Strategy to get best result from old debt

devlopands

I have a debt which defaulted with Vanquis in 2012. Recently I have noticed Lowel have taken over the debt and added the default date as October 2013. Clearly wrong.

In a previous post on the forum I have been advised that i can request to get the default date changed. Which I will do.

However, the more I am reading into debts and strategies for dealing with it I have found some interesting information.

One of which is CCA. Given they have the default date wrong, how likely would this be to be successful?

Generally also, what would be best thing to do with this debt to leave the least possible dent on my credit file.

The debt originally defaulted on Feb 2012 and is for £3555.

Would the following make sense:

1. CCA
2. Get default date amended to correct date
3. Offer part settlement
4. Pay part settlement and ensure it is updated with all credit reference agencies?

Is there anything I can do to minimise the effect of this debt? i am hoping to apply for a mortgage in early 2017.

sourcrates

Hi,

You can send CCA, yes, and the rest of what you have written makes sense also.
Usually the longer a DCA has had a delinquent debt, the more open to a settlement offer they will be.

One thing I have noticed with Lowell, is that they do make quite regular discount offers, i have seen 30% offered regularly.
Some posters have had even better success reading some posts on here.

vlad

If you defaulted in 2012 I don't see you getting a mortgage in 2017

devlopands

The default was for a credit card - if i pay it in January it will be satisfied.

Other factors I have on my side:

Car finance £14000 - 3 years perfect history - 1 year remaining
3 credit cards - all perfect histories
O2 - perfect history for 6 years
Next directory account - perfect history
Other various utilities - all perfect histories for between 4 and 6 years
4 years with same employer
Good salary
15% deposit

Are you saying that a satisfied default from 2012 will outweigh all of that history?

pmartin86

devlopands wrote: »

The default was for a credit card - if i pay it in January it will be satisfied.

Other factors I have on my side:

Car finance £14000 - 3 years perfect history - 1 year remaining
3 credit cards - all perfect histories
O2 - perfect history for 6 years
Next directory account - perfect history
Other various utilities - all perfect histories for between 4 and 6 years
4 years with same employer
Good salary
15% deposit

Are you saying that a satisfied default from 2012 will outweigh all of that history?

Think of it from a lenders view

"Lots of bills paid on time, managed to save large deposit for house, still didn't pay debt, seems to pick and choose what they pay based on what takes their fancy"

devlopands

Well, i dont have the deposit yet - but wll in 2017 when i will be applying. I will be paying off the debt first, this January before saving for a deposit.

I see your point though.

The only thing i can say in my defence, at the time I had the vanquis card and was struggling financially - however they kept putting my limit up each time i maxed it out. I think i went from a credit limit of 500 to 3000 in the space of 6 months - around 3 increments. Until the monthly payments became too much. Its not really an excuse but it is my first priority now that I am in a position to pay.

sourcrates

Usually the further back in time negative information is, the less impact it will have on you.
You may still be able to get a mortgage, depends on individual lenders own criteria.
You may have to accept a higher interest rate or something of that nature.