Hitachi Loan

Houser0546
Houser0546 Posts: 8 Forumite
in Loans
Hi All,
I'm new to this and would like some advice. Back in August 17 I took out a Hitachi Loan. Unfortunately due to circumstances I went into arrears. I have plan set up and slowly paying the loan off.

Today I received a letter stating they did not sent notice at the correct time when my agreement became two contractual payments in arrears. As a result they have refunded interest and default charges.

Firstly do I have any rights with this, i.e. does it affect the loan contract in any way or am I just clutching at straws.
Secondly my Hitachi Loan does not show up as in default on my credit file, just late payment. Is this right?

Thanks for any response everybody.

Comments

  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
    First Anniversary Name Dropper First Post Photogenic
    edited 19 February 2019 at 6:43PM
    Hi,

    As far as I am aware, a creditor need only default an account once it is 3-6 months arrears. I believe that this only guidance though...

    Moving forward, are you going to struggle to make your future contractual payments too, or is this just a temporary blip?
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • Clive_Woody
    Clive_Woody Posts: 5,853 Forumite
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    Houser2280 wrote: »
    Hi All,
    I'm new to this and would like some advice. Back in August 17 I took out a Hitachi Loan. Unfortunately due to circumstances I went into arrears. I have plan set up and slowly paying the loan off.

    Today I received a letter stating they did not sent notice at the correct time when my agreement became two contractual payments in arrears. As a result they have refunded interest and default charges.

    Firstly do I have any rights with this, i.e. does it affect the loan contract in any way or am I just clutching at straws.
    Secondly my Hitachi Loan does not show up as in default on my credit file, just late payment. Is this right?

    Thanks for any response everybody.
    You have been refunded interest and charges but I am pretty sure you aren't going to get the entire loan written-off due to this error. Hopefully with the refunds the balance owing has gone down a decent amount and you should be free of this debt sooner than your thought which sounds like great news :money:
    "We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein
  • Houser0546
    Houser0546 Posts: 8 Forumite
    Hi it's been in arrears now for over 12 months. I'm paying through step change.
  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
    First Anniversary Name Dropper First Post Photogenic
    In that case, request that the account is defaulted. This is because a default will be removed from your credit file after six years, whereas a payment arrangement will stay on your file for six years after the account is settled. A default is preferential.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • Houser0546
    Houser0546 Posts: 8 Forumite
    After some back and forth Hitachi have admitted they lent irresponsibly and have written off the loan. Great news.
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