Credit Repair Question

donlste

Hi All,

I was after some advice as I'm really confused at the moment.

Over the last few years I've been trying to sort my debt out which I'm now finally on top of.

However, I have checked my credit file last week, and I have a outstanding account on there for Instant Cash Loans for the amount of £56. It is a payday loan I took out about 9 years ago. Due to moving etc and through my own ignorance I had totally lost track of this debt. Yes, stupidly I had totally forgotten about it, so I know this is my own doing.

On my credit file it's showing as a 'late payment' and a default was never registered. Since discovering it, I have paid it.

My question is this, because a default has never been registered, will it take six years from 'settlement' date for it to drop off my credit file? The last time it was updated was 1/3/18 so they have been updating the CRA every month.

Any advice would be appreciated.

Many thanks.

System

Yes it'll take 6 years from the date of the last entry.

donlste

Ah man, thank you! At least I've settled it, that's the most important thing.

sourcrates

Well after 9 years it would of been statute barred so paying it was unnecessary but thats water under the bridge now.

National_Debtline

Hi donlste


It sounds like you may have grounds to complain that a default was not registered in a timely manner. If a default had been registered, the debt would have been removed from your credit file 6 years later.


If you would like to try and get this amended complain to the company who registered the debt on your credit file. If you are not happy with their response you can also take your complaint to the Financial Ombudsman Service (www.fos.org.uk) and the Information Commissioner's Officer (www.ico.org.uk). I hope this helps.


Susie
@natdebtline

donlste

Thank you for this information.

I will contact them tomorrow - is there anything I can refer to that states defaults should be timely if payments are in arrears?

I want to sound like I know what I'm talking about!

National_Debtline

Hi again donlste


You can refer to the ICO's guidance on this here http://www.scoronline.co.uk/sites/default/files/high_level_prinicples_document_final.pdf


Look under section 4. If you fall into arrears on your account, or do not keep to the revised terms of an arrangement, a default may be recorded to show the relationship has broken down.


It says 'As a general guide, this may occur when you are 3 months in arrears, and normally by the time you are 6 months in arrears'


Good luck with it all


Susie
@natdebtline