Default on loan - Satisfied versus Settled

mro85

Hi Everyone,

Long long term lurker on these forums but was hoping to share in your expertise and experience.

Back in 2005 I took out a financial loan with British Gas, in 2008 I mistakenly cancelled the direct debit as it was under the AA.

Later on Blair Oliver Scott contacted me and I repaid the loan - they offered a discount on the overall amount if I paid up a lump sum which I did in 2011.

My credit rating through Experian and Noodle have been affected by this default.

On Noodle the account shows as "Satisfied" rather then Settled.
The difference is about £100.
I spoke to Blair Oliver and Scott and they did tell me I can pay that remaining £100.

My question is if I did that, in theory the status would change to Settled - as the account still has defaults would this make an overall difference to my credit rating.

Also it shows as defaults from July 2008 to December 2011 -
is there any way to remove this? I was paying every month from January 2009 onwards so surely at most there should be 6 defaults not 31!!

Any help would be appreciated, outside of this one account everything else is good but this has really had an adverse effect on my credit score.

Thanks everyone,

Mr O

Hazzinho

I'd just wait for the default to drop off next year, everything is factually correct. Regarding the payments once you default it stays in default for the remainder of the account.

MoneySaverLog

A default will not show as settled they are trying it on to get an extra £100 off you.

A defaulted account once satisfied will show just that satisfied or partially satisfied. The default will drop off 6 years after it was originally registered. I.e. the original default date regardless of how it may show on your file.

mro85

Thanks for the answers Hazzinho and MoneysaverLog.

Just to confirm, should the account should drop off in July 2014 as the first default was July 2008?

Thank you again

matttye

mro85 wrote: »

Thanks for the answers Hazzinho and MoneysaverLog.

Just to confirm, should the account should drop off in July 2014 as the first default was July 2008?

Thank you again

Yes - 6 years from the default date or the date the account was closed, whichever comes first.

izools

mro85 wrote: »

as the first default was July 2008?

Defaulted accounts don't have "First" and "Subsequent" defaults.

The default date is the default date and that's an end of it.

Are you sure the account actually defaulted, not fell in to arrears?

mro85

It definitely defaulted as I had to pay off the remainder of the loan through Blair Oliver and Scott.

O.

MoneySaverLog

There will be a field named "Original Default Date" on the default entry or it did when I had one.

fermi

mro85 wrote: »

Also it shows as defaults from July 2008 to December 2011

A row of Ds or 8s are just status updates on the original default, not new defaults each month.

The default, account, and entire history will be removed 6 years from the original default date, come what may.

mro85

Thanks everyone, you've saved me £100!