AP Marker after Default

[Bielawa1]

Hi i know that a default drops off after 6 years paid or not.I've recently learnt that an arrangement to pay stays on file for 6 years after its settled.

I had a couple of debts about 3 years into default on my file that i recently challenged affordability on and they agreed to reduce to fairly nominal fees to settle the account which i have already paid now.However i noticed for the payment they put an AP marker on for the month on the default entry.

I assumed they'd just reduce its balance as its not an ongoing reduced monthly payment but a one off payment that has been reduced due to their own faults .

I'm hoping although i've paid it i haven't just reset the account at 6 years from settling for the sake of a nominal fee and that the default due to go in 3 years will take all info with it .

So can an AP marker (or markers if it wasn't a reduced debt and was a reduced monthly amount) be left on an account for 6 years from settling if already 3 years into default or will it all go and the default supercedes it regardless.

It's worrying me a bit so would value the input .


James

[Nibbler]

Re: AP Marker after Default

Every trace of the account goes from your credit file 6 years after the default, including every marker before and after. There will quite literally be no trace the account existed from that point onwards.

[Debt Camel]

Re: AP Marker after Default

As [MENTION=1508]Nibbler[/MENTION] says, if there is a default 3 years ago on file, the whole debt account will disappear in another 3 years.

(The only way this could be reset is if the creditor had deleted the original default date and substituted a later AP marker - but if the debt is still showing as defaulted this hasn't happened.)

You mentioned challenging affordability. Did the creditor accept that this was a problem? What sort of debt was it? It a complaint about "affordability" is taken to the Financial Ombudsman, in some cases the FO says the debt should be deleted from the credit record, see http://debtcamel.co.uk/payday-loan-refunds/ for more about this.

[nemesis45]

Re: AP Marker after Default

I think for safety I would challenge the AP marker if the account has been cleared completely?
The CRA entries should be marked " Partially Satisfied " in accordance with the Information
Commissioners Guidance.
You will need to check all the CRA's and put a notice of correction on the entries that the defaulted
account is " Partially Settled" not in an AP.:santa2:

nem

[Bielawa1]

Re: AP Marker after Default

Thanks for your replies , had that horrible feeling of dread that trying to tidy my files up was about to make me worse off than not.

One debt was a payday loan (247MoneyBox), borrowed about 250, they defaulted me for 550 odd, i'd rolled over lots of times and been charged £40 letter fees etc . I argued i had about 8k of defaulted debts including 5 pd loans defaulted the month prior to lending to me so they couldn't have checked properly.
I know QuickQuid and Cash Genie get panned too but i have to say they both refused to lend as i was in trouble with what i had already.M247 wouldn't agree to unaffordability but said i'd repaid in unfair fees and interest all the amount barring about £50 so if i paid that they would settle and close the account and my file would reflect that.
I said i'd make a one off payment (emailed them when it was done), and have but for that 1 month they put an AP marker on .It still shows as defaulted in the months before that and defaulted overall so i assume next month it'll just say partially satisfied.

The other is the main one with CFO lending. I borrowed about 800 but they wanted 2000+. I know they can't actively chase under the FCA but i'm told eventuallly FCA will free them up and didn't want a ccj threat when i'm 3 years from a clean file.

Original debt was 300 and defaulted , they wanted 900 back, then got bombarded with their 'resolveloan -borrow more and we'll wipe all defaults and fines' so i took it when couldn't repay the 1st lot.
They agreed they should never have offered the resolve loan and knocked off that amount totally and some of the balance for using the term 'fines' but insisted the original loan they checked and were happy with but reduced the amount in line with current rules.I offered £10 a month to repay about 300 (will clear it in 6 months actually but wanted to get it started) .They said they noticed a default entry on my file had been incorrectly placed and would be amended(No idea in what way)

Not had my experian updated yet to see what they have done.Don't mind AP markers each month til i pay it on there til the default goes but don't want it showing for another 6 years.I guess i have to wait and see what they do.Thanks for your help, put my mind at rest a bit with the 1st one already.