DRO help needed - joint loan & credit report

dapri71

Hello

I had a DRO approved on 28th of September 2010, it expired on 28th of September 2011. I have since joined a credit report company and gets alerts to any changes made to my credit rating. I have had alerts for three changes, one in September, October & November both have been made by Welcome Finance, they have added to my record that I am behind with my payments for those three months, I have phoned them about this and they have stated that because it is a joint loan the information will stay in joint names and will stay on my file for the foreseeable future. Even though I have had a DRO issued, they also suggested that I could make a payment.
Could you advise if what they are saying is correct please? Does this mean that I will have on my record missed payments forever? I was hoping to upgrade my bank account, but I am now concerned that this will never happen due to the negative information that will continue to accumulate on my credit file.
Could you help/advise please?

kepar

Are they secured loans?

dapri71

No its not a secured loan

Ineedaname

You may find you get more replies if you post in the IVA & DRO Board.

sundays

DRO is sort of like BR it should all go, ie all debts that are unsecured.
if you have a joint loan then i think you are still liable if the other person is not BR. Because a joint debt cant be put into the DRO, they may not pursue you but may list you as still liable , it would be worth speaking with the person that did the DRO for you or speak to Official Receivers helpline

Ineedaname

I believe that joint debt is dealt with the same in a DRO as with BR. It CAN be put in to the DRO and the other person then becomes solely liable.

Do post on the DRO board as you will receive appropriate and correct answers on there.

fatbelly

I don't believe this is right. Your legal liability for the loan expired at the end of your DRO.

It is against OFT guidelines for them to suggest that you make a payment, and I see no reason for it to appear on your credit file (other than as settled) as it is NO LONGER a joint loan.

Can we ask the Experian rep?

dapri71

Thanks for everyone who posted, i have also posted the message on the DRO board but no one has helped on there at the moment. The only answer i really need is whether the loan company (welcome) can keep adding to my equifax account saying that i am missing payments every month even though I have had a DRO & this loan was covered in that. The loan company have told me that they will keep putting down that I have missed payments as it was a joint loan & they dont care about my DRO.............can they do this???

fermi

Threads merged to this board and title changed.

fermi

fatbelly wrote: »

I see no reason for it to appear on your credit file (other than as settled) as it is NO LONGER a joint loan.

I queried that with the ICO quite a while ago regarding bankruptcy and joint loans, and they said they considered it fair to continue to report the factual account status as the same on the reports of both signatories.

I'm not saying I agree with that, as I agree it seems grossly unfair.

dapri71

Thanks for the advice etc, so from what i have read from everything there is no way of me stopping welcome finance saying I keep missing payments every month & this going on my credit file even though I have had a DRO which has gone past the 12 months.........seems wrong but i guess there is nothing I can do!!!!:mad: