BB vs DF marks in credit file.

mrscorpio

Hi there,
According to a credit file code listing on Noddle: BB means 'sustained arrears (3-6 months late)'. This seams to imply that an alleged debt that is not being serviced, has it's balance 'frozen' for between 3-6 months before being defaulted?

However ... An entry by Santander, is showing as 'Date of Default" 25/11/2011
This would indicate that the 6 years (as of November 2017) is almost up & the file should disappear from the credit file.
However.. for 12 MONTHS from the default up to November 2012, Santander marked the credit file NOT with DF .. as one would think, as it is marked as 'date of default' .. But with 'BB' for a WHOLE YEAR!.. Meaning that it won't be until the end of October 2018 ... SEVEN years from when payments ceased before this alleged debt finally falls off the credit file..

The question is.... IS marking month after month with BB instead of DF (for a whole year in this case) .. a dirty tactic by the bank to 'drag things out' .. thus delaying the consumer protection from things like the 'statute of limitations' etc...?
Has anyone else noticed this? Is it an abuse /Loophole/tactic?
Cheers

mostlynice

It does not matter how you try and dress it up, If the default date shows as 25/11/2011, it will be off your file on the 26/11/2011.

StopIt

No, and no.


The statute of limitations is a completely separate concept from how debts are marked on your credit file.


So long as the account shows as defaulted on that date, it'll fall off 6 years later, no more, no less.


The statute of limitations means that a debt is unenforceable at court 6 years after the last payment or written admission of a debt being yours and valid. A debt can be off your credit files 6 years after defaulting, but still be enforceable because it is still being paid via a payment plan.

mrscorpio

I think my point is being missed..
Usually, when payments stop... A bank or card (when it is a loan or credit, NOT an overdraft)) take approx 3 months before they lodge a Default.
Santander took in fact OVER a YEAR, not 3 months!! - From the last payment being received until they finally lodged a default. - Is this a delaying tactic to drag things out?

[Deleted User]

Your OP said that the default was in Nov 11. That means the account will drop off in Nov 17, not Nov 18.

Your last post suggest a separate point - that you believe the default should have been applied earlier?

If so, you could ask them to move it to a more suitable date, but given that it is now dropping off, there doesn't seem much point.

StopIt

mrscorpio wrote: »

I think my point is being missed..
Usually, when payments stop... A bank or card (when it is a loan or credit, NOT an overdraft)) take approx 3 months before they lodge a Default.
Santander took in fact OVER a YEAR, not 3 months!! - From the last payment being received until they finally lodged a default. - Is this a delaying tactic to drag things out?

The guidance is around 3-6 months from last payment, but is indeed just guidance.


You stated that the default date was in 2011, it either is or isn't? Any markers after that point are a bit irrelevant. I've seen people say they've had the default set then OK markers after that because god knows.


Again, some accounts never get defaulted, it does not affect the Statute of Limitations period one bit. it does affect your credit files and you can complain to Santander and the ICO after that if you feel they haven't set the account as being in default in a prompt fashion.

mostlynice

mrscorpio wrote: »

I think my point is being missed..
Usually, when payments stop... A bank or card (when it is a loan or credit, NOT an overdraft)) take approx 3 months before they lodge a Default.
Santander took in fact OVER a YEAR, not 3 months!! - From the last payment being received until they finally lodged a default. - Is this a delaying tactic to drag things out?

It used to be the case whereby a credit agremeent is broken by the customer, the bank get in touch and ask for payment. After a set period of time of trying to claim the money, it goes to the organisations debt collection arm, where again, they try and claim the money. This process can take time, longer than 6 months in most cases.

So, by the time they have finished trying to get their money from you and defaulting the account, no, it is not a delaying tactic.

cjmillsnun

I suspect the default will drop off the file on the 25th of this month.