Outstanding Balance Left on Account for 6 years!!

StA

I have recently found out through my credit file that a credit card which was paid off (full and final settlement agreed in 2008) has been showing a balance of £1000 outstanding for the last 6 years. The bank have never contacted me to ask for payment and indeed, if I had not checked my credit record, I probably would never have known. I am assuming this will have affected my credit rating for the last 6 years and the bank have accepted responsibility. Should I be seeking some sort of compensation for the error?

Candyapple

When you say the bank have accepted responsibility, does that mean you've recently contacted them about this?

Do you have any proof in the form of a letter/document specifying the full and final settlement amount?

Has the account been defaulted and showing as such on your credit file?

Was the account ever passed over to a debt collecting agency or did you agree the F&F offer with the bank directly?

grumbler

StA wrote: »

I have recently found out through my credit file that a credit card which was paid off (full and final settlement agreed in 2008) has been showing a balance of £1000 outstanding for the last 6 years. The bank have never contacted me to ask for payment and indeed, if I had not checked my credit record, I probably would never have known. I am assuming this will have affected my credit rating for the last 6 years and the bank have accepted responsibility. Should I be seeking some sort of compensation for the error?

What matters is not the balance, but how it is shown.
However, "full an final settlement" can easily mean a default that is supposed to remain in your files for 6 years: Full and final settlement?

StA

Thanks for responding.

I had to contact the bank about a potential PPI claim (see my other post) - at this time I was sent copy statements which detailed the £1000 outstanding amount. No sign of default and I have not heard from them since 2008 when the F&F settlement was agreed directly with them and paid.

They have said they are going to rectify my account and contact the credit agency but in the past I have been refused credit cards from other providers and I wonder if this would have had anything to do with it.

grumbler

Check your credit file(s) instead of wondering.
However, even if you see £1000 with a default mark, then most likely it's a correct mark unless you can prove otherwise.