Noddle terminology

Struggling247

Hello.

Sorry if this has been asked before but I can't find the answer in the threads I have searched in.

I am slowly getting back on track financially but got into a terrible mess last year.
I had what I thought was a default notice from Mercers. It did say Notice of Default (printed on glossy paper. No expense spared!) although this doesn't appear to show on my Noddle report. I have plenty of red late payment markers but nothing that says Default or D etc.


Does any one know how it would be displayed.

I did clear my balance shortly after receiving that letter and have been looking out for it on my report ever since.
My account is listed in the closed section and as settled. This is the same status as closed accounts which I have not fallen into difficulty with.

Many thanks in advance

Tixy

If the balance was cleared within the (usually) 14 days given on the notice of default then they would not register the default on your credit file. And it certainly sounds like they haven't listed it the account as defaulted.

If they had registered a default then it would show in the actual account section in the closed accounts part of your file and would show a date of default, and then a D in the monthly payment history for that account.

fermi

A "default notice" under the Comnsumer Credit Act (CCA) is not the same thing as a "default" recorded on your credit report. They both share the name "default" and warnings of either are often sent at the same or a similar time, so it is very easy to mix the two up.

A "default notice" under the CCA needs to be remedied within 14 days to stop the lender ending the credit agreement with a formal default.

A warning that a "default" on your credit files may be recorded will usually have a period of 28 days to get things back in line to avoid that.

Under either definition/case, sounds like you probably sorted things out quickly enough to avoid both happening. Which is why the account on your credit file would not show a default, and appears closed normally if that happened shortly after clearing.

Struggling247

Thank you both very much for your replies.

I had found it very confusing.

I'll just cross my fingers that it was sorted in time and nothing more shows up.

Mind you I'm assuming the late payments will be equally as damaging :-(