help removing a lloyds tsb default

yodi10

Hi everyone

I defaulted on a current account i held with my brother
The bank charges spiralled outve control and lloyds reffered the account to debt collectors.
The account was satisfied/settled completely as of 2011 march for the sum of £960...i have since opened another current account with lloyds and also a two month old business account.
My issue is with the default that like many others is holding me up in life.Obtaining a mortgage is very difficult in fact nearly imposible which is causing a lot of stress...
Is there any way this default can be removed...any suggestions will be appreciated
Thanks guys

fermi

If the default accurate reflects the account history, then you are unlikely to have much luck getting it removed.

moohound

I think the chance of getting a legitimate default removed is just about zero. But as the default gets older and it is settled it should have less impact on borrowing other than mortgages.

Mainstream mortgage providers will be unlikely to want you as a customer before it drops off though, which is 6 years from the default date.

Plenty of time to save up for a deposit though.

yodi10

Appreciate the responses guys thank you.

Ive been hearing about a method which could prove successful is to actually write a letter to them requesting a copy of the original default notice in their failure to produce this document could lead to them removing the default from my credit file.

Is there a chance with this or am i just scraping the barrel??
Thanks

sharpy2010

yodi10 wrote: »

Appreciate the responses guys thank you.

Ive been hearing about a method which could prove successful is to actually write a letter to them requesting a copy of the original default notice in their failure to produce this document could lead to them removing the default from my credit file.

Is there a chance with this or am i just scraping the barrel??
Thanks

Must admit I've never heard of this, but if all it costs is some time to write a letter, an envelope and a stamp, then I reckon its worth a try.

chanz4

yodi10 wrote: »

Appreciate the responses guys thank you.

Ive been hearing about a method which could prove successful is to actually write a letter to them requesting a copy of the original default notice in their failure to produce this document could lead to them removing the default from my credit file.

Is there a chance with this or am i just scraping the barrel??
Thanks

Its a unproven claim from a site, nothing more and they only have to prove sent

matttye

moohound wrote: »

I think the chance of getting a legitimate default removed is just about zero. But as the default gets older and it is settled it should have less impact on borrowing other than mortgages.

Mainstream mortgage providers will be unlikely to want you as a customer before it drops off though, which is 6 years from the default date.

Plenty of time to save up for a deposit though.

Is that the case even if plenty of other credit accounts have been ran perfectly since?

I'll be trying to get a mortgage, I think, roughly when my two defaults are 5 1/2 years old... around September 2014.

Had a current account with Lloyds since before I got the defaults (5+ years) and that's been 'up to date' the entire time. Also had about another seven accounts.. a credit card, current account, four phone contracts and an iPad data contract with no issues.

yodi10

As thingd stand for me my income with my partner plus deposit without the default would get me a high street mortgage.as soon ss the default gets involved the deal becomes dead in the water.i was told by a broker that after two years the impact of the default does lessen...but of course there are no gaurantees

fermi

yodi10 wrote: »

Ive been hearing about a method which could prove successful is to actually write a letter to them requesting a copy of the original default notice in their failure to produce this document could lead to them removing the default from my credit file.

I know the letter and the main site that is posted on.

Suffers from a number of fundamental flaws.

- Don't confuse a "default notice" under the consumer credit act with a "notice of intention to record a default with the CRAs". They unfortunately share the phrase "default" and "notice", but are not the same thing. The letters you see online wrongly mix the 2 up.
- There is no requirement under the consumer credit act for a creditor to provide a copy of any notice of an intention to file a default.
- There is no requirement for them to keep copies of such a notice. If a notice was required, then to help justify the default it is advised that they keep a record showing that one was sent, but not the notice itself.
- It is not always required that notice of recording a default is sent. If you have previously in account openeing or terms, variation, or other notice, been told that non payment/default can be reported to the CRAs, then it is not always essential that another warning be sent that a default will be recorded.

Saying that, some people have successfully challenged a default where they genuinely believe that they were not warned that one might be applied when opening the account, and that no notice was ever sent. Some lenders have got it wrong in the past. But that is by far the exception.

moohound

It might depend on the financial climate at the time and how willing lenders are to provide mortgages, also if you have shown yourself to be a good saver and have a decent deposit, and have good incomes you might be considered, I would try to maintain a faultless credit record in the meantime to give yourself the best chance.
Lloyds have not rejected you as a customer despite having a previous default with them.

matttye

moohound wrote: »

It might depend on the financial climate at the time and how willing lenders are to provide mortgages, also if you have shown yourself to be a good saver and have a decent deposit, and have good incomes you might be considered, I would try to maintain a faultless credit record in the meantime to give yourself the best chance.
Lloyds have not rejected you as a customer despite having a previous default with them.

Sorry I kinda hijacked the OP's thread. It was me who said I have a current account with Lloyds, not the OP, and I don't have a default with Lloyds.

Thanks for the reply!

*unhijacks thread*