PPI and F&F redress, Credit reference

universa_2k

Hi All

Looking for some answers as i'm not sure how I stand on this one.
Basically, I defaulted on a store card a few years back and it was passed to a debt collection agency. I agreed a F&F settlement in December 2012 but have now won a claim for PPI with this company so part of it will be used as redress which will completely clear my account.
My question is, as my account will now be fully cleared and not just satisfied as per the F&F, can I request that the company update my credit reference to fully settled as surely now I have completely cleared what I owed I am entitled to this?
Any advise would be greatly appreciated please.
Thank you.

Nasqueron

Send the lender a letter explaining this and ask them to update the credit agencies. Otherwise it'll be 2 1/2 more years to wait for it to drop off the report.

It's a shame you didn't claim on the PPI at the time - back when you were struggling the PPI payout could have avoided the default

Insider101

universa_2k wrote: »

Hi All

Looking for some answers as i'm not sure how I stand on this one.
Basically, I defaulted on a store card a few years back and it was passed to a debt collection agency. I agreed a F&F settlement in December 2012 but have now won a claim for PPI with this company so part of it will be used as redress which will completely clear my account.
My question is, as my account will now be fully cleared and not just satisfied as per the F&F, can I request that the company update my credit reference to fully settled as surely now I have completely cleared what I owed I am entitled to this?
Any advise would be greatly appreciated please.
Thank you.

You can ask. But do it in writing and if they say no complain to the chief executive's office. Don't phone up and ask, otherwise you will probably get a call centre worker who has no idea how to go about getting your request fulfilled and will just tell you they can't.

There is a legal argument to say that if you have it in writing from them that your previous payment constituted full and final settlement of the account then they cannot take your redress to repay it. However, from a moral standpoint it's obviously a different matter.