Missed payments instead of defaults

BurnCK

I had a loan with Lending Stream in 2015. I ended up defaulting on the loan after a couple of months due to being swamped in other payday loans too and no further payments were made. They closed the account in Nov 2017 and then sold the loan to TM Legal who tried to take out a CCJ against me in 2019 but I chose to defend the claim and it was struck out when they never turned up to court. However I have noticed that Lending Stream never registered a default on my credit file and instead registered missed payments from 2015 to 2017 when the account was closed and sold. My question is, shouldn’t they have registered a default in 2015? If they had, it would be off my credit file by now, but instead it will show until Nov 2023. Is there anything I can do about this? I have been debt free now since 2019 and the late payments are literally the only bad thing on my credit file now and I want them off.

[Deleted User]

A default should be registered after 3-6 contractually missed payments but that is just the guidance. You could try and ask them nicely to default it given that is how it should have been done but no guarantee they will actually do that, particularly given you borrowed money that you never paid back (the circumstances that led to that are irrelevant to them, regardless of whether they should even have lent you money in the first place given your financial issues)

adamp87

You can certainly send a complaint email politely asking them to default it backdated now stating the long term effects of the missed payments long term. You may also have a case for irresponsible lending (check out debtcamel) particularly as you mention you had other pay day loans at the same time.

However are you sure no one defaulted the account - maybe the new owner? Odd they’d they’d go to court without giving the default first.. or do you mean they defaulted it 2 years later?

longjohnjohnson

Deleted_User said:

A default should be registered after 3-6 contractually missed payments but that is just the guidance. You could try and ask them nicely to default it given that is how it should have been done but no guarantee they will actually do that, particularly given you borrowed money that you never paid back (the circumstances that led to that are irrelevant to them, regardless of whether they should even have lent you money in the first place given your financial issues)

Incorrect.

ICO guidance is exactly that.

There is no obligation for a firm to follow it.

BurnCK

adamp87 said:

You can certainly send a complaint email politely asking them to default it backdated now stating the long term effects of the missed payments long term. You may also have a case for irresponsible lending (check out debtcamel) particularly as you mention you had other pay day loans at the same time.

However are you sure no one defaulted the account - maybe the new owner? Odd they’d they’d go to court without giving the default first.. or do you mean they defaulted it 2 years later?

No default was ever registered by anyone. It's literally just 2yrs of missed payments and then it was closed.

[Deleted User]

longjohnjohnson said:

Deleted_User said:

A default should be registered after 3-6 contractually missed payments but that is just the guidance. You could try and ask them nicely to default it given that is how it should have been done but no guarantee they will actually do that, particularly given you borrowed money that you never paid back (the circumstances that led to that are irrelevant to them, regardless of whether they should even have lent you money in the first place given your financial issues)

Incorrect.

ICO guidance is exactly that.

There is no obligation for a firm to follow it.

My post is "incorrect" for stating the guidance, something literally identical to what you stated in reply? 

SeanG79

Having seen others try dealing with Lending Stream for this same issue, they refuse to alter the late payments. I get the impression they know it hangs around longer than a default and if they aren't getting their money back they aren't doing any favours...