Default explanation regarding the legal process

Floppers

Hi

From what I can see / understand a default notice on a credit report can only be wiped if

1) The 6 years are up

2) You can show it was a mistake 

I am correct regarding this ?

I ask as 2 weeks ago there was a default notice on my file / now it has gone 

I received a letter saying a company had brought this ( brought is very losely used )

The date of default on the note was 2021 - Again to my knowledge the notice should be there
Until 2027 even if the debt is paid or not paid 

Are the company trying it on ? 

Thank you 

Nasqueron

It's quite likely that the debt collectors will register a new default (back dated to the same date in 2021) and the lender will mark the original as settled

Floppers

Thank you 

So if that is the case - Would the original company issue myself with a new credit line within such a short timeframe ?

From my CR it ended 6 years on the 1st day of the month. But the default date I also believe to be wrong ( This would still be under 6 years now )
So would the last 6 years and also the default date both just disappear off my report 

I have never had any contact written email phone from the original company definitely regarding defaults or missed payments 

Floppers

Apologies regarding a new line of credit I’m taking time wise - 14 days 

It was there and two weeks later the account default and the last 6 years just vanished 

Floppers

To add a little more context 

The alleged debt was purchased 1 week before it was due to have been 6 years of history showing on the report 

But the default date was still well within date so should be still showing ( one would believe )  obviously it’s not 

Having look at the CR again it was updated the 2nd half of the month. The score went up the default went missing also the account isnt in settled or closed accounts ( which says that the 6 years is done and dusted ) 

Now a new line of credit with the original company  -  something is amiss 

(A) give credit 

(B) defaults 

(A) marks ( B ) as a default 

(C) sends (B) a letter re (A) credit default (C) has brought it

(B) asks (A) for new credit 

(A) gives (B) more credit than maybe owed

Within a calendar month 

(C) Wont have CCA or addresses where (B) may well have been ( i believe that it has to have the correct address ) 

Nasqueron

Floppers said:

Thank you 

So if that is the case - Would the original company issue myself with a new credit line within such a short timeframe ?

From my CR it ended 6 years on the 1st day of the month. But the default date I also believe to be wrong ( This would still be under 6 years now )
So would the last 6 years and also the default date both just disappear off my report 

I have never had any contact written email phone from the original company definitely regarding defaults or missed payments 

If you mean that you want to take credit out with a company you defaulted on - probably not but who knows. Regardless of whether the debt is settled as it's been sold on, the lender still lost money (debt buyers pay pennies in the pound) and they are allowed to hold a blacklist as long as they want, separate from their GDPR requirements. 

Floppers

Hi thank you 

Just finding it very wishy washy can’t seem to find a solid answer to my questions ( Not you obviously ) 

If I was a company in this field I would make it as clear as mud. While kicking up pennies on the pound to certain websites 

As for the default I’ll send a CCA as I know they won’t have one and at the address I was when I opened it. As it was last century 

Default date is 100% wrong says that 8 payment were paid before (4) months of X them DDDD

My actually gut feeling is the said company saw it was about to get written off ( I week before it dropped off ) Or were actually given it

As it’s such a small amount ( 3 K )

Which is why I’m confused about default date and it vanishing off my CR

As the template letter I received with the new holders of my default account ( Was a poor photocopy ) legible yes but just looked off

I’m sure I’m not the only person who has been in this situation ( Total credit 20k ) I owe 3% of that 

So if I was to do nothing they can’t really do any damage to it ( again I’m no expert ) nor have been in this situation before and doubt ever again 

Basically would just like to no the options and different results if this or that happened 

No assets no savings ( finance is government based ) I’m legally classified as disabled 

Nasqueron

Default date should be, but doesn't have to be, after 3 missed contractual payments (it might be worded slightly differently, someone gave me that advice before but I can't remember exactly). If you paid 8 then you missed 4, then they defaulted you, you could have asked them to backdate it a month but it's a bit late now

If the debt is sold on, expect the new owner to register a default with the same date eventually.

If your default was 2021 after 8 payments, how could the debt be last century, sorry I don't understand? It's highly likely they have the CCA for such a recent debt?

The debt wouldn't be close to being written off, even if the lender was sure you wouldn't pay it they don't write it off that quickly, a default in 2021 can be chased until 2027, however, a sale of the debt after 3 years isn't weird, the lender gets say £300 for the £3000 debt and then the debt collectors then chase you, maybe get a CCJ etc

Floppers

The account was opened last century 1996 - I’ve read again I don’t know but its the actual account date not the debt date regarding ( CCA ) less likely to have one - would guess the actual account doesn’t have one

Yes im keeping a eye out on my CR for it being re registered - the reason I’ve not done anything 

Just trying to get information 

Much appreciated your help

Floppers

As for a CCJ it would cost them say 1k to get one

As my income isn’t remotely close to being able to pay more than the token £1 per month it would be money lost by them

Basically throwing any profit away if they paid 10% for it

But this is the reason I’m asking about information and why it’s all gone off my CR

As unless the government had some payment scheme because of COVID regarding debts 

It should be visible the default and 5 years of payment history ( if they’re going of a 6 year cycle ) 

sourcrates

Let me get this right, you are concerned because a default has vanished from your credit report years before it should have done, is this correct?

You say the debt was sold, its common for the old creditors entry to be removed on sale of a debt, the new owner may not yet be reporting it, they may or may not do so.

Another reason it may not be showing is if the CRA has been informed of some dispute regarding the account, occasionally entries can be temporarily hidden from view whilst the matter is investigated.

A third option is that sometimes these things just happen with no explanation whatsoever.

I would not be too concerned, nor inclined to rock the boat, as things stand its all in your favour, why change that.

This event will not be a factor in whether legal action is taken against you or not.