Link Financial keeps marking debt as defaulting

TB_UK_2

Hi there,

I am new to this forum and find myself needing some advise. I hope someone can help me.

After loosing my job and not immediately finding new work, I got in trouble paying back my credit cards. I had an arrangement with Virgin (MBNA) and kept paying a small amount. Eventually they registered a default and sold my debt to Link Financial (June 2014).
Although I received several rather nasty calls from Link at the beginning, they eventually stuck to the £50 a month agreement that I had before they took over (total debt of just over £2k, about £1.5k to go now).
I recently check my credit file and noticed that Link Financial is always putting this as defaulting every month on my credit file, not registering that I make any payments or that an agreement is in place. They hardly send any paperwork, they only thing I seem to have from them (although I did receive default notice from MBNA at first), mentions arrears, not defaulting.

2 Questions:
1. Are they correct in registering this as defaulting every month?
2. I would like to get the default wiped of my record (I can stretch now to settle in full). I need to buy a new car and if it is wiped of my record, I should be able to get a proper car finance deal. However if they don't, I would need that money to help me get the car. What would be the best course of action? The company comes across as a bully, so I'm not sure I should be contacting them at all?

Thanks for any suggestions.

TB

Thrugelmir

You are in an arrangement to pay so the account remains in default (not in accordance with contractual terms). So the account will be duly notated to make other users of your file aware.

(I can stretch now to settle in full)

Playing games doesn't pay. You may have obtained an interest free loan for a period of time. But will suffer the downsides of not settling the account as promptly as you are able to. There's no such thing as a free lunch.

fermi

1. Yes. Monthly status codes always stay a D or 8 once the account is defaulted. They how you paid according to the original contract, not payments under some informal agreement afterwards.

2. You can ask but they are unlikely to agree. Refusing to pay may also force them into taking court action, which could further harm your credit record, so you need to be cautious.

TB_UK_2

Thanks for the help. Looks like I'll better just keep going as I am now, guess I have a lot to learn. Apart from this one default, which I am in an arrangement for, there's nothing on my report that's an issue at all. No late payments, no arrears,... and if MBNA would have had 1 month more patience, I would not have any of the problems I have now in obtaining a finance deal for a car (only done soft searches, but it's clear it will have a stupid 30 something APR if I do get anything).

Robocup

Thanks for the info on here, I have found myself in a very similar situation with Link Financial.

Does anybody know how long the defaults will stay on record for even when the full amount is cleared?

cheers.

[Deleted User]

Six years from default.

fermi

To be clear, 6 years from the initial recorded default date. Later D/8s in the status history don't extend it, and they all get removed as well at 6 years from the initial default date.

GingerBob_3

TB_UK wrote: »

Hi there,

I am new to this forum and find myself needing some advise. I hope someone can help me.

After loosing my job and not immediately finding new work, I got in trouble paying back my credit cards. I had an arrangement with Virgin (MBNA) and kept paying a small amount. Eventually they registered a default and sold my debt to Link Financial (June 2014).
Although I received several rather nasty calls from Link at the beginning, they eventually stuck to the £50 a month agreement that I had before they took over (total debt of just over £2k, about £1.5k to go now).
I recently check my credit file and noticed that Link Financial is always putting this as defaulting every month on my credit file, not registering that I make any payments or that an agreement is in place. They hardly send any paperwork, they only thing I seem to have from them (although I did receive default notice from MBNA at first), mentions arrears, not defaulting.

2 Questions:
1. Are they correct in registering this as defaulting every month?
2. I would like to get the default wiped of my record (I can stretch now to settle in full). I need to buy a new car and if it is wiped of my record, I should be able to get a proper car finance deal. However if they don't, I would need that money to help me get the car. What would be the best course of action? The company comes across as a bully, so I'm not sure I should be contacting them at all?

Thanks for any suggestions.

TB

Correct. As a matter of course you should not contact scum. If you have to contact them at all then always do it in writing. NEVER phone scum.

tykesi

GingerBob wrote: »

Correct. As a matter of course you should not contact scum. If you have to contact them at all then always do it in writing. NEVER phone scum.

An honourable sentiment but as the OP posted that over a year ago I doubt he'll find it too useful now.