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Confused about defaults
indy_boy
Posts: 5 Forumite
Hello All,
I am wondering if anyone can help me with understanding a default that i have, Blackhorse/loyds/hyundai car finance are totally confusing me. sorry if ive posted in the wrong place.
heres my story
I have a default on my credit file from the above finance company for a car that i got on finance back in november of 2003.
In July 2004 the car was written off and the insurance made a payment to the finance company however it didnt cover the amount left on the finance.
I didnt make any payments after the settlement ( was disputing the amount with the insurance company)
The default date on my credit file however is March 2007 according to the fianace company this is because the insurance payment was used as advanced payment of my monthly payments for 10 months (i equate it to be just over 14 months worth) then they had no address for me so they had to wait that long to place a default on the account.
my question simply is what they have done correct? when did i actually default when i stopped paying? when the insurance money ran out? or the year and a bit after the insurance money ran out?
any help is greatly appreciated
I am wondering if anyone can help me with understanding a default that i have, Blackhorse/loyds/hyundai car finance are totally confusing me. sorry if ive posted in the wrong place.
heres my story
I have a default on my credit file from the above finance company for a car that i got on finance back in november of 2003.
In July 2004 the car was written off and the insurance made a payment to the finance company however it didnt cover the amount left on the finance.
I didnt make any payments after the settlement ( was disputing the amount with the insurance company)
The default date on my credit file however is March 2007 according to the fianace company this is because the insurance payment was used as advanced payment of my monthly payments for 10 months (i equate it to be just over 14 months worth) then they had no address for me so they had to wait that long to place a default on the account.
my question simply is what they have done correct? when did i actually default when i stopped paying? when the insurance money ran out? or the year and a bit after the insurance money ran out?
any help is greatly appreciated
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