Lowell and Capquest help!!

MrsH1987

Hi, hoping if I post here someone can help me!

I’ve got 3 accounts with Lowell financial and 1 with capquest. They are old accounts from about 5 years ago when I got myself in a bad place with credit.

They are all paid on time and are up to date. I’ve only got about £100 left on all of them, and I wish I could afford to pay them off now!

My problem is they’ve obliterated my credit rating!! Every payment is marked as defaulted for years! My rating is very poor, which doesn’t represent my relationship with credit anymore.

I’ve contacted Lowell and the response I got was

‘Your credit file doesn’t show that payments to Lowell are late or in arrears. Your accounts were defaulted by the original creditors, usually after non-payment or when the terms of agreement were broken. These defaulted accounts were then sold to Lowell.’

But I even sent them a screenshot of my Experian credit report showing all three accounts with Lowell marked as defaulted.

Can they do this? I know obviously I defaulted with the original creditor all those years ago, but as I said earlier, my payments to them are regular and up to date, infact - I’ve even paid off more when i’ve had spare cash!

I hope someone can shed some light, it’s really getting me down!

Thanks

Mrs H

CakeCrusader

Ok. First of all don't panic, there's no such thing as a credit score or rating, it's something that's made up. The defaults should drop off after 6 years anyway, when was the first default?

[Deleted User]

You don!!!8217;t have a credit score or rating so ignore that.

The default markers are correct and will drop off your file 6 years from the date they first defaulted

National_Debtline

Hi Mrs H


Just to add to the advice above, when a debt collection agency like Lowell buy a debt they can record the debt under their details, using the same default date as the original creditor. Although it may look like a new default is being registered every month, it's actually just showing that the account is in default. The debt will be removed 6 years after the default marker was first registered.


Best wishes


Susie
@natdebtline

MrsH1987

Thankyou! Well it’s coming up for 6 years so they should be gone soon! Thank goodness :j

MrsH1987

It!!!8217;s a bit poopy that they do t show your repayment plan as up to date though, especially when your are trying to better yourself. My Experian report says that!!!8217;s what is keeping my credit score so low. So frustrating!!

CakeCrusader

Your credit score doesn't mean anything, a lot of people who have been forced into bankruptcy have a 999 credit score, it's meaningless. Companies have their own way to assess whether you're a risk or not and they don't look at it.

sourcrates

MrsH1987 wrote: »

It!!!8217;s a bit poopy that they do t show your repayment plan as up to date though, especially when your are trying to better yourself. My Experian report says that!!!8217;s what is keeping my credit score so low. So frustrating!!

It makes no difference, an account can only default once, and it stays that way for 6 years.
The damage was already done before Lowell became involved, nothing except time can rectify it.

PixelPound

If you look at the entry it will show the defaulted date as well as the last update. Don't mix the two up, you are stressing over nothing. Any creditors will see these are 5 year old defaults with current balances a lot less than the default. They are also low balances now so have less effect too.