removed by writing or asking. It will be on there for six years even if the Virgin Mary didn't like it there.

If it was issued INCORRECTLY, then you have a chance of getting it removed as per the same rules that will keep in on there if it was issued CORRECTLY

simax

savagej wrote: »

Is it simply showing as an "8" or a "D" and no other codes that came before as it should have went 0,1,2,3,4 if it was part of an agreement that was supplying positive data as well?

I'm intrigued by this... Explain for me please? Why does this matter? (got a straight 8 on my report once for a loan that had one payment left and I cancelled the dd a month early and they never contacted me. It comes off in a few months so not bothered now, just curious)

savagej

Even if it was issued correctly it can be removed, you will find that a company who bought the debt for say 5p in the £1 and now own it would rather make a huge profit by it being paid if you are now able and with agreement to remove the default than they would have any interest in the default remaining on your file as a matter of fact and never getting paid (as would most companies with shareholders i.e. banks).

With regard to the status indicator it is to do with a previous post in which someone stated if the default is removed the debt would simply revert to its previous highest outstanding status, however, where there is no data other than the default it cannot and thus it must be removed completely or marked as settled like a normal account finished off in accordance with the contract would be. Even then if there is previous data, it can still be challenged, whether it is a statment of fact or not.

KingElvis

savagej wrote: »

Even if it was issued correctly it can be removed, you will find that a company who bought the debt for say 5p in the £1 and now own it would rather make a huge profit by it being paid if you are now able and with agreement to remove the default than they would have any interest in the default remaining on your file as a matter of fact and never getting paid (as would most companies with shareholders i.e. banks).

With regard to the status indicator it is to do with a previous post in which someone stated if the default is removed the debt would simply revert to its previous highest outstanding status, however, where there is no data other than the default it cannot and thus it must be removed completely or marked as settled like a normal account finished off in accordance with the contract would be. Even then if there is previous data, it can still be challenged, whether it is a statment of fact or not.

I'm really not sure if that's correct......If I had a loan, just defaulted and then paid it up at a later date, you're saying the lender would just wipe it off in exchange for paying up? dubious and if that's true, it would make a mockery of the things the CRAs bang on about.

I'm sorry, that sounds like hog wash to me.