Challenging a default

Goldstar28

Hiya

Basically I've had a default on an account that is 3 years old. So another 3 to go.

It was from a credit card balance that I could not pay at the time. The bank that I had it with just sent me a letter with a cheque in it this week, explaining they did not take into account my circumstances at the time and were apologising for the interest and fees they had attached on the balance and refunded me a fair amount of money back.
I called the bank and they've validated the letter and cheque and apologised again.

I'd like to know if this is something I could use to challenge the default??

glentoran99

simple answer no

T-G-C

The default is 50% progressed to expiration and as far as I can tell, it was placed in accordance with standard practice, therefore it cannot be removed.

If the lender has recovered costs for interest etc. it doesn't change the fact that the debt reached the default stage. Learn from it and do not accrue more unbearable debt in the future.

[Deleted User]

They!!!8217;ve only refunded interest and fees

I take it the debt is still there though and you do indeed owe a balance of money?

Willing2Learn

Goldstar28 wrote: »

...Basically I've had a default on an account that is 3 years old. So another 3 to go.

It was from a credit card balance that I could not pay at the time. The bank that I had it with just sent me a letter with a cheque in it this week, explaining they did not take into account my circumstances at the time and were apologising for the interest and fees they had attached on the balance and refunded me a fair amount of money back.
I called the bank and they've validated the letter and cheque and apologised again.

I'd like to know if this is something I could use to challenge the default??

If you defaulted on the Credit Agreement then the default is correct, regardless of the circumstances. It was good of the bank though to refund fees and apologise

Goldstar28

no fully paid the balance in march

Willing2Learn

Goldstar28 wrote: »

no fully paid the balance in march

But you said you defaulted on the credit agreement three years ago when you said you had a "...credit card balance that I could not pay at the time...".

macman

Goldstar28 wrote: »

no fully paid the balance in march

Clearing the debt (albeit 3 years later) does not remove the record of the default, unless paid within one month. Your credit history accurately records the default.
The record should however note that the debt is now satisfied.