Vanquis reporting debt write-off ADVICE PLS🙏

kasslagh1

Hey all

First ever post on here. At my wits end! Due to debilitating health issue my own bank could see I was struggling to pay a loan and offered to write it off if I sent all the medical information they needed to evidence the write off. They were fantastic, empathetic and proactive. They also wrote to advise this would not be reported to CRAs as it would decimate my files for 6 years. So it appears as repaid and therefore doesn’t affect my credit rating or score at all.
As Vanquis are charging me huge interest in a 3k credit card I am trying to pay off (balance never reducing just interest each month) I sent them the same evidence and they agreed to write off also.
However they are saying they ‘by law’ must advise all 3 CRAs that my debt was written off not satisfied which will blacklist me for 6 years!!!
Both accounts were completely up to date with no missed or late payments.
1. how can one bank do this and another refuses?
2. does anyone have the contact email for a decision maker at Vanquis please. they had dealt with my issues so appallingly from start to finish ‘what do you want me to do about it ‘ and worse … that I feel perhaps if someone in a senior capacity listens to their failings they will do what I am asking re protecting my credit file - which I’ve fought tooth and nail to keep in the good or excellent category through the worst of times and borrowing money to do so.
Any help and advice appreciated 🙏

kasslagh1

ADDITIONAL INFO

…just spoke to a lovey advisor at TransUnion who said they have had financial organisations choose to report ‘settled’ on accounts that are written off due to health or extraordinarily tragic circumstances (as is the case here) - but Vanquis are not remotely interested. She seemed to think each FS business does have the discretion to do so. Has anyone had any joy with asking financial organisations not to destroy their credit when writing off debt due to compassionate reasons?

Isthisforreal99

https://forums.moneysavingexpert.com/discussion/6665129/vanquis-reporting-debt-write-off-advice-pls

1. Because they can
2. They are under no obligation to do anything other than they have done

Lenders have an obligation to report the facts and the facts are you have had debts written off that you cannot afford to pay. Don't you think other potential lenders should be alerted to this fact and the risk they would be taking?

ManyWays

Most debts that are written off are reported as defaulted and marked as partially satisfied,
It is nice that one lender did not do this, but there is no legal or regulatory reason why Vanquis has to do this.

"which I’ve fought tooth and nail to keep in the good or excellent category through the worst of times and borrowing money to do so"
If you have a long term debilitating health issue, then you need to try to stop seeing borrowing money as a good option. Borrowing from expensive lenders like Vanquis suggests that you have been in trouble for a while, you do not want to go back to that place.

fatbelly

I think you are overestimating the effect of a default. It is not blacklisting. It is not likely to have any effect on you. What did you imagine it might do?

sourcrates

Moved from IVA/DRO forum.

There is no "blacklist" your debt will show as defaulted most likely, as there is no other way to mark it.

If someone has had debts written off due to health issues, then further borrowing would not be advisable anyway, so I can`t see why you should take issue with this particular lender, after all they have written off your debt, they were under no obligation to do so.

kasslagh1

Wow

For a first time user of this forum we are pretty DISGUSTED at the unkind, presumptuous, innacurate, condescending, know-it-all, disrespectful replies.

Have reported all and will never be using the forum again.

1. I do NOT suffer from a long term illness; whilst blindly taking on debt I can’t afford to pay off HOW DARE YOU!!! Several pretty horrific unforeseen family tragedies occurred which affected my ability to work and pay off the small and manageable debts I had fully planned to. Not one single loan was taken since our losses and our lives being destroyed
   
2. We were not asking a FS organisation to lie about how the debt was closed off - and misleading them into showing a false representation of our financial behaviour. We have not had one missed or late payment in our entire lives - and the most conscientious and conservative borrowers imaginable. Who on earth do these commenters think they are ? Are they working for the Treasury? Having to ‘protect’ the FS firms and general public from unscrupulous lending? Of which we are NOT and never have (or will be)!

3. Stating the obvious in an arrogant ‘because they can’ tone? Who does that help or advise? We are professional intelligent people; we don’t need arrogant quips, stating the obvious! Of COURSE we know organisations report the actual conduct on each persons file. We know this? I was asking if anyone had any HELP or ADVICE in asking Vanquis (an email or contact name of a key decision maker) to perhaps look at our case compassionately and take into consideration the horrific circumstances and our perfect conduct up into that point. Which is more than possible.

With them and in every other financial transaction we have dealt with we have had perfect scores and immaculate credit files all of our lives. 4

4. No we don’t underestimate the damage a write off (as opposed to ‘settled’) will do to our credit file and score. We know factually what it will do. And so again the condescending tone ‘you clearly don’t inderstand’ type of approach - is both unecessary and unhelpful.

We asked for HELP and ADVICE. If no one had any positive stories of compassionate financial organisations like our main bank writing off our small overdraft as settled without credit impact, then wouldn’t it have been easier just to scroll on past?

I’d suggest that each keyboard hero here ask themselves if they would say these words out loud to someone sitting in front of them - who was genuinely asking for help. Who had been through a living hell. Who had taken a big leap of faith in even joining a forum to ask if anyone had managed to have a compassionate approach to credit reporting at Vanquis.

Please CONSIDER the impact your tone, words and responses can do to people who are already struggling.

Assuming people are stupid, financially irresponsible and/or looking for something illegal is condescending and presumptious in the extreme.

Do not respond to this as none will be read. We will delete our profile forthwith.

Shame on you.

fatbelly

https://forums.moneysavingexpert.com/discussion/comment/81972973#Comment_81972973

That's a disappointing reply. You weren't hearing what you wanted to hear but that is often the way of things. You had replies from four of us despite posting in a forum that wasn't really appropriate, and three of us are long-termers here. There doesn't seem any point in questioning your contradictory statements as you won't be reading this, so we'll just ask for the thread to be closed and all move on