Removing a default - debt still exists but want to pay it off

baffleddotcom

Hi All

I have two defaults on my credit file and would like to get them both removed.

The history.

I had a loan with Natwest, for 2 years, which towards the end I renewed and got another 2 year loan.

I also had an overdraft with my Natwest account.

I decided to change my banking to HSBC, I changed the direct debit for the loan to come from this new account.

By mistake I cancelled the direct debit, I also did this for finance on a laptop. I thought I had finance for a year, when in fact it was two years.

Barclays, the finance company contacted me and I reinstated the direct debit and that has now been paid off.

Natwest, however, have never contacted me. I forgot about it until I applied for my credit file recently.

I have moved house since having the loan and over draft and don't think I have updated my address with Natwest.

I am very willing to pay off the loan and overdraft, which if they had of told me about I would have done straight away.

I have written a letter to Natwest, about a month ago, stating that I am not aware of why they have put a default on my account and that I wish to resolve it with them. But I haven't had a response back. Presumably because I have given them my new address to contact me on?

Is there any thing else I can do to resolve this? I would like a clean(er) slate so that I can get the ball rolling on buying a house.

Thanks!

Candyapple

How old is the Natwest default? I think you'll have a very difficult time to get them to remove it as it is factual reporting of how you ran your account with them.

The older your default (3 years or more), the less impact it will have if you are looking for a mortgage. You would need to see a mortgage advisor however to get a proper indication of who would lend to you and how much deposit you would need.

Tixy

They are unlikely to agree to remove the default in return for you settling the debt. But even if you can only get them marked as satisfied defaults that would still help a bit in terms of getting a mortgage.

If it has been a month since you wrote to them then I would definitely chase them up. Did you give them your old and new address in the letter?

baffleddotcom

Yes, old and new address in the letter.

Do they not have to make an effort to contact me with regards to putting on the default?

I kept a clean account for 3.5 years. It was a mistake that I would have rectified had I known it was there.

Think it has been on for about a year.

Will they have sold this debt on by now? I don't even know who to pay to get this settled!

MallyGirl

no - the onus is on you to keep them informed of any change of address.

Southernman

It's factually correct information and they will be able to prove they sent correspondence. If that address is incorrect because you haven't updated it then you don't have a leg to stand on sadly

baffleddotcom

Thanks all for your replies

If this has been passed to a debt collection agency am I better off trying to find out who and pay them or pay Natwest directly?

I don't want a plan, I want to pay it off in full

chanz4

how do you forget a loan and overdraft?

m4rc

chanz4 wrote: »

how do you forget a loan and overdraft?

I was going to ask the same thing, maybe hey are boh tiny but I wish I earned enough that I could forget I had 2 debts!

As others have said you I'll have a hard time getting the defaults removed as they should be there. They will disappear after 6 years have lapsed and if they are showing as settled then they will have less of an impact on your credit file, plus the older the get the easier it should be for potential lenders to look past them.

In the first instance contact the organisation you have the debt with, if they have sold it then that would usually be reflected on your credit report. If the original lender still shows on your credit report chances are the debt is still with them, ring them up and pay it off.

Thrugelmir

baffleddotcom wrote: »

I don't want a plan, I want to pay it off in full

If the debt has been sold on. Then the DCA will find you.