Old Debts hurting my credit score

kaesone

Hey Guys,

Im new here and hoping that i can get some advice / information on my current situation. Im a 27 year old man, and had some silly money troubles when i was younger. I run away from a lot of the debt i built up and then put myself into an IVA. I had numerous accounts that had defaulted consisting mainly of high APR credit card & Payday loans ( Silly I know ). I eventually managed to borrow a lump sum from a family member and paid back everything i owed.

Today i signed up to Equifax to check my credit score as i am looking at getting a mortgage, most of my accounts defaulted at the same time (DEC 2010), looking through most of these have now been removed from my credit history. I have 3 that still remain and here is my problem. I have become an adult with my finances and have currently got 3 credit card, store credit, Mobile phone contract and have had a couple of loans. My credit cards are all in check, no missed payments and currently running at about 35% of my total credit.

I have 3 old accounts, 2 that defaulted late in 2011, these were settled in 2013 when i paid everything off so i am presuming these will disappear after the 6 years dates of the defaults respectively. I have a Loan that i took out with nationwide and this is where my issue is. It seems this loan didn't default at all, and continued running from 2011 when i hit trouble all the way until August 2013 when it was settled by myself. I presumed this would have defaulted when i stopped paying it like the others but it seemed to just go into arrears. Has anyone else had a similar experience or could explain to me why this happened. Obviously i presume with no default date the close of my account as such is going to be the August 2013 when i settled it thus meaning its going to be on my record until 2019 ? Is there anything i can do about this.

I would appreciate any information or guidance on my situation if possible.

Kind Regards,

Luke

sourcrates

Hi,

Yes there is, under the consumer credit act a default can be issued after 3-6 missed payments, there is no fixed amount of time, but anymore than 6 missed payments without been defaulted, is considered to be unfair.

You should write a letter of complaint to the lender stating your reasons why you think the account should of been defaulted when you first got into arrears.

more info here :

https://debtcamel.co.uk/debt-default-date/

Dont forget to head your letter "COMPLAINT".

MrsTinks

If you defaulted the loan you can contact the bank and request that they change the data held for the debt to show it as a default in 2011 - that should then make it drop off your account at the 6 year marker.

If they refuse you can use their complaints process.

Ultimately you can't demand they remove data but you can insist on it being correct. If in being corrected you then get it removed then that's just a bonus

Good Luck

kaesone

Thanks for the advise guys, I will draft a letter today and get this sent off.

Any particular way you think it should be worded ?

Regards,