Finally cleared debt

Hi all,
After clearing a debt that I defaulted on owing to Redundancy back in 2001 , I have been told by Idem Securities that my credit file will now show "Debt SATISFIED", Which will remain on my credit file for six years....I have found out this week that my credit file has been showing "late Payment" for years and years. I was under the impression that after six years from the default date the credit file would be clear regardless of if the debt has been repaid or not ?...Could someone please explain why the current "late payment" flag has been allowed to remain, since to me it should have cleared years ago..Or am I missing something.


I had another loan which was also in default and has also just been cleared, (with Idem as well)..Yet this has never appeared on any credit report/files...Which appears to be very strange....All help would be most welcomed...

Comments

  • jwil
    jwil Posts: 18,727
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    It sounds like it was never defaulted and just marked as late payment. That means it will remain on your report for 6 years from when it was paid off. If it wasn't ever actually defaulted, it would still be on your credit report as an active account. You could try complaining to the original lender and request it was defaulted back dated to the original problem.

    Your other loan possibly was defaulted and has since fallen off your report six years after the default date.
    "If you can dream it, you can do it". Walt Disney
  • meanderr
    meanderr Posts: 47 Forumite
    Hi ..Thanks for your reply...I have been doing some digging with regards to all this. I have found proof that my loans were indeed sold to Idem Servicing (SAR from RBS states this ).



    I have also been informed..but seek clarification, that it's not legal to sell on a loan which is not in default. The loan is not in default (I have further proof of this also ). So the loan was sold illegally...Furthermore I have found that if the lender has information that the customer has Mental Health issues, they (the lender ) are NOT allowed to sell on the loan....I would like clarification on both these points of Law if anyone can help. Thanking you.
  • meanderr
    meanderr Posts: 47 Forumite
    Anyone ???
  • sourcrates
    sourcrates Posts: 28,647
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    Loans can be sold at any time, you do not need to default on them for this to happen, a creditor can transfer their rights to a 3rd party whenever they choose to do so.

    Selling a non defaulted loan does not mean you have done anything wrong, its simply a commercial decision on behalf of the original creditor.

    Its all in the T`s an C`s no one ever reads.

    Whoever told you to the contrary, did not know what they were talking about unfortunatly.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • Thanks for the info ...So many Bar room Lawyers giving out duff info..I have taken it up with RBS now.
  • sourcrates
    sourcrates Posts: 28,647
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    Problem we have, is that the rules concerning defaults and collection of arrears are covered by guidelines, and not actual set in stone procedures.
    So creditors can mark your file as an "arrangement to pay" rather than defaulting you, at their discretion.
    Your argument would be that you have been put at a disadvantage, as you have repaid your indebtidness to them, yet they are treating you the same as someone who has not, which is unfair, if it had been defaulted correctly, then your file would be clear of the debt by now.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
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