How Is A Default Responsible

Barry1973

I feel into trouble with a lender and agreed a 6 month £1 token payment, they then defaulted me 30 days later and in complaint they believed this was responsible????
A default doesn't set you free, it remains on your account for 6 year causing nothing but aggravation....how is it responsible lending?
6 months later i ma have been in a better position to restart.

Vikipollard

But you have defaulted, as you are only making token payments, not the ones you agreed to on the contract.

Barry1973

Agreed but they agreed £1 which was a short payment plan (6 months). Does feel like the banks can offer something that comforts you slightly in the knowledge that you have some time yet slap with the other, it cant be right. If you agree something then it should be honored and then default.

Barry1973

At the time capital one did this also, never defaulted me.

ReadingTim

Barry1973 wrote: »

Agreed but they agreed £1 which was a short payment plan (6 months). Does feel like the banks can offer something that comforts you slightly in the knowledge that you have some time yet slap with the other, it cant be right. If you agree something then it should be honored and then default.

What, like you agreed to pay the loan back then decided you'd have a little payment holiday instead?

You defaulted on your original agreement. Fact. The lender has recorded this fact on your credit report. This has nothing to do with responsible lending, which is subjective.

Perhaps the lender is being responsible - by placing this default on your credit history, they're warning other lenders that you're not to be trusted to honor the terms of any loans you take out!

happy_bunny_2

Barry1973 wrote: »

I feel into trouble with a lender and agreed a 6 month £1 token payment, they then defaulted me 30 days later and in complaint they believed this was responsible????
A default doesn't set you free, it remains on your account for 6 year causing nothing but aggravation....how is it responsible lending?
6 months later i ma have been in a better position to restart.

You could ask the to change it to an arrangement to pay marker for 6 months, see what they say.

bear in mind, that if after 6 months you don't get back on track, the default will re-appear and affect you for 6 months longer.

poppasmurf_bewdley

So you feel that, even though you defaulted on the loan, nobody should mention it to anybody and keep it secret?

You defaulted on the loan, and the loan company are doing the right thing by marking your credit file. Doing otherwise could result in other companies lending you money when you are not in a position to pay them back.

Maybe in Capital One HAD defaulted you and marked your credit file, your current loan company may not have lent you this money and you wouldn't find yourself in this position today.