Motormile/Lending Stream Default Help

mly15

Hi guys,

Nice to e-meet you all - I ma new to this, been looking for a while and finally joined..

I wondered if anyone could help me. I have 2 defaults on my credit file. When I was young and stupid I took out a pay day loan with Lending Stream. I then moved quite alot, thought payments were going out (my own fault for not staying on top of it) and then moved to the US and didn't think anymore about it.

Having now checked my credit file, I have 2 defaults - 1 from Lending Stream and one from Motormile. Both have the same account start date. However the Lending Stream one is marked as Default Satisfied in Dec 2014. I have been doing research and started down the 3 letter route asking to see the default - which I am pretty sure they never sent to me. Lending Stream never got back to me - onto letter 2 however Motormile replied saying they bought the debt from Lending Stream in Dec 2014. Which leads me to believe I have 2 defaults for the same debt - is this even possible/legal??

Basically have also requested the DN off Motormile who said:

"At the point of purchase, Lending Stream confirmed that your loan had defaulted and that the necessary documentation had been sent to your postal address as stipulated in the Consumer Credit Act 1974. As we are the legal owners of the debt, we took over the obligation to report this on your credit file and have reported your account in a default status since this time.

Unfortunately we are currently unable to provide you with a copy of the Notice of Default as per your request, however, we have requested this from Lending Stream and will forward this on to you once this is received."

Any advice on where to go next greatly appreciated - also worth noting that the default from Lending Stream is dated 1 year and 3 months after my account started - and I am pretty sure I maybe made a few payments but nothing that would explain the amount of time it took to put the default on..

Anyway, I'm trying to get my head around this - so any help or advice is much appreciated. I am desperately trying to repair my credit and have been doing pretty well, just need these to be gone!

Gambler101

You could repay the outstanding balance that would help?

mly15

Hi thanks - I am happy to pay the outstanding balance but the issue is that I seem to have 2 defaults for the same debt - paying off the balance will not affect this is anyway...I just wanted to know if it is possible to have a default for the same debt

StopIt

You wont, or should not have 2 defaults. One over-writes the other and should have the same default date.


Check your credit reports carefully and if there's discrepancies raise it with the DCA involved.


The original default of course is not Satisfied by you but the DCA as they bought the debt (On the cheap) and is now legally responsible for collecting it from you. The process involves them re-issuing the default in their name but with the same original terms (Date being the critical detail). It still drops from your file 6 years from the original default registration however.


Also, if you're unhappy about the original default date, write a letter marked COMPLAINT to the original creditor asking for it to be dated no longer than 6 and preferably 3 months after last payment made.

sourcrates

As above, it's only one default, when a debt is sold, its marked as satisfied by the original lender, the new owner then takes over reporting, it's industry standard common practice.

The three letter process is not the way to challenge a debt, either send the provit letter, to obtain proof that they have the legal right to chase you, or a CCA request for a copy of your credit agreement.

mly15

Great thanks for this - I've requested the info so hopefully can get to the bottom of it and challenge it..

mly15

They also have a slightly different default date - Motormile one is 22/10/11 (except they bought the debt off Lending Stream) and the Lending Stream default is 17/11/2012 with satisfaction date of 26/11/2014 - yet both have the same account start dates of 11/07/2011.

Does this mean that Lending Stream or Motormile or both are wrong and I can challenge to get both removed on these grounds?

Sorry for all teh questions just super confused!

StopIt

I've never seen a default date from the DCA preceding the original creditor, so that's new.


Complain to Lending Stream in this instance to match the default date of MMF. After all, that means it'll drop off your file in less than 6 months once sorted.


And no, you can't get a default removed because of dates being iffy. The remedial action is to correct the date. You still defaulted after all.

mly15

Hi all,

so update - I received an email from Lending Stream today saying they were removing the default which is great! However I am now wondering if that means the MM one also has to be removed - would MM have had to send me a separate default notice from themselves?

Candyapple

mly15 wrote: »

Hi all,

so update - I received an email from Lending Stream today saying they were removing the default which is great! However I am now wondering if that means the MM one also has to be removed - would MM have had to send me a separate default notice from themselves?

No the MM one won't be removed. It's going to drop off in 4 months time so I wouldn't bother doing anything else about it.

mly15

ok great - that will be 2 gone :-)