Bank admits error in mis reporting to CRA for 6 Years,compensation due?

speedbird1

Just would be interested to hear from anyone who has been in a similar situation.

My bank admitted error in reporting data to CRAs,

In my case nearly 6 years late payment markers,instead of marking the account as defaulted.

And I made payments to them every month since.

In terms of credit worthiness,if the default had correctly been recorded back in 2009 ,the negative impact would have reduced gradually as compared to all those late payment markers reported for six years,which had adversely affected me since 2009.

Have had an apology,and offered £50.

Before anyone jumps on the band wagon,I am not trying to rip them off,
but the bank has admitted the error.

Clearly a breach of the DPA.

Any guidance as to what I should claim would be appreciated.

fermi

Maybe search for upheld complaints here to get an idea?

http://www.ombudsman-decisions.org.uk/

Tixy

It may be difficult to demonstrate/prove that potential lenders would have viewed what was on your file more negatively that a default.

However if that compensation offer was the first offer then I'd think you could probably almost certainly get them to increase it a bit.

speedbird1

Thanks for that.

Just another query.

Since the "banks administration" error in not reporting the default in 2009,
I have paid over 7000 off the original debt.

This will fall off my record in August.

So effectively since the default I have paid off over 50%.

In now trying to settle this considering the 50% repayment can I argue that figure as part of a F and F settlement,based on the original 14k.

Effectively hoping not having to find too much money now to settle.

speedbird1

Thanks for that.

Just another query.

Since the "banks administration" error in not reporting the default in 2009,
I have paid over 7000 off the original debt.

This will fall off my record in August.

So effectively since the default I have paid off over 50%.

In now trying to settle this considering the 50% repayment can I argue that figure as part of a F and F settlement,based on the original 14k.

Effectively hoping not having to find too much money now to settle.

Tixy

If you want to offer a full & final settlement then write with the figure you are offering.
I would just keep the letter simple, that you are offering x amount to settle the debt.

speedbird1

I'm not sure what discount banks give for f&f settlements.

Original loan defaulted circa 14 k, have paid 7k already,so effectively have already paid 50% of the default sum.

Any realistic f&f settlement now should take that into consideration.

I think considering what they did to me they should mark the account satisfied.

Tixy

For any F&F offer you make they will look at the current outstanding balance owed, how quickly you will repay that at the current rate of repayment, how likely they are to recover the debt in full etc. How much they could sell the account to a debt collector to etc.

Banks generally won't accept such low percentage amounts as debt collectors who have purchased the debt.
The ideal time to get a low offer accepted is just prior to them selling the account to a debt collection agency, obviously its impossible to predict when that will be.