Incorrect default recorded on my credit file!!

Newstart_4

http://www.youtube.com/watch?v=dHEh3UsHP0A&mode=related&search=

have a look at this, its a clip for a USA documentary called maxed out. if you can ever view the whole thing, i highly recomend it.

the guy here is basicly saying that credit companies are purposly ruining credit ratings so customers are forced to take out loans at higher rates of interest.

jamesd

nothingwitty, ask those who declined credit if that default was the reason. If any of them says yes you can use the difference between their rate and the new Welcome Finance rate as your loss.

platinum1423 wrote: »

They are putting pressure on me saying that the figure is only valid until 20/08/07, implying that it will go up after that date.

The figure will go down after that date and will continue to go down until the loan is paid, either normally or with early settlement.

However, it appears that you settled the loan in June and provided you paid the correct amount you have nothing more to pay. Ask them to verify that you paid the correct amount to settle the loan in June and once they have done so to comply with the Consumer Credit (Early Settlement) Regulations by recording it as settled and removing any incorrect missed payment or default notices they may have recorded.

It's not necessary to even ask for a settlement figure from them. You can simply pay an amount that's sufficient to settle and they must refund you any overpayment. If they don't have a record of a settlement figure, that's fine. Ask them to calculate the settlement amount for the date when you made the early settlement payment, complying with section 5(c) of the Consumer Credit (Early Repayment) regulations "5. The settlement date for calculation of the rebate shall be taken to be ... (c) in any other case, the date on which the debtor pays any sum involving early settlement".

Their failure to record the settlement figure works against them, not you. The settlement figure has to be 28 days after the request reaches them and if you paid earlier than that and they claim they didn't issue a settlement figure you paid too much and they have to refund that many days more interest to you.

It appears that they are trying to completely ignore 5(c) and get a few months of extra interest out of you by ignoring the fact that you have already settled. Don't let them.

regularsaver1

platinum1423 wrote: »

No , it was paid by telephone banking.

ah this is wanring bells to me then

nothingwitty

Thanks to all who advised or offered an opinion. I complained to the FOS who mediated on my behalf. As I could not PROVE that Welcome had resulted in my credit record being strangled to within an inch of its life, I had no case. Welcome made a gesture of goodwill payment of £150 which I accepted reluctantly. In short, as consumers, if companies record lies about us on our credit files, we have little reproach. The onus is on us to prove that they did something bad and even when we do, they can deny it or try to pass the buck as Welcome did. Welcome lied to me and tried to blame the credit scoring companies. They did correct their error but only after I made numerous calls to try to get them to do so. Keep an eye on your credit file - ther may be things there you never imagined!! As for Welcome Finance, stay well clear of them.