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Multiple defaults for the same debt
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Johnpaulwhite
Posts: 2 Newbie
Hi
I have an old credit card debt that I defaulted on although the debt is being paid gradually. A company called Link Financial purchased the debt from RBS and applied a 2nd default so I now have 2 defaults on my credit history for the same debt.
Is that allowed/correct?
I have an old credit card debt that I defaulted on although the debt is being paid gradually. A company called Link Financial purchased the debt from RBS and applied a 2nd default so I now have 2 defaults on my credit history for the same debt.
Is that allowed/correct?
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Comments
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Do both entries have the same default date? If not you should complain.
Going forward, Link will be updating their entry but the RBS one should go to £0 and may be removed completely0 -
The normal process is as follows
Debt for lender A exists and is defaulted say 12/4/24
Debt for lender A is sold to a debt buyer say on 12/4/27
Debt for lender A is marked as settled. New debt for lender B is registered with the original default date 12/4/24
If the new debt has a default date newer than the original then complain to themSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Two entries for sold debts is normal, one from the old creditor, one from the new one.
Both dates of default should be the same, original creditors entry should show a zero balance, new entry the outstanding balance, old entry may disappear altogether and all will vanish on 6th anniversary of default date.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 forumteam@moneysavingexpert.com. 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-letter0 -
Thank you all three of you for your advice, very helpful0
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