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Hello guys. I'm new to the site but have read some excellent stuff on here and I'm confident somebody will be able to assist me with my problem. I'm currently trying to get my credit score back on track after some financial problems when I was younger, but am being hampered somewhat by NRAM/Cabot Financial.
I took out an unsecured personal loan with Northern Rock in 2005 over a 5 year term. In 2007 I ran into financial difficulty and entered into a debt management plan with my various creditors. I didn't pay Northern Rock for 3 months whilst this was negotiated. However since then I have not missed a payment and it was paid off this month.
Between 2007 and 2011, Northern Rock recorded against my credit file each month that my payment was 3 months in arrears. Then, out of the blue and for no apparent reason, in January 2012 finally recorded the account as in Default. This will stay on my record until 2018! I believe a default notice was issued back in 2007 but I can't be sure.
I feel very aggrieved by this, as I am effectively being punished for 10-11 years. I have read the ICO Principles and they seem to support me in that either a) the Default should have been registered in a timely manner and so should now be off my record or b) that as an arrangement was agreed, a default should not have been registered unless the terms of the arrangement are broken.
I have tentatively raised the issue with Cabot Financial who now report the Default on Northern Rock's behalf, but they have told me that the Default is recorded correctly and they won't change it. The ICO have said I will need to raise a formal complaint with NRAM/Cabot first and then they will consider my case if it's rejected.
I am no expert, and from reading around on the forum I wonder if I'd have been better off not paying them for 6 months back in 2007 rather than 3 months (i.e. the ICO Principles are clear that continual reporting of 6 months missed payments can not be used as a replacement for a Default). Am I being punished for entering into a payment plan too quickly?!
Any advice on where I stand and how to approach NRAM/Cabot in my complaint would be greatly appreciated.
Thanks so much guys!
I took out an unsecured personal loan with Northern Rock in 2005 over a 5 year term. In 2007 I ran into financial difficulty and entered into a debt management plan with my various creditors. I didn't pay Northern Rock for 3 months whilst this was negotiated. However since then I have not missed a payment and it was paid off this month.
Between 2007 and 2011, Northern Rock recorded against my credit file each month that my payment was 3 months in arrears. Then, out of the blue and for no apparent reason, in January 2012 finally recorded the account as in Default. This will stay on my record until 2018! I believe a default notice was issued back in 2007 but I can't be sure.
I feel very aggrieved by this, as I am effectively being punished for 10-11 years. I have read the ICO Principles and they seem to support me in that either a) the Default should have been registered in a timely manner and so should now be off my record or b) that as an arrangement was agreed, a default should not have been registered unless the terms of the arrangement are broken.
I have tentatively raised the issue with Cabot Financial who now report the Default on Northern Rock's behalf, but they have told me that the Default is recorded correctly and they won't change it. The ICO have said I will need to raise a formal complaint with NRAM/Cabot first and then they will consider my case if it's rejected.
I am no expert, and from reading around on the forum I wonder if I'd have been better off not paying them for 6 months back in 2007 rather than 3 months (i.e. the ICO Principles are clear that continual reporting of 6 months missed payments can not be used as a replacement for a Default). Am I being punished for entering into a payment plan too quickly?!
Any advice on where I stand and how to approach NRAM/Cabot in my complaint would be greatly appreciated.
Thanks so much guys!
