Default on my credit report

irvingjn

Hi I would be grateful for some advice.

I experienced financial problems in 2010 causing me to miss three payment on my Natwest loan. This was handed to Triton and a payment plan was set up over 36 months to clear the amount owed.

I paid 18 months of these installments and in December 2011 I phoned and asked them if they would consider a full and final settlement (I had been paid an unexpected bonus at work) and if they would what amount would be acceptable. They said yes and an amount was given to me on the phone.

This was confirmed in writing and after I paid a second letter was sent on the 28th Dec stating the account would be marked as partially satisfied and closed permanently.

I have just checked my equifax report and see that they defaulted me on the 28th Dec 2011. Is this common practice to default after a full and final settlement is accepted and paid? I want to query this with them but I am clueless with this sort of thing and for all I know they have followed correct procedures.

The account had not been defaulted prior to this by Natwest and I am sure that they made no mention to me that they would place a default on my file when I discussed the final settlement with them.

Thanks for reading

rizla_king

It is standard, but you should have been warned that it was part of the deal.

irvingjn

Thanks Rizla. I thought as much.

happy_bunny_2

Bit naughty, as if you didn't pay they should default you within 6 months.

APs should not put you in a worse position than someone who made no effort to pay. You clearly are.

Did they warn you of the default on full payment?

Complaint, in writing. Fob you off then take to FOS as you have a good case and it will cost them the fee.

Read the ICO default guidelines post sticky at the top of the thread list.

irvingjn

Happy_ Bunny, they did not warn me of it on the phone.

I received two letters from them after the phone call: the first confirming the reduced amount to pay and the second acknowledging payment and closure of account.

I cant find that first letter but I am certain there is no mention on it that I will be defaulted. I will contact Triton and get them to send me a copy of it before I lodge my complaint.

irvingjn

Just a quick question happy_bunny, by strong case do you mean getting the default removed completely or having the default date brought forward by 18 months?

I have spoken to Triton this morning- they agree the date is incorrect but I think the default date is just going to be brought forward. They have said that it would have been defaulted as soon as it was handed over to them. They have raised a complaint for me and will contact me within the next 7 days.

Thanks again.

happy_bunny_2

It's not clear cut. Normally sale to a DCA is an indicator of a default. Triton are RBS and Natwest internal collections, so not clear cut.

I think its unfair that you agree an arrangement, stick to it with no default then settle in full and get defaulted without being warned. Probably no default if cleared via AP.

This should form the basis of your complaint in my opinion. Earlier default is a good start but if that is their final response then refer to FOS.

happy_bunny_2

irvingjn wrote: »

Happy_ Bunny, they did not warn me of it on the phone.

I received two letters from them after the phone call: the first confirming the reduced amount to pay and the second acknowledging payment and closure of account.

I cant find that first letter but I am certain there is no mention on it that I will be defaulted. I will contact Triton and get them to send me a copy of it before I lodge my complaint.

I wouldn't bother, the FOS will request letters if required.

The_Boss

Would the default have not been applied had the OP continued to pay the agreed monthly amount to Triton?

happy_bunny_2

The_Boss wrote: »

Would the default have not been applied had the OP continued to pay the agreed monthly amount to Triton?

I think it would depend on the terms of the arrangement. Some companies let you stay on APs for years, which is usually only good if you can Clear the debt quickly.

I have had RBS say stick to the AP and no default will be filed.