Provident delinquent accounts

samster1

Hi I have been trying to clean up my credit reports and have two delinquent accounts with provident financial and have recently satisfied these accounts with a partial settlement. Other than these accounts my credit history is pretty strong. I spoke to Experian regarding these accounts and they have told me that once they accounts are marked as satisfied after 12 months of being satisfied they will no longer affect my credit score at all which is amazing news. 

I am very worried that when the provident update my credit file they will add a very late default can they do this? The accounts have been delinquent since 2015 and 2016 and upon reading default notes if they add defaults then it should be back dated to when the account first went into 3 to 6 months arrears. 

Thanks in advance.

sourcrates

Unlikely a late default will be added now a settlement agreement has been reached.

Asking Experian about credit scores is like asking shell which petrol they recomend, the score you see is mainly a marketing gimmick, and never used in lending decisions.

Your accounts will show as "partially settled" as that was the outcome of your negotiations, hopefully you got the creditor to agree in writing that the remaining balance will not be chased by them or their agents, otherwise you will be rinse and repeating again very soon.

samster1

Hi thanks for your reply, my account was passed to cap quest debt collection company and although I tried to deal with the provident directly I was told I must deal with cap quest who were now in control of the accounts. I got a email from cap quest  customer services department stating that provident have accepted £2500 to settle both accounts and once the payment was made the credit file will be updated to reflect the partial settlement. 

I requested a letter on several occasions but I never received it but I guess an official email should suffice if the need arises. I also was on the telephone several times that the accounts would be fully settled but not settled in full and no-one will contact me in the future about the debt and this is officially the end of the matter. 

I am now slightly worried they are going to come after me again as I have a mortgage application going through at the moment and the last thing I need is the provident complicating matters further. 

thanks

samster1

also the adverse credit is only on my Experian file. 

sourcrates

That email more or less covers things, so you should be ok.

samster1

Update 
Credit file has been updated but not what I expected to see. I paid 2500 to settle both accounts and from what I can see they have just deducted 2500 off my balance and left the accounts active.  Is there a process to satisfying a delinquent account? I had hope to see the accounts closed with a balance of zero and maybe a symbol SF.

sourcrates

samster1 said:

Update 
Credit file has been updated but not what I expected to see. I paid 2500 to settle both accounts and from what I can see they have just deducted 2500 off my balance and left the accounts active.  Is there a process to satisfying a delinquent account? I had hope to see the accounts closed with a balance of zero and maybe a symbol SF.

Oh dear, more letter tennis required I see.

This is the problem when dealing with large organisations, many hands tend to stir the pot.

samster1

Hi again 
Been on the phone this morning to cap quest the debt collection agency who handled the account on behalf of the provident. They assured we the accounts are settled and its actually them who update the credit file as settled. I'm wondering if it's been the provident who have simply recorded the money they received and the settled status will follow in due course. 

I launched a dispute with Experian regarding the accounts almost a month ago and they have said to me the provident get 28 days to respond which is this coming Wednesday. If the provident confirm the accounts are settled will Experian be able to mark the accounts as settled? 

Im so frustrated over this as I have a mortgage application in progress based on these accounts being settled. Thankfully it's a manual underwriting process and my mortgage advisor has said if I can get an official letter stating the accounts are settled then she doesn't see it being a problem as it's not a computer saying yes or no. 

Thanks 

samster1

Update 
After many phone calls and raising disputes through Experian I can confirm my former delinquent accounts with the provident are now showing as settled with a zero balance. No defaults were added and now my credit score with Experian has doubled. It has taken about 3 months of harrassing both the debt collection company and the provident.

I now have the platform to get myself a mortgage and get my life back on track. I'm already about 70% of the way through the mortgage  process and hope to be moving in the next few weeks.

Jamesyb123

samster1 said:

Update 
After many phone calls and raising disputes through Experian I can confirm my former delinquent accounts with the provident are now showing as settled with a zero balance. No defaults were added and now my credit score with Experian has doubled. It has taken about 3 months of harrassing both the debt collection company and the provident.

I now have the platform to get myself a mortgage and get my life back on track. I'm already about 70% of the way through the mortgage  process and hope to be moving in the next few weeks.

Congratulations, but don’t take notice of the score doubling they’re offering you a mortgage because you have a credit history worthy of one. The score is meaningless.