Account disappeared off file

cactusjack7

Hi guys,

So I have been in an arrangement with NatWest to pay back a loan. I fell into some difficulty a few years back when the balance was approx 20k and entered an arrangement to pay 200quid per month. I have never missed a payment but my credit report then always became POOR. This was because NatWest started to show every payment in the account as '6 or more late payments'.

I did query this as inaccurate with NatWest but they said that as I had not been paying according to the original loan agreement that it is deemed as a missed payment. Fair enough.

Anyway, recently I got a letter saying that the management of the account was being transferred to Westcot. The outstanding balance is 2k and I was looking to pay this by the summer. I've checked my credit file over the last few weeks and this account has disappeared and my score is now 999 out of 999 (I have no other debts).

My question is, has anyone else had an account disappear like this and see a jump in their credit score? Should I contact Westcot or NatWest about this? I am looking to pay the remaining balance quite soon - what are the likelihood that it will appear back as soon as I've made the payment?

Thanks for reading... Any comments welcome...

CakeCrusader

Just one question. When was the date of the first default (when was the first time you ran into problems)? Was this 6 years ago?

GingerBob_3

Say nothing, ask no questions, and pay it. You never know, it could be the end of the matter. CRA data processing procedures are appalling, but they normally work against people. You may have got lucky.

cactusjack7

@CakeCrusader - NatWest never recorded a Default on the file. They did about 4 years ago, but I contested it by saying that when I signed up for the reduced payment agreement the call handler said 'as long as you keep making payments on time, no adverse data will be on your credit file'. So although I had no default, I did keep getting the '6 or more payments have been late' marker every month...

The account was opened in 2012. I have been making the 200quid payments every month and the outstanding balance is 2k, it's weird (but positive) that it has just completely disappeared (not marked as settled or anything - just not on my file anymore!)

cactusjack7

@GingerBob - I think I am just going to call up Westcot and pay the 2k immediately and fingers crossed that is the end of it. If so, it sounds like I am very lucky as I was expecting all the 'late payment' markers to continue keeping me at a low score for a few more years....

cactusjack7

I'm keen to know if this has happened to anyone else before and what the outcome was...

CakeCrusader

It's likely that they've 'sold' the debt on to Westcot, so there's no Natwest debt (I'd make an offer to Westcot for lower that the outstanding balance if you want to pay it off as it's likely that they've bought it for a lot less than the actual amount), or the actual date of the first default has just hit 6 years and it's fallen off your credit file (defaults stick around for 6 years on England, 5 years in Scotland). Hope this helps

cactusjack7

Thanks @CakeCrusader - I did some reading and read that Westcot don't buy debt any more, that they only do the admin/management of it...

I am going to call them to pay it off and start the convo with if they will accept less. My worry is that if they do, then it will reappear on my credit file as a partial settlement with outstanding balance...

The account is not 6 years old, so age of any default can't be 6 years old either. I regularly check my credit file and although it did show a default at one point (about 4 years ago), I argued this and it was subsequently removed.

Strange..

CakeCrusader

cactusjack7 wrote: »

Thanks @CakeCrusader - I did some reading and read that Westcot don't buy debt any more, that they only do the admin/management of it...

I am going to call them to pay it off and start the convo with if they will accept less. My worry is that if they do, then it will reappear on my credit file as a partial settlement with outstanding balance...

The account is not 6 years old, so age of any default can't be 6 years old either. I regularly check my credit file and although it did show a default at one point (about 4 years ago), I argued this and it was subsequently removed.

Strange..

Good luck! Let us know how it goes

Rich7111

Wescott are only agents, they don't purchase debts, however, the chances are Natwest will sell the debt on eventually and debt collectors do like to try and register payment history and use it as a bargain tool to make you pay them. You don't want the hassle of having to fight a default so if you can, make payment.