Virgin Money debt sold but no default?

happytimesahead

Hi all,

Self managed DMP, slowly getting all the defaults…

Received a letter today that advises Virgin have sold my cc debt to capquest. 

I received a default notice back in January from Virgin, but the actual default has not appeared on any of my credit reports yet, nor any confirmation the account has defaulted.

However on my credit reports it now states the Virgin account will be ‘removed’ at the next update.

I’m assuming the account must have defaulted but im not sure now how to know this for sure, if it’s been removed from my credit reports - will it likely be put back on as a new account with capquest, and therefore as a payment arrangement with them going forward, rather than default? 

Just wondering whether to start setting up payments with capquest (who are using Moorcroft to manage) or if I should be waiting for that formal default to appear.

any thoughts or advice appreciated! 

happytimesahead

Sorry just adding clarification - Virgin have sold account to Intrum UK Finance, who have appointed capquest to manage the account… who have appointed moorcroft as a collection agent.

sourcrates

happytimesahead said:

Sorry just adding clarification - Virgin have sold account to Intrum UK Finance, who have appointed capquest to manage the account… who have appointed moorcroft as a collection agent.

Yep the usual uncomplicated state of affairs lol.

See if your credit file updates to show this as in default, also see if they have stopped charging you interest.

Based on the outcome of the above, you may have to lodge a complaint and go all the way to the ombudsman if you get no joy, but it should be fixable.

Sly72

Virgin sold my debt to Intrum UK Finance and capquest are dealing with it. I requested a CCA they confirmed they could not obtain, but then sent my case onto the solictors to do CCJ action and knocked 2k off the debt.

Virgin / Intrum UK Finance / capquest do not appear at all on any of credit reports.

Rob5342

I was in exactly the same position with exactly the same companies. The Virgin debt defaulted in the middle of October and was removed from my credit report the next month, and then it appeared again with Interim as the owner in the middle of March (with the correct default date)

ellak0pella72

I found this post after searching as I'm having a similar issue with a lack of default with Virgin Money (VM).

I received a letter today confirming that VM have sold my debt to Lowell (I stopped paying end of last year) that included a letter from Lowell to set up an arrangement to pay. [FYI: received Default notice middle of this year; and received a confirmation letter exactly one month later that VM had terminated credit agreement]

However, I don't have a default on credit report as yet. The VM debt has completely dropped off my Credit Club credit report. Alternatively, VM is showing as 'in arrears' in Clear Score credit report.

For those in the know, should I hold off contacting Lowell until next credit report update to see if the default is showing or just crack on with my self managed DMP payment to them?

EDIT: On re-reading the letter from VM, it states that Lowell will look after my account and also states that the amount due was transferred to Lowell. Whereas Lowell's letter says they bought my VM account. The language in the VM letter doesn't sound like the debt has been sold. Appreciate if anyone can shed any light on this for me. Thanks. EDIT 2: I've read on different threads that Lowell purchase debts and don't manage them on behalf of creditors so I think this part of my query is resolved i.e. it has been sold.

Rob5342

They said they have terminated the agreement which sounds like enough confirmation to my. Mine was never reported as defaulted by Virgin, it just disappeared and showed up as defaulted after it had been sold.

You might consider sending Lowell a CCA request before yoy start paying them. If they cant produce it then you can can simply ignore them. 

ellak0pella72

Rob5342 said:

They said they have terminated the agreement which sounds like enough confirmation to my. Mine was never reported as defaulted by Virgin, it just disappeared and showed up as defaulted after it had been sold.

You might consider sending Lowell a CCA request before yoy start paying them. If they cant produce it then you can can simply ignore them. 

Thanks Rob
I wasn't sure about sending CCA requests so early on... more chance they'll locate it but that's an assumption on my part.

sourcrates

Stop using clearscore, its a 3rd party site whose information is not always accurate.

Credit Karma, Experian, Equifax, you can sign up to all 3 for free, or get free statutory reports.

ellak0pella72

sourcrates said:

Stop using clearscore, its a 3rd party site whose information is not always accurate.

Credit Karma, Experian, Equifax, you can sign up to all 3 for free, or get free statutory reports.

Thanks Sourcrates - I realised that it wasn't accurate after signing up for a free trial with 'Checkmyfile' which has everything listed and correct.

I've been trying to get verified online for the free Experian report for months with no joy (their contact/ help service is circular/ non existent) so I have requested a free statutory report.

Smith2001uk

Hi,

Might be able to shed light on why you haven't been defaulted yet. 

i complained to their department as they defaulted me 14 months after i started my DMP.

Barclaycard registered there's within the 3-6 months guideline even though i was paying them lower amounts.

The reply from the complaint was that because i was paying a lower amount but still paying, it took longer to reach the amount deemed a default by them. Which was 180 days of payments missing, as i paid less over the 14 months it took that long for 180 days worth of full missing payments to be calculated. You may find the default shows up when the new owners of the debt turn up on the file and the January or a later date is registered. 

apologies if it makes no sense, i am not able to explain it properly because to me it makes no sense when other companies follow the 3-6 month guidelines.