N-Ram 'Defaults' on Credit Report

Brush2013

Hi, I'm hoping for a bit of help with this, any thoughts/experiences with the same and how to deal with it would be appreciated!!

A bit of background:

Back in 2006 I had a consolidation loan with N-Ram for 10k, then in the last 2 years, after having some financial difficulties, went on a payment plan with them. I have just paid off the last 3k in full and having closed my account, thought I'd check my credit report which is showing as 'Very Poor'. N-Ram have reported that each of my payments in the last 24 months have been late, recording 6 payments late, each month, for the entirety of the 2 years I've had a payment plan with them.

I'm now in a position where I want to get a mortgage but fear this N-Ram reporting will scupper my chances. Is there anything that can be done with this? N-Ram says it is their policy to report it as that but I really don't feel that I have 'Defaulted' as this is when 'the relationship between the lender and company has broken down'. None of my payments have ever been 'late', just reduced.

Please help

DCFC79

Put a complaint in and see what they say, if its not satisfactory then go to the FOS.

Tixy

It is usual that when you enter a reduced payment plan that a default entry is marked on your credit file.

Can you confirm if it does show as a default (it will have a field with Date of Default (or similar) within the credit account section on your credit file)?
Or if it does not show a default and simply shows that you are in arrears within the monthly history on the account.

Hazzinho

Yeah it sounds like they are reporting correctly, you can always dispute and see what happens, if you are on arrangement you aren't paying the full amount, it could also be classed as default.

rdt123456

I have the same thing with NRAM, they didn't default my loan back in 2008 when I went onto a DMP like others did. Loan is marked payments as 6 months late until I cleared it about 6 mths ago.

I want to get a mortgage now and the broker says is ok with defaults over 2 yrs old but I'm not sure if the NRAM thing will mess it up.

Do you know if I can complain to NRAM?

Thought I would give Experian a call about it in the week.

fermi

Yes, as you are not supposed to do that.

---> ICO Guidance - Filing defaults with credit reference agencies

A record showing a series of payments as six months in arrears when this does not reflect the real payment history should not be used as an equivalent of a default.

Accounts should normally be filed as being in default where those payments due have not been received for six months.

And a few other points if you read the link.

Also see the cases and links here --> http://forums.moneysavingexpert.com/showthread.php?t=4070713

where companies have been successfully challenged on this.

As said earlier in the thread, even if NR refuse, you can take the complaint to the ICO and FOS.