Dealing with unenforceable debt

catgotmytongue

Another question if you get chance. Is it better to have an AP marker or a Default on your Credit File?

Willing2Learn

No contest.  A default is miles better than having an AP.  An AP can mean that toxic data stays on your files for up to an additional six years longer.  You want all the toxic stuff off of your files asap.  Default is the easy winner

catgotmytongue

Who would I approach for this if it’s with a DCA? Them or the company I originally owed money to? 

Willing2Learn

Send an identical complaint letter to both Aqua and Cabot so that you cover all bases.  (Strictly speaking it should be Aqua as they are the ones who should have defaulted the account before passing it on to Cabot.)

sourcrates

AP markers are usually a consequence of agreeing terms too soon, usually the longer its left, the more chance of a default.

However, we are seeing more and more accounts sold on these days as going concerns, without being defaulted, wether its the creitors becoming more savvy, or the ability of the new owner to still charge interest, i don`t know, but the market is changing.

Most debt buyers do not charge further interest, mainly the big boys in the game, but some others still do.

catgotmytongue

Is there a template letter asking for an AP marker to be changed to a default anywhere?

sourcrates

catgotmytongue said:

Is there a template letter asking for an AP marker to be changed to a default anywhere?

Normally a default should be applied after between 3/6 missed payments, this is covered in the FCA handbook, to be found here :

https://www.handbook.fca.org.uk/handbook/CONC/7/3.html

It would be deemed unfair to have your credit file affected by AP markers for longer than a default would do, as it goes against FCA guidence.

Easy to cobble up something yourself, succinct, and to the point.