TESCO default

bebex

I had a credit card with Tesco. I missed 3 payments due to own stupidity really of not checking if the direct debit was going out. I did, however, pay them 8 10 days they needed the initial payment, however they defaulted by account anyways. Last year I was earning half the money I do now despite working to jobs. I have the full amount to pay it off but wanted to know if they will remove it off my credit fall considering that I did technically pay the amount in the 3 months. Can someone advise? have they had any luck, is it worth a try? My car finance is up at the end of the year and having the default has raised the interest from 6% to 22%. Previous to these 3 months I paid everything perfectly on time, I was struggling financially due to my previous employer unpaying me.

D3xt3r5L4b

How do you know the interest rose specifically because of the default?

bazzyb

bebex said:

 I have the full amount to pay it off but wanted to know if they will remove it off my credit fall considering that I did technically pay the amount in the 3 months.

From what you have posted, it sounds like the default was issued correctly.  It can be marked as satisfied, but it doesn't look like there would be any reason for it to be removed.

MinuteNoodles

bebex said:

 I have the full amount to pay it off but wanted to know if they will remove it off my credit fall considering that I did technically pay the amount in the 3 months. 

No they won't remove it as it is an accurate representation of the facts. If people could just pay off debts and have bad things removed then it makes the whole point of a credit record worthless.

Malkytheheed

I thought a default was applied after 6 missed payments? 

D3xt3r5L4b

Malkytheheed said:

I thought a default was applied after 6 missed payments? 

3-6 is the “guideline”

The_Fat_Controller

I had a missed payment 6 years ago with Tesco due to the DD going "dormant" 
After some to and fro regarding whether they should have told me about the dormancy, they actually paid me a little compensation.
However, the missed payment was recorded and will finally drop off my history next week.
You'll just have to live with it.

sourcrates

That was a quick default, there are posters on the debt free boards who would love to be in your position.
Unfortunately there is not a great deal you can do about it, once an account defaults, it means that the relationship between you has irretrievably broken down, it cannot be un defaulted, so your stuck with it for the duration, the more time that passes, the less effect it will have on lending decisions.  

SpreadableToast

The_Fat_Controller said:

I had a missed payment 6 years ago with Tesco due to the DD going "dormant" 
After some to and fro regarding whether they should have told me about the dormancy, they actually paid me a little compensation.
However, the missed payment was recorded and will finally drop off my history next week.
You'll just have to live with it.

Surprising they paid you compensation for something they wouldn't have known about or controlled.

Probably cheaper on average than everyone going to the FOS I guess.

The_Fat_Controller

@SpreadableToast, there was a bit of correspondence both with my bank (Nationwide) and Tesco Credit Card. It became apparent that the originator of the DD is responsible to advise that a DD is no longer in place, so Tesco coughed up. The information is available in this article, 3rd paragraph from the end, https://www.thisismoney.co.uk/money/saving/article-1690010/Bank-axed-direct-debit-without-telling-me.html

PS. Even though dormant, the DD still showed in the list of DD's in my Nationwide online account.

bebex

MinuteNoodles said:

bebex said:

 I have the full amount to pay it off but wanted to know if they will remove it off my credit fall considering that I did technically pay the amount in the 3 months. 

No they won't remove it as it is an accurate representation of the facts. If people could just pay off debts and have bad things removed then it makes the whole point of a credit record worthless.

When I've gone through the transaction they didn't actually issue the default till October, even though I had paid fully for August, September and October. I was also never sent any warnings about it being turned into a default