Help re default

GPO1004

I’m looking for guidance. I’ve recently checked my credit file and I’ve seen that I have a default from a company called Think Finance that was registered in 2012. Earlier in the decade I took out payday loans with companies to help my brother out - he let me down on payments and I ended up setting up a plan with Stepchange. No other Payday loan provider registered a default against me. The default is satisfied but I have tried to contact the company to speak about the initial registration of a default as it’s kiling my credit file.

I settled all of my debts in 2014 and how have credit cards that are ran well with no repayment issues. However, I’d like this default removed even though it will drop off this year.

What’s the protocol when a company who has registered a default stops trading?

boo_star

Think Finance are still trading as far as I can tell.

What is your reason for disputing the default?

Edit: I see a recent bankruptcy battle involving them but either way you owe the money to them or whoever buys their assets. The company going out of business is not a “get out of debt” free card.

[Deleted User]

Wait for it to drop off.

What are you pushing for it to be removed?

DCFC79

Have you been rejected for finance and is that how you know its killing your credit file ?

Its dropping off this year, why not just leave it. When is it due to drop off ?

A debt that old thats satisfied doesn't normally cause an issue.

MEM62

I cannot imagine that a settled default from 2012 is 'killing' your credit report. Yes, it will have an impact but it would be minimal after all this time. As advised, just wait for it to drop off.

cjmillsnun

I really wouldn’t worry. I got a mortgage with a major high street lender with 6 defaults on file.

What is your recent history?

The credit cards? Are they maxed out or do you pay in full every month?

Do you have a mobile phone contract?

Are you oversdrawn at the bank?

You need good recent history. The default will have a minimal impact now

National_Debtline

Hi GPO1004


Welcome to the forum. I'm afraid a default cannot be removed unless it was registered incorrectly. The fact that a company may have stopped trading is not enough reason for it to be removed. The goods new is it is going to drop off your credit file this year, and as others have mentioned it's so old any impact it still has is likely to be minimal.


Susie
@natdebtline