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No Written Default Notice Received
Hi All
I wonder if someone might advise on a an issue my partner and I have found ourselves in.
Due to restructering my partner accepted a new post within his company (a bank) but with a reduced salary, this has had a significant impact to keep on top of our financial commitments, but as we both work in the finance industry, IVA etc are not an option or we face the sack.
That said we became a couple of months late with loan repayments to one of our lenders, after receiving a letter from them and numerous calls, we agreed to pay the arrears in full at an agreed date, which was around 2 weeks later.
Upon paying the 2 months arrears and the next scheduled payment we were informed that the account was now up to date and thought nothing more of it, there was not mention by them of a default being recorded.
Just to point out this was not a payment plan, just us agreeing to bringing the account up to date.
However we recently made the decision to remortgage as we have sufficient equity to release to clear all out debts and have just the one monthly payment which would also be a lot less.
We have been informed by the lender that a default has been noted against us and declined on that basis.
So we pulled out credit files from the 2 main CRA to see what was listed and yes indeed the loan company has recorded such a default.
I made contact with the lender to ask why this had been recorded and was told that the rules were that once you are 3 months behind they have the right to record the default, I argued that no letter other than the ones previously received had been received by us and that were were only 2 months in arrears when the payment was agreed to, however I've learned that the usual monthly payment we made in addition to the arrears was also a few days late, this is where they get the 3 months from. They also told us that as their systems show a default notice was dispatched to us, this was all quite legal and they did not have to prove we received it.
In light of the above we are desperate to have this removed, is there anything we can do about it - I've searched other posts, but none are near to our situation, so any advice you can give would be appreciated.
Thanks
I wonder if someone might advise on a an issue my partner and I have found ourselves in.
Due to restructering my partner accepted a new post within his company (a bank) but with a reduced salary, this has had a significant impact to keep on top of our financial commitments, but as we both work in the finance industry, IVA etc are not an option or we face the sack.
That said we became a couple of months late with loan repayments to one of our lenders, after receiving a letter from them and numerous calls, we agreed to pay the arrears in full at an agreed date, which was around 2 weeks later.
Upon paying the 2 months arrears and the next scheduled payment we were informed that the account was now up to date and thought nothing more of it, there was not mention by them of a default being recorded.
Just to point out this was not a payment plan, just us agreeing to bringing the account up to date.
However we recently made the decision to remortgage as we have sufficient equity to release to clear all out debts and have just the one monthly payment which would also be a lot less.
We have been informed by the lender that a default has been noted against us and declined on that basis.
So we pulled out credit files from the 2 main CRA to see what was listed and yes indeed the loan company has recorded such a default.
I made contact with the lender to ask why this had been recorded and was told that the rules were that once you are 3 months behind they have the right to record the default, I argued that no letter other than the ones previously received had been received by us and that were were only 2 months in arrears when the payment was agreed to, however I've learned that the usual monthly payment we made in addition to the arrears was also a few days late, this is where they get the 3 months from. They also told us that as their systems show a default notice was dispatched to us, this was all quite legal and they did not have to prove we received it.
In light of the above we are desperate to have this removed, is there anything we can do about it - I've searched other posts, but none are near to our situation, so any advice you can give would be appreciated.
Thanks
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