Ge money default help please

bingo63

Hi
Im pulling my hair out with GE Money and a default I had 18 months ago when I got into difficulty.

I missed 3 months payments but quickly got back to just under a months payment due . GE Money issued a default notice but last year I managed to clear the arrears and every payment has gone out on time and in full ever since. Basically Im exactly where I should be when I took out the loan (for a boiler) several years ago.
Ive been getting conflicting information from both Experian and GE Money. My credit file is immaculate except for this "default" and I would have expected GE Money to acknowledge somewhere that I am exactly where I should be , however my score with them continues to register "8". Experian say an 8 and a default is on an account that is in "default and has been closed"...As we all know defaults stay on the account for 6 years... The problem it seems to me and as I have been told by GE Money is that 95% of people who go into default dont get back to the status quo. When I speak to GE Money they start by saying "your account is up to date and your next payment of £68 is due on xx date how may I help you" What can I do do to get them to be fairer in reporting the actual situation with the account, and what is to stop me offering just £20 a month as payment because whatever I do its seems the default will remain on my account for the next 4 years? Any help in trying to get GE Money to see a little common sense would help
regards

Experian_company_representative

Hi Bingo63.

Finding a default on your report when you had been working hard to bring it up to date must be very disappointing for you.

Once a company marks an account as defaulted then the account is effectively closed, and the status would remain as "8".

Although GE Money may be happy to continue accepting the monthly payments as they did previously, the account would not usually be updated until it is cleared, and it would then be marked as satisfied.

It would be up to GE Money if they were prepared to take reduced payments, and although the account would be removed from the report after 6 years, they would still be able to chase you for any outstanding debt.

We can arrange to contact GE Money on your behalf if you feel that they have recorded the default unfairly, and mark the entry as disputed while we do this. Please get in touch with us if you would like us to do this.

Our short film explains about correcting errors on a report here which you may also find helpful.

Kind Regards
Neil

happy_bunny_2

Most companies issue a default between 3 and 6 months of no/lower payments unless you make an arrangement with them.

Did they send you a default notice?