Adverse credit...help!!

selectcase

Leon_W wrote: »

Without knowing your full circumstances it is An account is only marked as defaulted if after repeated attempts to collect the money, no payment is forthcoming.

Sorry but i do have to disagree on this one - i got 2 defaults for going on to a reduced payment plan - I never actually missed any payments I just agreed with the lenders to reduce them and the lenters stated that was fine but they would register a default. Just had to point that one out really;)

Leon_W

I take your point selectcase as it does vary.

A lender will mark an account as defaulted if you do not stick to the terms of a credit agreement. Now, there is no hard and fast rule as to how and when this will happen and the circumstances do vary from lender to lender.

The point I was making was the original poster stated that he had an account marked as defaulted because of "a pure admin error because it was not on a DD" This is, quite frankly, nonsense.

The credit card company will have made several requests for payment, and even if no payment had been made for two or three months, this would hardly have resulted in a default. The credit record would just show late payments.

No. The OP must have ignored several letters and payment requests before the account was marked as defaulted.

Thanks for bringing the point up as I've been able to flesh out my answer somewhat

rustybucket

selectcase wrote: »

Sorry but i do have to disagree on this one - i got 2 defaults for going on to a reduced payment plan - I never actually missed any payments I just agreed with the lenders to reduce them and the lenters stated that was fine but they would register a default. Just had to point that one out really;)

The reason why 2 defaults went against you is because you broke the terms of your credit agreement by reducing the agreed payments. In relation to an admin error for lack of DD then I think Leon has a point.

minimike2

selectcase wrote: »

Sorry but i do have to disagree on this one - i got 2 defaults for going on to a reduced payment plan - I never actually missed any payments I just agreed with the lenders to reduce them and the lenters stated that was fine but they would register a default. Just had to point that one out really;)

That is defaulting....

Its not just "missing a payment" - defaulting can be anything whereby you havent adhered to the orginal terms of the credit agreement.