Bizarrely I want a default notice issuing

rachelheels

A few years ago I took out a loan with provident. it’s my fault but I haven’t made any payments.

it shows as a late payment every, single, month. 

Shouldn’t they have issued a default notice at some point? I have asked them to and they have refused. Is there any kind of law that says they should though? Otherwise in theory I could be on a late payment marker every month for the rest of my life.

if there’s a law or guidelines that say they should issue a default notice pls can someone give me a link to it?

thanks in advance for any help. 

JamieJ89

There isnt a law i dont believe but they should be looking to default you after around 6 months of missed payments really. Lodge a formal complaint and if they dont review and backdate the default then refer this to the FOS

rachelheels

Thanks, that’s my plan, but is there any legislation that says they should do it after 6 months?

K_S

@rachelheels There's more to it than the below snippet, so please do read the whole article.

https://debtcamel.co.uk/debt-default-date/

sambaird

No, no legislation. Only guidance - which they don’t have to follow if they don’t want to.

sourcrates

The Consumer Credit sourcebook (CONC) is the specialist sourcebook for credit-related regulated activities, issued by the FCA.

However, they are guidelines a creditor should follow, not must follow.

Some Creditors can interpret the guidelines differently to others.

Basically if you are unhappy, make an official complaint, and escalate to the FOS if necessary.

SeanG79

Some Pay Day Loan companies seem to operate this way, likely knowing that the AP/AR marker is treated in a similar way to a default when obtaining new credit but doesn't disappear of credit files after 6 years like a default would. 

Did you ever make a reduced/token payment? If so, they are even more likely to say the AP marker is accurate.

Good luck