Old Default accounts being updated.

snglow

Hello all,
I'm looking for a little advice here, To cut a long story short back when i was 18 i did some pretty stupid things when it come to credit, phone contracts etc but worst of all i took an overdraft from Lloyds TSB.

Anyway, The overdraft was around £1250 if i remember rightly This went into default when i become unemployed in 2007, I moved house a few months after this and being young and stupid i never bothered to contact them.

Now im trying to sort my credit raiting out and I've recently noticed they have set my account to 'Satisfied'.

The information on my file is as follows:

Default Date: 11/09/2009
Which is extremely odd as I've not spoken to Lloyds since 2007-2008 at the latest before i moved house.

Anyway on 11/08/2013 they recorded the account as satisfied, Which i was very happy about i managed to jump my score from 230 in April 2013 to 850 at this point which i was extremely proud of. I'm assuming that they have now passed the period in which they are able to claim the funds back and have closed the account.

I've just logged in to check the file again and my score has dropped to 768 and I have a new record from Lowel Portfolio for the same amount (£1488) and they have the same Default date in 2009.

I understand Lloyds have probably sold the debt now but i've never had any credit with Lowel Portfolio and none of the other older open credit files have re-appeared on my file from any third party collectors.

Any advice would be greatly apreciated, I intend on paying for what i've had all those years ago but if i can get away with not paying it after the account was removed from my file that would be brilliant in my quest to clear the file.

not_very_money_savvy_guy

From what I see, your default account was satisfied because Lowel bought the debt from Lloyd's Bank. It was always going to appear back on your report from the moment it said satisfied. If you don't pay it then it'll be around until 2015, and even then once it drops off the radar you're still liable for the debt either way. As you can see I'm new to this site and also waiting for advice/reply but everything I've read and learned here says come to an agreement with them and try and pay it off in six months so it shows as settled until it's removed from your report making it look more positive.

snglow

Thats what i figured, I guess the bonus now is that Lowel will probably take a heavily discounted settlement figure.

not_very_money_savvy_guy

Fingers crossed for you and good luck. :beer:

Stewart_78

Have you made any payments or acknowledged the debt in writing since 2007? If you haven't then it could very well be statute barred which means it still exists but they cannot legally get you to pay it. Be very careful about doing anything until you have had some further advice. It's not unusual for debt which are on the brink of going SB to suddenly wake up as they make one last attempt to get money out of you.

Do you know the date of the last payment you made to the account? Have you sent any money since in any form or acknowledge the debt in any way in writing since then?

happy_bunny_2

Cards and loans etc are usually defaulted within 6 months, especially if you just ignore the creditor.

Default dates on overdrafts don't always seem sensible, but should really be when the overdraft is formally recalled.

I would ignore this until after Xmas when you should be in the clear Statute barred wise if you last paid or contacted them in 2007.

Once SB, they can't legally make you pay, but can hassle you.

You should be able to get rid of them for not a lot once you tell them its that or nothing, should you want to pay.

If this is the only default then you could also complain to get it backdated, might work. Once confirmed SB mind...