Problems since Cabot (Marlin) bought my NRAM loan

[Dukie1977]

Hello to all, this is my first post. I have read a lot of useful info on this site but I haven't found anything that is exactly as the position I'm currently in.

Background:

I took out a loan in 2007 with Northern Rock

In 2010 I got laid off from work and set-up an arrangement to pay reduced payments directly with Northern Rock. This was accepted and continued for 12 months. During this time my credit file was updated with "AP" markers which changed back to "OK" markers when I reverted to my full contractual payments. So everything OK at this point.

In 2013 my loan was sold to Marlin Financial, I received the letters stating that I would not have to do anything - the payments would be taken as normal etc.

Now to the problem. I have recently been declined a mortgage and so singed up to Noddle to check my credit file. I have found that Marlin (Now Cabot) have been updating my file with "AR" markers since they took over the loan in October 2013. I am currently paying my full contractual payments and have been since 2011. Am I right in thinking they have made a mistake?

I'm hoping this is the case but would like some reassurance that I am not mistaken before writing to Cabot. I have attempted to contact them via email but have had no reply.

Many thanks in advance for your thoughts.

[FlamingParrot]

Re: Problems since Cabot (Marlin) bought my NRAM loan

Welcome aboard
They are up to their old tricks again!

The Principles for the Reporting of Arrears, Arrangements and Defaults at Credit Reference Agencies state the following:

Should a temporary reduction in the payment amount be jointly agreed between you and your lender, this ‘arrangement’ will be recorded at the CRAs. This may also occur if there is a temporary change in terms (that is not part of the product) such as a payment holiday or change to interest only.

Depending on the period and amount of the arrangement, arrears may continue to be reported. Such temporary arrangements may last for some time but are generally expected to revert to the contracted terms at some future point. For such accounts arrears may continue to be calculated in accordance with the contracted terms.

The record must show that the account is the subject of special terms. The reporting of this fact may be different depending on the product and the CRA. It is important that you are made aware when such arrangements are made and maintained, that it will show on your credit file and that whilst arrears may accrue and increase, a default will not be recorded.

Following a satisfactory period of payments under a temporary arrangement, and if the lender agrees, the status on your account may be set to zero; although the history will remain. This can be described as capitalisation, re-scheduling or re-aging. Depending on the product this could result in adjustments to how your account is reported on your credit file e.g. the payment amount, repayment period as well as the status. Should you make full payments from this point onwards your account will be classified as being up to date.

If you are making full contractual payments following a period of reduced payments, the account should be reported as being up to date.

[Dukie1977]

Re: Problems since Cabot (Marlin) bought my NRAM loan

Thank you FlamingParrot!

I feel justified now going forward with a complaint to Cabot. I will update how this plays out in case there are others in this position.

Thanks again

[FlamingParrot]

Re: Problems since Cabot (Marlin) bought my NRAM loan

Thank you FlamingParrot!

I feel justified now going forward with a complaint to Cabot. I will update how this plays out in case there are others in this position.

Thanks again

Good luck! ray:

Those debt purchasers always do what they want and mess with default dates and whatnot when 'updating' people's credit files.

Do keep us posted! :typing: