We're about to lose our buyer...help!

holly_hobby

If the default is unwarranted (ie you don't believe you own the monies, or the firm did not follow the correct formalities regarding registration), contact the firm and have them remove it from your credit record with the various CRAs they registered the default with.

IF you were not aware of the debt (i.e unaware you owed, or you dispute the whole amount), didn't receive chasing letters for it, or a Default Notice - then the registration of the default may be challenged in court (notwithstanding the costs on loss, will exceed the actual disputed amt of £5 ), as the firm have failed to comply with strict CCA74 regs re defaulted agreements (inc giving you an opporutnity to rectify the default before formal registration of the defulated agreement).

Of course this may not bother you now you have a mge, and in any event it will disappear from your record with CRAs, following its 6th anniversary of registration.

Hope this helps

Holly