Natwest- removing a default

jade-evie

I've been having a google and it seems that it IS possible, albeit hard, to have a default removed from your credit report.

I have one default- an old account with Natwest that I took out a few days after I turned 18 and they kindly gave me a £1000 overdraft which I promptly spent and then realised I couldn't afford to repay.... when I went onto maternity leave I couldn't afford to make the repayments and eventually the account defaulted (March 2009).

I have spent the last 2 years rebuilding my credit rating and have done a fairly good job under the circumstances... we are now in a position where we are looking to buy a house within the next 2 years and I don't want this default to affect our borrowing, especially as my partner, although in debt has an excellent credit rating.

The amount defaulted was £795 and the current balance showing on my equifax report is £295. If I write to Natwest is there even a slight possibility they will remove the default?

I'm desperate.... 6 years is a long time to be paying for a silly teenage mistake- I'm sure I'm not the first or the last but I really want to sot this mess out no matter what the cost!!

ian_h

Not even the slightest chance I would bet, it DID happen and the deterrent is the fact that it will be reported on your CRA file for 6 years.

I know your trying to rebuild and it will fade in significance as time goes by but they are simply reporting a factual event and so are very unlikely to have any grounds for removal

McKneff

No chance what so ever Im afraid, had the other party made mistakes and could be proved then yes, this is normaly the only way to get a default removed (my daughter had one removed last year because of this) So youre stuck with it Im afraid.

chambta

Natwest won't be interested now. The debt will have been sold on long ago.

jade-evie

chambta wrote: »

Natwest won't be interested now. The debt will have been sold on long ago.

would I have been informed of this? I don't have any recollection of having received a default notice from NatWest or anyone else. I don't dispute I did default but I don't remember any correspondence informing me that I would be doing so if that makes sense?

How would I find out who it has been sold to? And if it has been sold on how do I go about paying the remaining £295 balance so that it is a satisfied default.

I have moved house since....

jonesMUFCforever

Do a SAR on NatWest - it will cost you £10 but it should show what happened to the debt.

I agree with other posters though getting the default removed will be very difficult - but it will look better on your credit files if you 'settle' the debt ie pay it off.

jade-evie

Thanks for all the advice- will send the SAR on Monday morning- I don't mind paying the monies especially if it will look even just slightly better on my credit file.

stclair

Send it to:

Data Protection Manager
Retail Regulatory Risk
2nd Floor
Business House B
GOGARBUREN
P.O.Box 1000
EDINBURGH
EH12 1HQ

JuicyJesus

You can send a letter if you like asking (no harm in it) but I wouldn't get your hopes up. The information is factual, and they aren't required to omit factual information.

Settling the default however is a good step to take.

MoneySaverLog

jade-evie wrote: »

Thanks for all the advice- will send the SAR on Monday morning- I don't mind paying the monies especially if it will look even just slightly better on my credit file.

It will just be as bad in any lenders eyes, a default satisfied or not is still a default to them.

As a result you're unlikely to get any standard mortgage, or any other credit product, with that stuck on your file. You could look at sub prime but interest rates will be considerably higher :-(

stclair

This template letter may also help you.

Dear Sirs,

Account No:

After recently obtaining a copy of my Credit File from the Credit Reference Agencies, I am concerned to note that your company has placed a "Default" notice against an alleged account I held with you.

Further to this, I have no recollection of ever receiving such a notice, and I therefore require you to substantiate this data.

1. You must supply me with a true copy of the alleged agreement you refer to. This is my right under your obligation to supply a copy of the agreement under the legislation contained within s.78 (1) Consumer Credit Act 1974 (s.77 (1) for fixed sum credit. Your obligation also extends to providing a statement of account. I enclose a £1 cheque to cover the statutory fee.

2. Please also supply me with a signed, true certified copy of the original default notice.

3. You are notified that you are obliged to supply these documents, whether you are the original creditor or not under S189 of the CCA 1974.

I would request that this data is provided to me within the next 14 days. If you are unable to provide this data then I require all adverse information to be removed completely, including any defaults that may have been applied. Please note that mere correction or amendment to the entry will not be acceptable.

Yours faithfully




Sign digitally