Will my defaulted business loan affect my credit score?

t0m_kemp

I know that ILW, I have been making regular repayments after defaulting. Unfortunately I was told by the 'business manager' at NatWest that I could create a limited company AFTER I had taken out the loan, which I did but was unable to put the loan into the new companies name...but I suppose that would be my word against his.

ILW

t0m_kemp wrote: »

I know that ILW, and have been regularly. What I am trying to establish is why it does not appear on my credit file?! Can someone suggest a forum more specific to my requests?

Ihave a live credit card account that does not appear on the three agencies. The lenders do not have to report, it is voluntary.

t0m_kemp

So if you were, for example, to default on that credit card, would it affect your ability to obtain credit if a finance company used one of those 3 agencies to look up your details?!

mo786uk

As I have mentioned, what will probably happen if he defaulted and the credit company wanted to chase him is that they would then mark it on his credit file.

iolanthe07

piers to offer advice and support,

Piers always offer support, but peers cannot be relied upon!

davec1960

t0m_kemp wrote: »

I know that ILW, I have been making regular repayments after defaulting. Unfortunately I was told by the 'business manager' at NatWest that I could create a limited company AFTER I had taken out the loan, which I did but was unable to put the loan into the new companies name...but I suppose that would be my word against his.

It probably wouldn't have made much difference to your current situation as they would most likely have asked for a personal guarantee, so even with the loan in the companies name you would still be liable when the company folded.

ALIBOBSY

Usually if a debt is sold to a debt collection company the original default is removed and replaced with one in the debt collection companies name-it should have the same details, although you have to watch em as some will try to "amend" the default date to the date they bought the debt so they can get around the 6 years and keep it on your file for longer which can and should be challenged.

In this case it sounds like Natwest rather than selling the debt have a collector "acting on their behalf", but perhaps someone hit the wrong button on the computer to amend the credit file as they would if it was sold. So Natwests entry is removed, but the debt collectors haven't put one on. We all know how often banks and these companies make errors.

I would keep stum and be glad its not on there. If it gets sold on at any point-and despite FOS guidence stating they should NOT sell on an account that is in default as long as the customer has made a payment arrangement and is sticking to it, they do it all the time. Sometimes out of the blue. At that point its likely the new "owners" would wack the default back on. They could put it on any time up to 6 years after the default no later. So keep proof of the default date just in case and be glad its been missed now.

Ali x