Creation Finance to Lowell

happy2017

Hello,

I took out a loan with Creation Finance, went through financial difficulties and ended up go through Step Change from June 2019.

When ive looked at my credit file I can see Lowell has taken over the debt from Dec 2019. Ive attached my credit report without personal details below, i have been paying every month via Step Change and now self managing my own debt so is it right Lowell are reporting the payments as missed, is there anything I should do to correct this? Thanks

sourcrates

No, that is correct.

You are no longer making the contractual repayments, so your account is being reported as delinquent, this has left some arrears, more than 6 months worth, and you have yet to catch up.

You may be making the reduced payments on time, but its contractual repayments that you are behind with.

It will continue to be reported that way until you catch up with the contracted repayment you should be paying.

happy2017

sourcrates said:

No, that is correct.

You are no longer making the contractual repayments, so your account is being reported as delinquent, this has left some arrears, more than 6 months worth, and you have yet to catch up.

You may be making the reduced payments on time, but its contractual repayments that you are behind with.

It will continue to be reported that way until you catch up with the contracted repayment you should be paying.

thank you vm

happy2017

sourcrates said:

No, that is correct.

You are no longer making the contractual repayments, so your account is being reported as delinquent, this has left some arrears, more than 6 months worth, and you have yet to catch up.

You may be making the reduced payments on time, but its contractual repayments that you are behind with.

It will continue to be reported that way until you catch up with the contracted repayment you should be paying.

Hi, is it correct its reported twice on my credit report?  when the default drops off for the original credit entry the one with LOwell will remain on my file? thanks

sourcrates

Yes the creation finance entry shows a zero balance, the Lowell entry shows your outstanding balance.

Both should show the same date of default, but as long as both entries vanish on the 6th anniversary, it won`t matter.

happy2017

sourcrates said:

Yes the creation finance entry shows a zero balance, the Lowell entry shows your outstanding balance.

Both should show the same date of default, but as long as both entries vanish on the 6th anniversary, it won`t matter.

Thanks, so as there is no default on Lowell I should request this to be added to match the creation finance so they both drop off on the 6th anniversary?
is there a specific template I should use? Thanks vm

sourcrates

happy2017 said:

sourcrates said:

Yes the creation finance entry shows a zero balance, the Lowell entry shows your outstanding balance.

Both should show the same date of default, but as long as both entries vanish on the 6th anniversary, it won`t matter.

Thanks, so as there is no default on Lowell I should request this to be added to match the creation finance so they both drop off on the 6th anniversary?
is there a specific template I should use? Thanks vm

There appears to be information missing from both sets of entries, the default date is only shown on Experian, all a bit hit and miss to be honest, quite sloppy reporting from all concerned.
I doubt complaining now will have much effect, but you can try, just write your own letter to the effect of what you want to say.

happy2017

sourcrates said:

happy2017 said:

sourcrates said:

Yes the creation finance entry shows a zero balance, the Lowell entry shows your outstanding balance.

Both should show the same date of default, but as long as both entries vanish on the 6th anniversary, it won`t matter.

Thanks, so as there is no default on Lowell I should request this to be added to match the creation finance so they both drop off on the 6th anniversary?
is there a specific template I should use? Thanks vm

There appears to be information missing from both sets of entries, the default date is only shown on Experian, all a bit hit and miss to be honest, quite sloppy reporting from all concerned.
I doubt complaining now will have much effect, but you can try, just write your own letter to the effect of what you want to say.

They got back to me today to the effect of the account is not the correct one they hold and that im not making contractual payments hence why its down as 6 missed payments and not defaulted by lowell.

I sent them a screenshot of the payment plan i have agreed with them which clearly shows creation finance.  Payments were made through Stepchange and then directly from me until recently.