Who removes a default on bought debt?

johnnyc99

Hi all,

I'm hoping someone can help me on this.

I've recently entered into an IVA that I settled after 18months with a full and final payment.

I'm obviously now trying to clean up my credit record, and to this end will be attempting to clean up some of the defaults on there.

This is my question, a lot of my debts were sold on to a third party after I'd entered into the IVA. If I the default was to be removed - who would do it? Woul dit be the company that originally placed the default on my account? or would it be the current (satisfied) owner of the debt?

The new owner will not have the record of sending me the default as they did not issue it, so you would think it would have to be the orginal owner of the debt, however I can't see that they could change the record as they are no longer listed as owing that debt on my profile....

Any help greatfully receieved or additionally any help on clearing defaults!

Cheers,

JC

CLAPTON

i'm not sure why its really obvious that you are trying to clean up your credit file unless its to get a mortgage.

Defaults are in general not removed from your file unless they were improperly applied. If they were properly applied them they will drop off after 6 years.

johnnyc99

CLAPTON wrote: »

i'm not sure why its really obvious that you are trying to clean up your credit file unless its to get a mortgage.

Defaults are in general not removed from your file unless they were improperly applied. If they were properly applied them they will drop off after 6 years.

Thanks for your comment.

I don't need a mortgage this instant, but I would like the option to be able to shop around and change mortgage/remortgage as required. This is obviously going to be hampered by defaults on file.

I've read in several places that when coming to an agreement with creditors you can sometimes have the default removed as part of the settlement. Also have it removed if it was improperly assigned in the first place. Which may be the case for some of my defaults.

As I say, I'm not sure who to approach though to discuss this - is it the original creditor or the creditor that now has the debt?

Thanks

JC

PaulW922

It will be the company whose name is currently shown on the credit file - probably the debt purchaser. Make sure that there are no duplicated entries (ie original creditor and new debt owner). If there are the CRA will probably do the work for you if you let them know

johnnyc99

PaulW922 wrote: »

It will be the company whose name is currently shown on the credit file - probably the debt purchaser. Make sure that there are no duplicated entries (ie original creditor and new debt owner). If there are the CRA will probably do the work for you if you let them know

Thanks, thats rather what I was hoping. I'll contact them directly.

Regards,

John.

Donedoingdebt

Only the company that issued the default can remove it unless you take legal action in the event of it not being issued correctly. You can also contact the CRA to see if they can help, but if it was issued correctly then it is unlikely to be removed until the 6 years is up.