How many missed payments before a default

jokie

Hi all, my question is ...

Must a company default an account after a number of missed payments? or can they drag it out for two years and then apply the default?

The company is welcome finance, the loan was 1500 but it defaulted at 2750. but the default was applied two years after the last payment.

i thought the default should have been applied after 4 missed payments

happy_bunny_2

Have a look at the ICO defaults sticky thread at the top of the page.

Should be between 3-6 months, depending if you agree an arrangement, DMP etc.

happy_bunny_2

https://forums.moneysavingexpert.com/discussion/3172602

jokie

I cant understand the ICO very well, it states that company's practice. is there an actual law whereas a company cant drag it out and must default after a period of time.

matttye

jokie wrote: »

I cant understand the ICO very well, it states that company's practice. is there an actual law whereas a company cant drag it out and must default after a period of time.

Kinda.

The Data Protection Act sets out the powers held by the Information Commissioner. The ICO has the power to order data controllers to stop processing your information if they're in breach of the guidelines without good reason.

jokie

do you think I could dispute this with welcome finance, to tell them to amend their default date?

matttye

jokie wrote: »

do you think I could dispute this with welcome finance, to tell them to amend their default date?

Yes, if they've added a default much later than they should have.

happy_bunny_2

Yes, complain. Should be a max After 6 months of no payment or sooner if you tell them you are not paying or they sell the debt. The doc says it should be in line with the company process, so if they default you after 6 months they should do the same to others.