Defaults keep renewing dates.

Theninjagecko

So I got my credit report from the free trial on experian. I see one of my defaults "bank loan" has lots of renewal dates, the latest being 6 months ago. The debts with a solicitors now who I just set up a direct debit with,

Can the bank keep issuing updated defaults when in fact it was 5 years since I last made a payment to the bank? I'm worried now as I thought after 6 years my file would be clean and Once paid off I could put it all behind me.

Theninjagecko

I've just read I can ask for defaults to be removed if I didn't receive a letter about a default. And in all honestly i can 99% say I never had any.

My next question to the one above is should I request it be taken off with the template only after I've paid it off or surely they could just issue a new default with correct notice and add another 6 years to my credit file.

MagicCats

Theninjagecko wrote: »

So I got my credit report from the free trial on experian. I see one of my defaults "bank loan" has lots of renewal dates, the latest being 6 months ago. The debts with a solicitors now who I just set up a direct debit with,

Can the bank keep issuing updated defaults when in fact it was 5 years since I last made a payment to the bank? I'm worried now as I thought after 6 years my file would be clean and Once paid off I could put it all behind me.

Are you in Scotland? If so, and you are 100% sure you have not paid or acknowledged the debt in 5 years it is Statuate Barred. It is then no longer legally enforceable (still collectible) and you cannot be made to pay it. If this is the case seek advice from a registered debt charity. Bottom line once Statuate Barred you leave it. Don't listen to people who say the 'clock' restarts if you make a payment. That's only true if you make a payment within the 5 or 6 year period.

Of course the above is the amoral approach. If you choose to repay that is your choice.

As for your default, you can only default once on a debt. It sounds like the Credit Reporting Agency are just placing a 'D' each month in the reporting chart. Can you confirm this is the case? You'll find another box with the actual default date which should never change.

Statuate barred issues aside the time limit for reporting is 6 years. So if you are now paying the debt back it will drop off your file at the date of default OR 6 years after the date it is paid off. For example:

Default date 01.01.00 will be reported until 01.01.06 regardless if it's paid off or not as defaulted accounts drop off at the 6 year point. See here:

http://help.creditexpert.co.uk/help/CreditExpert_OOS/Credit_report/howlong_default

Or if you pay it off

Account closed 01.01.03 reported until 01.01.09 See here:

http://help.creditexpert.co.uk/help/CreditExpert_OOS/Credit_report/howlong_on_report

Where people get a shock is when they start paying it back and it hasn't defaulted; it stays on the file for the time it takes to pay back plus a further 6 years. Often people argue this is unfair as a defaulted account drops off after 6 years paid or not.

Theninjagecko

I'm in England.

It seems absolutely backwards they you end worse off for repaying the debt.

This is the screenshot. I'm really stuck with this one as all my others were early 2008, yet this one is late 11 so seems I'm really stuffed.

The loan is now with a solicitors and I have set up a DD with them last week.

Just to add a note I also owe Natwest on a credit card and that is still default dated to 08. The only reason I remembered this is because its on my file as a default. I've never had a letter about it.

img35.imageshack.us/img35/7881/14124518.jpg

Really stuck with this one with what to do.

MagicCats

OP you have to upload your image to something like Photobucket to host it for you. Then copy the link and post that on your thread so we can see it.

rdchick

if you put the link he's posted into your browser it works... says default was last year... xxx

Theninjagecko

rdchick wrote: »

if you put the link he's posted into your browser it works... says default was last year... xxx

Exactly, yet the debts from 08.

MagicCats

Theninjagecko wrote: »

Exactly, yet the debts from 08.

The thing that's critical is when the lender actually defaults you. There is a set process that's followed, but some lenders may default you after say 6 months, others more. I can't remember what the law says about time before a default can be applied, but I'm pretty sure it's at the discretion of the lender if one is applied at all.

So if the lender never defaults you that's their choice, but what they can't do is default you twice, or move the default dates. You need to find out if you have been defaulted officially and then cross check the dates across all Credit Reporting Agencies.

Here is some light reading that may help also:
http://www.ico.gov.uk/upload/documents/library/data_protection/detailed_specialist_guides/default_tgn_version_v3%20%20doc.pdf

Gordon_Hose

Does the default date keep changing? It currently states 09/02/2011... has it always been that, or was there another date in the previously?

Anthorn

"Cause of action" is the phrase to look up. A default is raised after a cause of action which is broadly speaking when a payment was last made or you contacted the creditor or their agent in writing about the debt. So in those circumstances the default date can change. But personally I would ask for the revised default dates to be removed.

Gordon_Hose

The default date can never change once it is applied to someone's credit file.