Default

stevenjessie99

The problem I have is that I had taken a loan out from Lloyds TSB and yes I had fell into financial difficulty and then made arrangements’ to pay this off with a debt management company. Now I have received a letter stating that this had been paid off and that the account had been settled. Now from my understanding if a default was to occur then this should have flagged up on my records a few years ago as I have been paying as agreed as I have had this in the past and this was the case. Now from reading my Nodle/Experian report from Sep 2014/Jan 2017 If I have read this right it is now stating that I have defaulted every month from 2014/2017 even though it has been paid and has been settled throughout. If you can let me know or try and make this a bit clearer how this system works as this has now dropped my credit score to pretty much the lower end.
Many Thanks
Steve:(

[Deleted User]

It's correct. The monthly defaults were just status updates.

The whole account will fall off 6 years after the initial default.

stevenjessie99

Ok No worries it seemed a bit strange that was all after all these years then flagging up, guess Ill have to ride this one out for 6 years.

sourcrates

stevenjessie99 wrote: »

Ok No worries it seemed a bit strange that was all after all these years then flagging up, guess Ill have to ride this one out for 6 years.

What is the default date on your credit report ?

You have defaulted, as you have not paid the minimum contracted payment set out in your credit agreement, the updates just reflect that status.

It should say settled on the account at the next update.