Provident Default

wooler251

they have reported i am 3 months late with payments,

they reported 1,2,2,2,3,3 of late payments. I lost my job shortly after getting my my loan of £27 a week, this was reduced to £10, i have missed 8 weeks of payments.

1,2,2,2,3,3 are how many months late payments my account is.

I have been working from august and now back in work and have been paying £30 a week

I have phoned them up for this default to be removed this has my credit score of only 78 as i am only 21 this has ruined me

What can i do ?

fermi

A status 3 is not a default.

http://experian.metafaq.com/help/Statutory/Credit_report/status_codes

Tixy

If you cannot keep up with the original repayments on your loan then it is likely that they may issue a default at some point.

Whilst keeping a good credit history is a good thing in an ideal situation if your circumstances don't allow you to then it is more important to prioritise your priority living costs and arrange reduced payments with your creditors.

wooler251

fermi wrote: »

A status 3 is not a default.

why would it drop from 400 to 78 ? this is the only bad account ?

matttye

wooler251 wrote: »

fermi wrote: »

A status 3 is not a default.

why would it drop from 400 to 78 ? this is the only bad account ?

Perhaps because the account is heading towards default.

Don't worry about the credit score though, it doesn't really mean anything. Lenders score you based on their own internal criteria. It is the data on your report that matters, not the number sold to you by the credit reference agencies.

redcard

It's good your credit rating has dropped, means there's less chance of you getting into more of a financial mess.

I'm amazed how many people lose their jobs the week after they get a loan!

wooler251

So best advice is to try and recover and repair the damage ? How long ( guess) will this take untill im up to around 300 ?

matttye

wooler251 wrote: »

So best advice is to try and recover and repair the damage ? How long ( guess) will this take untill im up to around 300 ?

Nobody can answer this because nobody knows except for the people that work for the credit reference agency and who know how the scoring system works.

Like I say though, the score doesn't mean anything so you shouldn't concern yourself with it.