credit card agreement off tesco

[chris_]

hi all

i have a defaulted credit card with tesco bank and im making monthly payments to reduce it , originally i stopped paying as they upped my interest rate as they said after a review i was a bad risk .
i sent them a cca request which they supplied after several weeks , however very shortly after they defaulted me .
i called them as soon as i got the default notice to start regular repayments , i now have the money to pay it off in full , i had called last week to ask if i paid it off in a couple of months they would remove the default, owing to the short time after i received the cca i was defaulted , but the operator said they followed the rules so they wouldnt .
im just wondering though when tesco countersigned the agreement they used a rubber stamp with a signature and date on it , although the signature is so small its hardly readable, is that legally binding .
my intention is to try to talk to someone with authority to settle in full on the condition they remove the default , and if there is a problem with the rubber stamp signature i have a little leverage .

so my question is , do the credit card agreements have to be signed by pen or is the rubber stamp legally binding .

thanks for any help and advice

chris

[nemesis45]

Re: credit card agreement off tesco

Good afternoon Welcome to LB,

No the agreement can be rubber stamped, wet ink signature or digital signature. There is no leverage in that.

The Information Commissioners Office regulates the manner in which credit files are managed, and the ICO's Technical Guidance on Defaults is clear,

the entries must be accurate and up to date showing a true picture of the conduct of an account, so once the account has been has been properly defaulted i.e. a default notice issued and not complied with the default is registered with the credit reference agencies and must remain on file for 6 years from the default date when it will be removed paid or not.

Removing the default would " break the rules" as the entry would not show an accurate picture of the conduct of that account.

nem

[chris_]

Re: credit card agreement off tesco

thanks for your reply , looks like ill just have to suck it up then .

chris

[nemesis45]

Re: credit card agreement off tesco

thanks for your reply , looks like ill just have to suck it up then .

chris

It is only in very rare situations that a default can be removed, e.g. improperly / wrongly placed or wrong date.
A few years ago one could negotiate with creditors on this but the ICO tightened up the rule to prevent false information being recorded on CRA files.

nem

[chris_]

Re: credit card agreement off tesco

i have just called them and they suggest i make a full and final offer , she said she would email my offer to the correct department and they would get back to me within 48hrs , if they accept my offer will the default show as settled or only partial .

[Diana M]

Re: credit card agreement off tesco

If I've understood your post correctly you will be making a F & F offer to clear the whole account balance. That would mean the CRA entry will be marked as settled or partially settled but the default would remain on the account file.

Why do you want to clear the whole balance if it doesn't mean the default is removed?

Are you planning to apply for new credit/mortgage so you want your file to look as good as can be?

Will a default on your file be detrimental to your job/career?

Di

[nemesis45]

Re: credit card agreement off tesco

i have just called them and they suggest i make a full and final offer , she said she would email my offer to the correct department and they would get back to me within 48hrs , if they accept my offer will the default show as settled or only partial .

As it is a part payment Partially Satisfied is the usual entry.nem

[chris_]

Re: credit card agreement off tesco

i am looking to finance something next year so id like to fix my credit rating if at all possible , i have been paying an agreed figure monthly since i got the default but its restricting my finance choices to high interest lenders .
so im assuming only fully satisfied will do the trick , and even then im going to be penalised due to the default.

[Diana M]

Re: credit card agreement off tesco

originally i stopped paying as they upped my interest rate as they said after a review i was a bad risk .

Did you simply stop paying in protest or did you make a formal complaint about the interest rate hike?

It's clutching at straws but could there be any reason that you were made to think stopping payments would not result in a default? Did Halifax say they would place the account on hold while they investigated etc etc?

Probably not, but it's worth exploring whether any moral pressure can be brought to bear. Sometimes the FOS can step in if a default has been added 'in haste' during a period of investigation or uncertainty.

Di

[chris_]

Re: credit card agreement off tesco

i stopped paying in protest at them doubling the interest , allthough stupidly i did not inform them , i sent them a cca request which they supplied me with , however i was working away at the time, and had all intentions of sorting things out with them but they issued me with a default a few weeks after they supplied the cca.
i called them to try to put things right and they said the default could not be removed ,i also explained why i had done this which was due to the interest hike, i then agreed a monthly payment with them which i have kept to .