Removing Default off My Credit Report, Please Help

axixz11

Dear All

I hope that you are all well.

I have created this thread to seek advice on removing a default off my credit report. Your assistance is deeply appreciated.

So this is my background story:

Whilst studying a masters degree, I decided to open another bank account with Barclays so I can use it as a savings account. I was a student at the time and Barclays has given me a £200 overdraft. The account was rarely used and after graduation I moved out of the country to work abroad. I changed my address to my parents' house address and asked them to inform me if there are any letters for me. During the one year I was away I made two visits to the UK. My parents ran into trouble and my dad undergone cancer tests but declared cancer free in the end. During that stressful time, Barclays claims to have sent me a number of letters requesting the pay back the overdraft which I incurred without knowing. There was no deadline or an overdraft termination date, but apparently in the contract they did mention that they can request the overdraft to be paid back any time they wished. I was never informed by my parents, and they told me that they have never seen any letters from Barclays. The issues was raised by Barclays in April 2015 and according to them they sent multiple letters to my address. I returned to the UK on October 2015 only to find out that I my barclays account was closed and that I defaulted and the debt was passed on to a third party company. I paid the amount due (£192) immediately. As a recent graduate seeking to pursue a career in finance, I am deeply troubled by the default. It is haunting me everyday and everytime I fill an application for one of the banks I get very nervous. I am also worried that I may not be able to rent a flat because of the default on my report. On Experian my current credit score is 605. Other than the default I pay my bills on time so there is no issue on my other account. Because I don't like debts I never went for credit cards and I currently don't have a mortgage so the only thing that stands out on my credit report it the default.

Thank you for taking the time out to read my story. I deeply appreciate any advice or assistance from everybody. I am planning to write a letter to Barclays to ask them to remove the default off my credit report as a gesture of goodwill. Please help me write this letter

Westminster

You could probably use pretty much word for word your post above in your letter to Barclays to see if they will remove the default - the letter is probably best targetted at the executive office. I recall there is/was a website that gave the CEO address details of all the banks so maybe try a quick google and target your letter to that person.

However, I would not have an expectation of a positive outcome with your situation.

Your credit file needs to be a factually accurate account of your financial conduct.

Nothing you have said above indicates an obvious grounds for removal of a default.

You used your overdraft, didn't pay it back and left the UK.

Whether or not you received letters from Barclays is fairly irrelevant as you have demonstrated that you do not have a handle on your financial affairs and it is beneficial for any future creditors to know this fact - hence the default.

A key attribute of someone who manages their finances well is knowing who they owe money to and ensuring it is repaid.

Candyapple

axixz11 wrote: »

Whilst studying a masters degree, I decided to open another bank account with Barclays so I can use it as a savings account. I was a student at the time and Barclays has given me a £200 overdraft.

If you were going to use the account as a savings account - what happened to your savings?

axixz11 wrote: »

The account was rarely used

If the account was rarely used, how did you manage to go into your overdraft?

axixz11 wrote: »

During that stressful time, Barclays claims to have sent me a number of letters requesting the pay back the overdraft which I incurred without knowing.

What do you mean by incurred without knowing - surely you know that you spent and owed money on your overdraft? Why did you not think to clear this before you went abroad?





If you are applying for jobs in the financial sector, good luck because with any type of adverse credit history you will likely not get the job. Remember to be honest and admit that you have a default before they credit check you and they might be lenient because if it comes to light after, you will definitely not get the job.

You should still be able to rent as lenders only see information what is in the public domain. This will include CCJ's, electoral role etc, they cannot see defaults or missed payments.

Again good luck trying to get it removed as I don't think they will as it is a factual statement of how you ran your account.

axixz11

Thank you for your reply. I entrusted my parents to convey any letters posted to me as quickly as possible. I am still unsure as to how did they not see the letters. Perhaps what they went through is the reason for their mismanagement, this is my mistake.
with regards to leaving the UK without settling the issue, I would like to clarify that my trip was temporary and I knew it was temporary. The overdraft had no deadline and I assumed that I will be informed before the overdraft is requested to be paid back. My experience with my other bank account was very different. I was informed months in advance of the date that my overdraft will be expired. With Barclays they suddenly asked for the money back without an advanced warning.

Overall I have maintained excellent management of my financial affairs but the one mistake I made turned out to be deadly. The annoying part was that I never knew about it.

axixz11

Guys thank you for your input. I am not trying to justify my mistake. But I feel that the error was unintentional and the advice I received encouraged me to send a letter to Barclays to ask them to remove the default as a gesture of goodwill. So I just want to do what I can to make the situation better. If I fail then I guess I have to accept my mistake and move on.

bengal-stripe

axixz11 wrote: »

The overdraft had no deadline and I assumed that I will be informed before the overdraft is requested to be paid back. My experience with my other bank account was very different. I was informed months in advance of the date that my overdraft will be expired. With Barclays they suddenly asked for the money back without an advanced warning.

If you leave an account dormant, with no monies coming in, any bank is likely to cancel the overdraft. The decision whether or not to grant an overdraft is based on your account's turn-over. If that changes for worse, any bank will worry about the outstanding monies.