Old creditor reporting late payment after 4 years

Mal85

Hi all. I have an outstanding loan with Payday Express ( Instant Cash Loans). Who I understand are no longer in business. I have checked my credit file to see the damage from years of being stupid/caving to my EX. Payday Express are still reporting I am 6 months late every month. Should this not have defaulted after 6 months?? The account is over 4 years old now.

jamesmwalker

I also have a similar problem, account opened November 2016, 2 on time payments recorded, no updates until missed payments from Dec 2018 til Oct 2019 and then nothing since then. Account is recorded only to Equifax and shows account status "Unknown" on Clearscore. 

Mal85

Has anyone any information that can help?

sourcrates

ICL entered a scheme of arrangement after going bust, but you can still make a complaint to them, your account should have defaulted after 3-6 missed contractural payments, so ask them to default your account, and backdate it to when you think is appropriate.

This is from their website -

If you have any other complaint, please email uk-gct@themoneyshop.co.uk or call 020 3901 7571.

Fighter1986

As above, once an account falls three to six months into arrears it is reasonable for it to be deemed that the "relationship between the lender and the borrower has broken down", which is what a default represents. At this point a default should be applied to the borrowers account.

Write this in a formal complaint to the lender or their elected representatives, requesting they adjust your credit file to show a default date of xx.xx.xx which you feel reasonable as the date on which your relationship with them broke down.

Advise in your letter that they have 28 days to resolve the issue after which you will escalate it to the ICO.

Escalate the matter to the ICO if they haven't resolved it after 28 days.  

Mal85

Fighter1986 said:

As above, once an account falls three to six months into arrears it is reasonable for it to be deemed that the "relationship between the lender and the borrower has broken down", which is what a default represents. At this point a default should be applied to the borrowers account.

Write this in a formal complaint to the lender or their elected representatives, requesting they adjust your credit file to show a default date of xx.xx.xx which you feel reasonable as the date on which your relationship with them broke down.

Advise in your letter that they have 28 days to resolve the issue after which you will escalate it to the ICO.

Escalate the matter to the ICO if they haven't resolved it after 28 days.  

This is the reply I got. Doesnt sound right does it?

Dear 

 

****** PDEX

 

Having reviewed your account history, I can see that you were not issued with a relevant default notice so a default was not recorded on your credit file. Late payments have been reported as the loan was not paid in line with the terms and conditions of the credit agreement.

 

It is not possible to add a default retrospectively unless the account is closed and paid in full however, it would be removed in the usual timescales of six years and three months after the start date.

 

I can see that you have entered a claim under our scheme of arrangement and if the outcome of the claim is that the loan is upheld as being irresponsibly lent then the entry will be removed from your credit file soon after the outcome is known.

 

Yours sincerely

 

 

 

Fiona Cooper

Credit Bureau Amendment Controller

syntacticsugar

My other half had this problem with them, the only way to get them to add the correct default date was to settle the account in full. He was essentially blackmailed into it, a complaint was put in to the ICO and FOS nearly a year ago and we've not heard anything since.

Mal85

Can anyone shed any light as to weather their response if correct??? Surely if they didnt do the defaut notice its their error?

sambaird

It’s not for us to say they are right or wrong - they’ve made their position clear in the response to you.
If you aren’t happy with the response, escalate to the FOS/ICO - however, as the above poster says, be prepared to wait a while for an answer.