Piggy bank

Willing2Learn

That does not state that the account has been defaulted.  To me, that just looks like a simple threat.  I **believe** it says you have only missed a single payment in 2013.  Your account would should only be defaulted if you have fallen 3-6 months in arrears.  Since the account is still active, it would only be removed from your credit file(s) six years after the account has been closed.

I think you are misinterpreting the data.

Mrp791

So they’ve left the account open for 8 years ? So I would have to pay it to stop it from defaulting even after all this time?

Willing2Learn

The account has not been left open for eight years by Piggy Bank.  It is up to the customer to close the account if they do not want to keep the account.  Like I said, an account should only be defaulted if it is 3-6 months in arrears.  Because you have not been managing the account, it is likely your minimum contractual payments have been made automatically via a Direct Debit or a Continuous Payment Authority.  It is probable that the £480 would represent the original debt plus interest.  It would need to be paid before the account can be closed.


Ask them for a printed statement, so that you can confirm what is owed...

Mrp791

This was a pay day loan apparently this what I don’t understand 

Mrp791

I got a statement back date of default was feb 2013 where I was charged £20 default fee

[Deleted User]

steve808 said:

£151? That seems a bit of a strange amount to borrow. How much are they saying you owe now? You say you don't remember taking it out, but you don't sound certain? Surely you would remember if you'd used a company called 'Piggy Bank'? That's quite distinctive. Could anyone else have taken it out in your name, like a partner or child?

Probably for a loan of £100 with £51 added in interest if paid on the due date. I remember taking a small loan like that back in my darkest days and paying an extra half on top back a couple of weeks later.

Mrp791

so now so now I know it defaulted over 7 years ago , they’ve run a hard search and under “checking credit application” is this legal as it’s 7 years past default and they’ve put it on there as open as shown above? What am I missing lol?

Willing2Learn

An account that was defaulted seven years ago, should have been automatically removed from your three credit files.  You would still be liable.  However, you do not need to pay.  I would just ignore the correspondence.    Alternatively, make a written complaint to the FOS as that would be an appropriate escalation.  They cannot seek enforcement. 

If the account was to suddenly reappear on any of your credit files, then you would complain to the ICO.