Ppi &default to credit rating. Help please!!!!

alfred140390

Dear All,



I am new to the forum but in desperate need of some advice.I am now at a point where I am wanting to apply for a mortgage I was advised tocheck my credit scoring on Experian, when I logged on I noticed a default markbringing my credit report down to the poor section. This is a nightmare as I wasconvinced it was going to be great and it obviously prevents me from been ableto apply for a mortgage. Basically, I took out a loan a few years ago withHSBC, then the PPI reclaims came into action, I contacted a company to help mesee if I could reclaim any PPI from the loan, The PPI won in my favour and the remaining3k of the loan was written off as a settlement agreement, however whilst thecase was open I stopped making my loan repayments as the case was determined inmy favour and the loan was written off anyway I didn’t think this would be aproblem as they would only have had to refund me the money anyway when the casewas settled. Because the PPI was mis-sold and the loan ended up getting writtenoff I assumed any default marks to my report would be written off too. However it is still there and will be therefor another 4 years.



I have contacted HSBC and explained that because of thecircumstances I was led to believe any bad credit marks to my file would beremoved. After 8 weeks they have replied to me to say they cannot see any proofof this promise ever been made therefore they cannot remove the default. Imsure there must be something else I can do to convince them to remove it.surely as the PPI went in my favour and the loan was then settled by the bank Ishouldn’t have this default. If anyone could offer me any advice or a solution Iwould be so grateful. Im getting desperate and its causing me a lot of anxiety.

Tixy

Who advised you to stop repayments to the loan during the PPI reclaim?
Its pretty standard advice to keep up repayments whilst making a PPI claim, because if the claim goes in your favour then that will be factored in to the eventual refund you receive. (If the refund exceeds the outstanding balance obviously you then receive the remainder of the refund).

How long from when you stopped paying to when the PPI refund offer was made to you?

alfred140390

It was like 5 months. I cant remember who it was who advised me. I now know what a stupid irresponsible mistake it was but i was 22 and not really well educated enough on how important your credit file is. Im just really wanting to know if their is anything i can do to fight it.

Thanks for repying