Help with a Default

stu83

Hope this in the correct place!

Me and my partner are currently trying to get a mortgage, im a police officer and my partner is a teacher,, all good so far. We went to see a mortage advisor and got a decent rate etc. but now the lender is saying they wont lend us the money due to our credit score.

I've checked Experian and i appear to be fine, never missed any payments etc. however my partner has a default on her account.

What happened was when she was student she had a student account with HSBC, her wages etc. went into another account and she was only using the HSBC one as a backup for the overdraft (which she was assured would be fine.) She used up the overdraft then left the account alone, with the intent to pay it back at a later date.

Then out of the blue she received a letter from a debt company saying they where taking over the debt and she had to pay it back. We rang HSBC who informed us they had "sent" her 3 letters stating she had to pay money in to the account otherwise it would be defaulted, she did not receive ANY letter. The debt was paid off in full but this default is still on there. Is there any help we could get to remove it, especially seeing as she had no idea what HSBC where doing until it was too late.

Thanks

System

Hi

Check this link out:

http://www.learnmoney.co.uk/credit-cards/remove_default_notice.html

Not saying it definitely works or promoting this method, but it may be an option.

I had a default removed once, it was for a catalogue account, it only took one letter. So it could be worth putting together a detailed letter to HSBC explaining the situation and see if that gets any results.

Good luck,
UNDERGROUND

Cazza

Hi! Few questions I'm afraid! How much was the default for and when was it registered? How much deposit are you putting down now? Is everything else for both of you squeeky clean? Which lender has declined you? Who do you both bank with now? All done for now!

stu83

UNDERGROUND wrote: »

Hi

Check this link out:

http://www.learnmoney.co.uk/credit-cards/remove_default_notice.html

Not saying it definitely works or promoting this method, but it may be an option.

I had a default removed once, it was for a catalogue account, it only took one letter. So it could be worth putting together a detailed letter to HSBC explaining the situation and see if that gets any results.

Good luck,
UNDERGROUND

Thanks, will try going down that route!

nichart20

is the default showing as sattisfeid or still as outstanding on the credit file as if they have not updated it to show u have settled it this will go against you

booroo

Hi Stu83,
I tried posting a long thread this morning on this very subject with the heading 'How to remove your default within 24 hours' but unfortunately got logged out just as I hit 'submit post'

Anyway, to cut a long story short, almost exactly the same situation happened to me and my partner when applying for a mortgage. I had a default due to an old student account.

This is what I did to get it removed within 24 hours:
1) got angry - remember, you received NO letters and a default is a very serious thing. Even if you did receive letters
or phone calls DENY it.
2) read up a little on defaults and how they are marked with the referencing agencies

I went into my local branch (different bank) and demanded to speak to the manager. I ranted about the situation and made it obvious I was very angry. It is highly important that you remain visible and audible i.e. don't follow the
manager into his office. Stand outside and let everyone hear you.
I was told that a default would take 6 months to remove IF it was proved to be an error. I asked the assistant if she thought I was stupid as I knew it could be done instantly (I didn't but common sense told me this was the case). She also tried telling me that the credit reference agency made amendments and that I should take it up with them. Again, I told her this was a lie and I knew how financial institutions worked (again a lie - feel free to exaggerate as no one will question an angry person).

Again I demanded to speak to the manager. She told me to hold on and then
came back with the number for the 'credit recovery team'.
I called the number whilst in the foyer (again, remain visible and audible) and immediately let the person on the other end of the phone know that i was angry. Immediately, I asked for his name and told him that he was now personally responsible for my situation. I recounted events and told him I wanted it dealt with NOW. He tried to fob me off by saying that it would remain on my file for 6 years. I responded that unless the bank wanted me to sue them, and he wanted to lose his job, this certainly would not be the case. Remain confident, articulate and, above all, angry. I asked to speak
to his superior. He put me through.

Once on the phone to his superior, I again took his name and, this is important, his direct number. If you do this immediately they will be too flummoxed to refuse. I explained the situation without even giving my name yet. I explained how he was going to remove the default and how he was going to do it IMMEDIATELY. Again, he tried to fob me off by saying it would
take months. I asked him if he thought I was stupid. I told him I had received no default notice and that this constituted violation of the Consumer Credit Act 1974 and, unless the bank wanted to be sued, he would have to remove the default.

This agent then said that if I paid the amount owing off immediately, they would mark 'satisified' next to the default entry. I knew that this would not be good enough for the mortgage lenders (having done my research) and again asked him if he thought I was stupid and that if I had to take this up with the financial ombudsman he, personally, would be accountable.
The agent then told me he needed everything in writing from me before he could do anything. He started reciting an address but I stopped him midway through. I told him I was tiring of his attempts at fobbing me off. I asked him for his fax number and told him I would gladly put it in writing and fax it to him within the next 15 minutes (luckily this branch was opposite my office). I told him I would call him 5 mins later to check he had received it. I told him I would then call him an hour later to make sure he was working on it. I told him that I would then call him another hour later to check that he was working on it. I told him I would call him EVERY single hour to check he was working on it and that I would be doing it from within the same branch I was calling him from at the moment so that everyone in the branch would see my face and hear my voice. I then put the phone down after telling him to expect my fax and call.

I spoke to the first assistant in the branch again and explained the situation. I also told her that when I came back her manager would also speak to the 'credit recovery agent' to make sure he was working on it. I didn't ask.

I went back to my office and began typing the fax when I received a call. It was the credit recovery agent. He had found my file. He told me that he could find no reason that the default had not been placed legitimately HOWEVER after discussion with his colleagues, he was willing to roll back the debt by approximately 500GBP AND remove the default against me with all three agencies by the end of the following week. I remained silent for a split second as I couldn't believe that this had worked. However, the timespan was far more important than the amount of debt so I immediately responded with; 'I want it off my file NOW' I didn't even acknowledge the reduction
in debt. Do NOT show any weakness or gratitude until your primary concern is met.

I then paid off the amount fully and was called the following morning by the same agent who told me the default, and all references to the account, had been removed from my files with experian, equifax and callcredit (the reason it had to be the following morning was because the department which made credit reference amendments closed at midday). I promptly contacted all three to check that this was the case and indeed it was. Where previously my file had showed 1 default with outstanding debt there was now a big fat nothing. No mention of the account having existed at all.

most important tips:
be there first thing in the morning so they know that this is important
be visible and audible at all times.
be visibly and audibly ANGRY at all times
do not swear or be threatening - you have been wronged but you are an intelligent, articulate person who doesn't need to resort to this kind of behaviour. And doing so will most likely result in the police or security being called.
don't allow anyone to fob you off. if you get a jobsworth who doesn't care that you are ranting, ignore them and go to someone else.
take names and numbers and always make it personal.
don't show signs of weakness - say thank you only when your demands have been met.
do some research beforehand.
constantly look at your watch - you need this dealt with NOW.

I received notification of the default on Wednesday afternoon, went into the bank on Thursday morning, and had the default removed by Friday
morning. Be persistent, be angry.

Remember, nice guys finish last. Consistently. (this is what one of my best friends told me the night before to get me motivated. it worked).

Good luck.

stu83

booroo wrote: »

Hi Stu83,
I tried posting a long thread this morning on this very subject with the heading 'How to remove your default within 24 hours' but unfortunately got logged out just as I hit 'submit post'

Anyway, to cut a long story short, almost exactly the same situation happened to me and my partner when applying for a mortgage. I had a default due to an old student account.

This is what I did to get it removed within 24 hours:
1) got angry - remember, you received NO letters and a default is a very serious thing. Even if you did receive letters
or phone calls DENY it.
2) read up a little on defaults and how they are marked with the referencing agencies

I went into my local branch (different bank) and demanded to speak to the manager. I ranted about the situation and made it obvious I was very angry. It is highly important that you remain visible and audible i.e. don't follow the
manager into his office. Stand outside and let everyone hear you.
I was told that a default would take 6 months to remove IF it was proved to be an error. I asked the assistant if she thought I was stupid as I knew it could be done instantly (I didn't but common sense told me this was the case). She also tried telling me that the credit reference agency made amendments and that I should take it up with them. Again, I told her this was a lie and I knew how financial institutions worked (again a lie - feel free to exaggerate as no one will question an angry person).

Again I demanded to speak to the manager. She told me to hold on and then
came back with the number for the 'credit recovery team'.
I called the number whilst in the foyer (again, remain visible and audible) and immediately let the person on the other end of the phone know that i was angry. Immediately, I asked for his name and told him that he was now personally responsible for my situation. I recounted events and told him I wanted it dealt with NOW. He tried to fob me off by saying that it would remain on my file for 6 years. I responded that unless the bank wanted me to sue them, and he wanted to lose his job, this certainly would not be the case. Remain confident, articulate and, above all, angry. I asked to speak
to his superior. He put me through.

Once on the phone to his superior, I again took his name and, this is important, his direct number. If you do this immediately they will be too flummoxed to refuse. I explained the situation without even giving my name yet. I explained how he was going to remove the default and how he was going to do it IMMEDIATELY. Again, he tried to fob me off by saying it would
take months. I asked him if he thought I was stupid. I told him I had received no default notice and that this constituted violation of the Consumer Credit Act 1974 and, unless the bank wanted to be sued, he would have to remove the default.

This agent then said that if I paid the amount owing off immediately, they would mark 'satisified' next to the default entry. I knew that this would not be good enough for the mortgage lenders (having done my research) and again asked him if he thought I was stupid and that if I had to take this up with the financial ombudsman he, personally, would be accountable.
The agent then told me he needed everything in writing from me before he could do anything. He started reciting an address but I stopped him midway through. I told him I was tiring of his attempts at fobbing me off. I asked him for his fax number and told him I would gladly put it in writing and fax it to him within the next 15 minutes (luckily this branch was opposite my office). I told him I would call him 5 mins later to check he had received it. I told him I would then call him an hour later to make sure he was working on it. I told him that I would then call him another hour later to check that he was working on it. I told him I would call him EVERY single hour to check he was working on it and that I would be doing it from within the same branch I was calling him from at the moment so that everyone in the branch would see my face and hear my voice. I then put the phone down after telling him to expect my fax and call.

I spoke to the first assistant in the branch again and explained the situation. I also told her that when I came back her manager would also speak to the 'credit recovery agent' to make sure he was working on it. I didn't ask.

I went back to my office and began typing the fax when I received a call. It was the credit recovery agent. He had found my file. He told me that he could find no reason that the default had not been placed legitimately HOWEVER after discussion with his colleagues, he was willing to roll back the debt by approximately 500GBP AND remove the default against me with all three agencies by the end of the following week. I remained silent for a split second as I couldn't believe that this had worked. However, the timespan was far more important than the amount of debt so I immediately responded with; 'I want it off my file NOW' I didn't even acknowledge the reduction
in debt. Do NOT show any weakness or gratitude until your primary concern is met.

I then paid off the amount fully and was called the following morning by the same agent who told me the default, and all references to the account, had been removed from my files with experian, equifax and callcredit (the reason it had to be the following morning was because the department which made credit reference amendments closed at midday). I promptly contacted all three to check that this was the case and indeed it was. Where previously my file had showed 1 default with outstanding debt there was now a big fat nothing. No mention of the account having existed at all.

most important tips:
be there first thing in the morning so they know that this is important
be visible and audible at all times.
be visibly and audibly ANGRY at all times
do not swear or be threatening - you have been wronged but you are an intelligent, articulate person who doesn't need to resort to this kind of behaviour. And doing so will most likely result in the police or security being called.
don't allow anyone to fob you off. if you get a jobsworth who doesn't care that you are ranting, ignore them and go to someone else.
take names and numbers and always make it personal.
don't show signs of weakness - say thank you only when your demands have been met.
do some research beforehand.
constantly look at your watch - you need this dealt with NOW.

I received notification of the default on Wednesday afternoon, went into the bank on Thursday morning, and had the default removed by Friday
morning. Be persistent, be angry.

Remember, nice guys finish last. Consistently. (this is what one of my best friends told me the night before to get me motivated. it worked).

Good luck.

Thank you so much! I will try this first thing Monday morning! Well done with your victory also! :T Its nice to hear a sucess story!!

MABLE

most important tips:
be there first thing in the morning so they know that this is important
be visible and audible at all times.
be visibly and audibly ANGRY at all times
do not swear or be threatening - you have been wronged but you are an intelligent, articulate person who doesn't need to resort to this kind of behaviour. And doing so will most likely result in the police or security being called.
don't allow anyone to fob you off. if you get a jobsworth who doesn't care that you are ranting, ignore them and go to someone else.
take names and numbers and always make it personal.
don't show signs of weakness - say thank you only when your demands have been met.
do some research beforehand.
constantly look at your watch - you need this dealt with NOW.

UNQUOTE

I'm sure Mr and Mrs Jobsworth is concerned you are angry but the difference is they remain professional whilst you throw your toys out of the pram.

booroo

"I'm sure Mr and Mrs Jobsworth is [sic] concerned you are angry but the difference is they remain professional whilst you throw your toys out of the pram."

Sorry if I offended you Mable but damn right I threw my toys out of the pram. Receiving a credit default is a big deal, a VERY big deal and receiving it with no prior warning is illegal.

And refusing to listen to reason or to admit that there could be a way to resolve a situation like this is NOT behaving professionally. It is being pigheaded.

Jobsworth = Professional?

Look up the definition.

NickX

Unfortunately the way of the world these days seems to be "he who shouts loudest gets seen to first", so I agree that expressing your concern in an ascertive manner should get results.

However, completely losing your temper or using abusive language will imediately put you in a weaker position as they can refuse to deal with you.

My advice is be calm but ascertive :beer:

booroo

Dear stu83,

My partner and I suffered from a lot of stress and sleeplessness because of this and know exactly what you are going through.

I will keep my fingers crossed for you both. Let me know how you get on and if you need any further advice.

The very best of luck.