Defaults on credit score after using Valour Finance and paying of debt in full

[laurenelizabethgrace]

My boyfriend used Valour Finance to help to him get debt free. He has been debt free for over a year now. However, since recently checking his Credit Score he has found out that there is one defaults and one delinquent payment on his account, whereby Valour Finance paid companies short of the agreed amount. This therefore means that we cannot buy a home until 2020. Valour Finance have since been closed down and therefore cannot take any responsibility for what they have done. We are in a situation with no clear resolution.

If anyone has any advice I would be so grateful for it. We have been in contact with everyone. They have all said he is doing the correct things to try and get the defaults marked as resolved (writing to the companies that say he has a default). However, I feel it is just so unfair when a company has done this, not him directly.

Please help

[Kati]

Re: Defaults on credit score after using Valour Finance and paying of debt in full

tagging [MENTION=48934]Debt Camel[/MENTION] xx

[Debt Camel]

Re: Defaults on credit score after using Valour Finance and paying of debt in full

He was in a debt management plan with Valour? When did it start? When did it end? What are the default dates on these debts?

Defaults are quite common in a DMP, but if you can give some more information it will help to see if there is anything that can be done about these.

[laurenelizabethgrace]

Re: Defaults on credit score after using Valour Finance and paying of debt in full

He was in a debt management plan with Valour? When did it start? When did it end? What are the default dates on these debts?

Defaults are quite common in a DMP, but if you can give some more information it will help to see if there is anything that can be done about these.

Thank you so much for your speedy reply!

He was in a debt management plan with Valour Finance. It started in April 2014 and ended in April 2016.

The default date is April 2014. There is also a late payment to the Co op which occurred throughout the two years using this company.

We have been advised to write a letter to both companies, The Co op and Capital One explaining the situation and hoping that they will help us. Therefore, this is what we have done so far. We have also been told to go to the FCA if there is nothing done about it after this.

[Debt Camel]

Re: Defaults on credit score after using Valour Finance and paying of debt in full

The debt with a default. A default should be added when someone is between 3 and 6 months in arrears. If he had missed payments before the DMP started, recording a DMP at the start may have been the correct thing to do.

The fact a DMP is set up doesn't change the fact that he wasn't making the contractual debt repayments. Having late payment indiciators sounds pretty normal - and accurate - for a 2 years DMP to me.

It's not clear to me that Valour did anything wrong except fail to explain to him what the lijkely effect on his credit record would be.