Creation Finance to Lowell

happy2017
Forumite Posts: 43
Forumite

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


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.
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Comments
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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.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter1 -
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.0 -
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.0 -
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.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter2 -
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.
is there a specific template I should use? Thanks vm0 -
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.
is there a specific template I should use? Thanks vm
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.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter1 -
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.
is there a specific template I should use? Thanks vm
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.
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.
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