Satisfactory, Default and Satisfied

ElvisPresleysCat

Hi,

I have managed to settle some debts but this has left an interesting result.

For instance: a payday loan status is marked as Default, the balance (presumbly is £0) is marked as Satisfied.

I was told I could approach the company and ask them to remove the Default status, but was also told it is unlikely as they prefer to keep that status as I effectively broke the contract; however, some lenders may well update the status; payday loan companies tend not to.

I can't help but view it as a sort of punishment for 6 years and I would love to assert it was discriminatory as the term 'default' on a settled account is incorrect.

Thoughts?

Thanks,
Adam.

JKSandy

Did you actually default or pay the loan back in line with the timescale agreed?

ElvisPresleysCat

I defaulted but then settled on a lower amount after it had been purchased by a debt collector.

JKSandy

Then the default is factual, if you have managed to get other defaults removed you have been lucky.

As it is now with a DCA you would need to contact them to remove it. You could offer to pay the rest if they agree to take it off?

You would need this in writing though. And you run the risk of them saying no, you then not paying and they then "re-open" the default.

SRT81

Yeah, they won't be removing the default I wouldn't have thought.

ElvisPresleysCat

JKSandy wrote: »

And you run the risk of them saying no, you then not paying and they then "re-open" the default.

Why would I risk re-opening the default? It was an agreement and the account was settled.

A.

JKSandy

Because DCA's are sneaky and if thy think they will get more money they will try any trick they know.

Maybe I'm too suspicious of them lol

ElvisPresleysCat

JKSandy wrote: »

Because DCA's are sneaky and if thy think they will get more money they will try any trick they know.

Maybe I'm too suspicious of them lol

Mmm maybe so. DCA is something Credit Agency?

A.

Thrugelmir

CaPPsiE wrote: »

I can't help but view it as a sort of punishment for 6 years and I would love to assert it was discriminatory as the term 'default' on a settled account is incorrect.

The purpose of the history is to warn other companies as to the type of person you are. They can then decide whether they wish to conduct business with you and on what terms.

If you lent a mate £10 and he only paid you back £5. Would you lend him another £10. More than likely you'd tell your other mates.

Common sense not a punishment.

ElvisPresleysCat

It seems that while the default remains, the account is settled, so that's something. I just need to wait 6 years for it to fall off, or pay whatever is outstanding...

JKSandy

Sorry DCA is "debt collections agency", they buy debt from lenders then they owned the debt and that's who you usually end up dealing with.