Default on credit file, Cabot Financial

johnboy13

Took a loan out with Likely Loans and managed OK, got a top up and didn't mange it so well. Defaulted in Sept 19 and paid it off with Cabot Debt Collection Agency, Apr 20. Put a complain in about irresponsible lending but ut got upheld. Should of taken it to thd ombudsman but my daughter became poorly so everything got put on the back foot and I missed the 6 month timescale. Is there anywhere I can open this complaint back up of as anybody got a default removed with Cabot?
When I've looked on the Credit Karma Credit Agency site, it comes up with a default from Nov 19 to Apr 20.
Is this really bad on my credit file? Will this stop me getting a loan ir a mortgage from a high street lender.
Any information would be greatful.

csswiift

What’s the basis of irresponsible lending? If you managed the loan fine and the top-up was in affordability then there’s no irresponsibility.

johnboy13

The loan wasnt affordable...

MattMattMattUK

johnboy13 said:

The loan wasnt affordable...

It is not that simple and affordability in many ways is subjective. If your claim was not upheld originally the chances of being successful with the ombudsman are pretty low even if you had not missed the deadline.

sourcrates

I have to disagree with MattMattMattUK above, it`s almost standard practice for lenders to deny affordability complaints, as its a bit of a poisoned chalice.

They have stood by and watched as countless payday loan companies were hit by hundreds of thousands of affordability complaints, and seen those companies fold.

They do not want to be next, so although you missed the FOS deadline, the six months is not always set in stone, you had good reason for doing so.

If you contact the FOS on their dedicated information phone line, 0800 023 4567 ask them if you can still escalate your complaint or not, they will tell you one way or another.

This from their website -

What counts as exceptional circumstances

Typically, we’d be looking out for circumstances that meant you couldn’t comply with the six-month time limit – the time period a final valid response will provide. 

If you can clearly show there were exceptional circumstances for missing the deadline, you may still be able to submit a complaint. Examples of things that may be considered exceptional are a period of serious ill health, or a bereavement at the time in question.

johnboy13

Sourcrates, thank you for your answer.