Help! Natwest Destroying my Credit File

naff123

Hi All

Really need your advice I am very angry right now and I want to check if my anger is just or not.

Basically I got into a lot of money trouble about 2 years ago and enlisted a Debt management plan and got all my agreements arranged to pay and have been very steady on repayments since.

But upon reading my Credit report on noddle it turns out one of the creditors (Natwest) for every single month for the past 2 years has registered a Default on my file despite paying them an amount which they agreed.

Can I contest this and if so who do I go to and what do I say?

They are destroying my credit file for a long long time it has got so bad as a result I cannot move banks based on my credit.

fermi

The won't have registered a new default each month. D's every month are status codes, not new defaults.

You will have been defaulted at the beginning because you were paying less that the contractual payments under the DMP.

From then onwards the account status codes register a D every month as that is the status of the account. They are not new defaults each month. Just status updates on the original.

fermi

Should add that the D's do not prolong how long the account/default stays on your file. It 's still six years from the original default.

naff123

fermi wrote: »

The won't have registered a new default each month. D's every month are status codes, not new defaults.

You will have been defaulted at the beginning because you were paying less that the contractual payments under the DMP.

From then onwards the account status codes register a D every month as that is the status of the account. They are not new defaults each month. Just status updates on the original.

The point is, is that they agreed to this fee, and the whole point of a DMP is to sort you out not exacerbate things to a unattainable point I want to know what I can do as they are being extremely unreasonable.

Also I have had a new company pop up on my credit file as littlewoods sold my debt to another agency whilst in this plan and now they are at the point of doing this too. (This is very recent)

fermi

Accounts are more often than not defaulted under a DMP. This should have been explained to you.

Creditors are also entitled to sell accounts on to debt collectors etc.

naff123

fermi wrote: »

Accounts are more often than not defaulted under a DMP. This should have been explained to you.

Creditors are also entitled to sell accounts on to debt collectors etc.

This wasn't explained to me unfortunately they just wanted me to sign at the time and I wish I saw this at the time and told them to sling their hooks.

Needless to say I've been mugged off.

So I have been mis-sold a DMP I was stupid enough to pay at the time because I was in a desperate situation dealing with the passing of my father

sourcrates

Whenever you pay an amount "less than" the amount agreed, you are technically in default of the agreement, weather you are in a DMP or not a default will still be registered, no avoiding that one I`m afraid, so even if you hadn't signed up to it, I assume you were already paying either less than the agreed amounts or nothing at all, so which ever way the default would have been registered anyway, you will find if you check your report on Experian and call credit, any accounts which use them will also have defaults registered as well.

tallyhoh

Are you paying a debt management company? if so get rid of them & go with one of the free ones like payplan

matttye

Just so you know, it's too late to do anything about the defaults (other than settle them), so concentrate on what you CAN do to improve your credit record. This is assuming that the defaults are accurate - i.e. you did actually owe the money and did fail to pay it back as agreed.

First of all, I'd pay off the remaining debt as quickly as possible.

After that you can look at getting a 'bad credit' credit card and paying in full each month etc.

Powered_By_Pies

Is it not possible to write to someone like Natwest and request they amend the recordings of defaults with the 'arrangement to pay' suffix?

I thought you were able to do that, unless that's changed.

matttye

Powered_By_Pies wrote: »

Is it not possible to write to someone like Natwest and request they amend the recordings of defaults with the 'arrangement to pay' suffix?

I thought you were able to do that, unless that's changed.

Arrangements to pay are supposed to be short-term arrangements of up to 6 months.. they can't last for 2 years, which is how long the OP has been in a DMP.

It would actually be worse if they displayed AP markers for 6 months and then a default, as it would mean the default would stay on the OP's credit files for 6 months longer.