Do creditors have to default an account?

h07swilkinson

Hi guys,

I was wondering if anyone can help?

… long story short. I have an account in default from 5ish years ago. I noticed that the creditor allowed me to miss two payments then allowed me to pay the normal monthly amount to keep it out of the 3 missed payment range, they allowed this for over a year reporting x2 missed payments every month on my file during that period, all the while charging late fees every month for the two missed payments. 

In this circumstance, should the creditor have register a default earlier (3-6 month range) or is there not obligation for creditors to issue a default?

I’ve contacted the creditor to complain and asked them to suppress the record and waver any late fees after 6 months of missed payments. If they defaulted the account within the normal 3-6 month range the account would be due to fall off my file no later than 3 months time. 

Does this sound fair? 

Any help would be much appreciated!

sourcrates

Guidance states a default can be registered when between "3-6 missed payments" become due.

Most creditors will follow such guidance, but do occasionally interpret the rules differently.

If your not happy with something a creditor has done, complain, that is why the complaints process exists.