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  • FIRST POST
    • mattk1uk
    • By mattk1uk 5th Jan 18, 9:30 PM
    • 41Posts
    • 3Thanks
    mattk1uk
    'Account Settled' - is that the same thing as Default Date?
    • #1
    • 5th Jan 18, 9:30 PM
    'Account Settled' - is that the same thing as Default Date? 5th Jan 18 at 9:30 PM
    Hi everyone,

    I am trying to figure out the default date of an old Tesco credit card which has now been taken over by Cabot Financial Services.

    I had a few cards which defaulted in 2013 due to me losing my job/marriage break up etc and never made any payments and they are all showing the correct default dates of around April 2013. However the account now being managed by Cabot is showing as ‘Account Settled 24/03/2015’. Would this be the date Cabot bought the debt and not the date of default?

    What is confusing me is that on my ClearScore credit report for this same account, it is showing that I made payments for the previous three years which is definitely not right as I didn’t pay this card or any of the other cards from the same time, yet they show the correct default dates?

    Can anyone shed some light for me?

    Thanks in advance :-)
Page 1
    • zx81
    • By zx81 5th Jan 18, 9:39 PM
    • 16,434 Posts
    • 17,492 Thanks
    zx81
    • #2
    • 5th Jan 18, 9:39 PM
    • #2
    • 5th Jan 18, 9:39 PM
    Settled date is not the same as default date.
    • mattk1uk
    • By mattk1uk 21st Jan 18, 8:50 PM
    • 41 Posts
    • 3 Thanks
    mattk1uk
    • #3
    • 21st Jan 18, 8:50 PM
    • #3
    • 21st Jan 18, 8:50 PM
    Thanks zx81, strange why it is listed on my credit report as settled isn't it.

    Cheers
    • fermi
    • By fermi 21st Jan 18, 9:05 PM
    • 39,440 Posts
    • 47,472 Thanks
    fermi
    • #4
    • 21st Jan 18, 9:05 PM
    • #4
    • 21st Jan 18, 9:05 PM
    However the account now being managed by Cabot is showing as ‘Account Settled 24/03/2015’. Would this be the date Cabot bought the debt and not the date of default?
    Originally posted by mattk1uk
    Sounds likely.

    See: http://forums.moneysavingexpert.com/showthread.php?t=3172602

    Sounds like they may have done just part of this:

    CRA Defaults - Recording of defaults relating to debts that have been sold.

    The practice of selling/buying debts is widely used. As long as the information is correctly recorded on a credit file by the lender selling the debt and the lender buying the debt, then two entries relating to one account would not be considered to be a breach of the Data Protection Act provided that:-

    • both recorded entries are shown as being in relation to the same account/debt;
    • the original debt entry should be shown on the credit file as being either ‘settled' or ‘zero' balance and should show that the debt has been ‘re-assigned’;
    • the new DC who shows the debt in their name should maintain the original default date and the correct balances;
    • the retention period for maintaining the information on a credit file should be based on the original default date regardless of who is responsible for the entry/debt.
    I'm a Board Guide on the Debt-Free Wannabe, Bankruptcy, Credit Cards and Loans boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com

    Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

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    • mattk1uk
    • By mattk1uk 21st Jan 18, 9:18 PM
    • 41 Posts
    • 3 Thanks
    mattk1uk
    • #5
    • 21st Jan 18, 9:18 PM
    • #5
    • 21st Jan 18, 9:18 PM
    Hi fermi,

    Thanks for your reply too

    Do you think this is a mistake by Cabot having not reported the original default date of the original lender? And if so what course of action could be taken to get it amended?

    Thanks again,
    Matt
    • fermi
    • By fermi 21st Jan 18, 9:29 PM
    • 39,440 Posts
    • 47,472 Thanks
    fermi
    • #6
    • 21st Jan 18, 9:29 PM
    • #6
    • 21st Jan 18, 9:29 PM
    Given that Cabot are mind blowingly inept at times, it very well could be.

    If you do want to complain, and feel there is benefit for you in it being changed, make it a formal complaint in writing, saying that they are in breach of the Data protection Act and principles by not recording accurate data, and in a way that would cause the account to remain on credit files longer than it should. That if not corrected you will take the matter to the FOS and ICO.
    I'm a Board Guide on the Debt-Free Wannabe, Bankruptcy, Credit Cards and Loans boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com

    Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

    IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
    • mattk1uk
    • By mattk1uk 21st Jan 18, 9:43 PM
    • 41 Posts
    • 3 Thanks
    mattk1uk
    • #7
    • 21st Jan 18, 9:43 PM
    • #7
    • 21st Jan 18, 9:43 PM
    Thanks Fermi, I may well do that since you!!!8217;re correct in saying it will remain in my report longer than it should. What I don!!!8217;t understand though is why it shows on my Experian account as having not missed any payments up to 2015 when I know for sure no payments were made from April 2013, the same as the others. It!!!8217;s all very strange :-/
    • sourcrates
    • By sourcrates 22nd Jan 18, 12:55 AM
    • 13,766 Posts
    • 13,088 Thanks
    sourcrates
    • #8
    • 22nd Jan 18, 12:55 AM
    • #8
    • 22nd Jan 18, 12:55 AM
    Thanks Fermi, I may well do that since you!!!8217;re correct in saying it will remain in my report longer than it should. What I don!!!8217;t understand though is why it shows on my Experian account as having not missed any payments up to 2015 when I know for sure no payments were made from April 2013, the same as the others. It!!!8217;s all very strange :-/
    Originally posted by mattk1uk
    Sometimes things just get made up, if they don!!!8217;t have the data, they just presume.
    In the same way accounts disappear from your credit file with out reason or notice, or anyone of a hundred more abnormalities, you would not believe how inept companinare are with your data.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • mattk1uk
    • By mattk1uk 22nd Jan 18, 6:49 AM
    • 41 Posts
    • 3 Thanks
    mattk1uk
    • #9
    • 22nd Jan 18, 6:49 AM
    • #9
    • 22nd Jan 18, 6:49 AM
    Thank you Sourcrates, so this is something I would like to sort out so I guess first port of call would be to contact Experian and dispute information held?
  • National Debtline
    Hi mattk1uk


    The credit reference agencies (CRAs) should only record the information creditors or debt collection agencies (DCAs) give them. That means if you disagree with the information recorded you need to raise it with the company who gave the information to the CRA. If you go directly to Experian they won't change anything until they have had contact from Tesco or Cabot (depending which one of them recorded the payments).


    Just be sure the changes you are requesting will be of benefit to you. A debt will be removed from your credit file 6 years after the date the default was registered. If no default was registered, the debt will be removed 6 years after the account was closed or the last payment was made.


    Susie
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
    • mattk1uk
    • By mattk1uk 22nd Jan 18, 1:55 PM
    • 41 Posts
    • 3 Thanks
    mattk1uk
    Hi Susie,

    Thank you so much for your reply, I!!!8217;m very grateful!

    I!!!8217;m in two minds with the way to go about this since the original default date should be recorded around April 2013 but I can not see that date anywhere, just the !!!8216;Account settled!!!8217; date in 2015.

    If I can get it changed to that date by disputing it then it will benefit me as it will be removed next year.

    However, if by challenging it I somehow end up shooting myself in the foot and it then stays on even longer then I!!!8217;ll be gutted about that.

    I will have another close look at all three of my credit reports (Experian, Equifax and Callcredit).

    If it!!!8217;s ok for me to put some screenshots up of this just to be sure I!!!8217;m reading it correctly would you mind taking a look?

    Many many thanks
  • National Debtline
    Hi again mattk1uk


    You can contact the credit reference agency to ask them to explain what the information on your credit file means. If you do post anything on the forum, make sure there is no personal information showing that will identify you.


    You are correct that if they agree to register a default in 2013, the debt will drop in 2019. A default is not as favourable as a debt being shown as settled, but you'll have to weigh up whether you would prefer a default for a shorter period, or a settled account that will stay on longer.


    If you have any problems getting accurate information recorded on your credit file you can make a complaint to the Information Commissioner's Office (ICO) www.ico.org.uk.


    Susie
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
    • mattk1uk
    • By mattk1uk 22nd Jan 18, 9:32 PM
    • 41 Posts
    • 3 Thanks
    mattk1uk
    Hi Susie, once again thank you for your so helpful reply, I am very very grateful

    I will contact the credit reference agency of each report and ask them to explain just as you suggested.

    I am swaying more to trying to have the proper default date recorded for this account but my concern is that I may have to contact Cabot directly or even Tesco and I don't have any details of this account whatsoever anymore :/

    I have taken a screenshot of the Cabot entry for Experian, Equifax and Callcredit (with personal information blanked out) but don't think it will help clear anything up :/



    I know for certain that the default date will be around April 2013 but how to prove it.

    Thanks again Susie
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