Cra entry query

[munden123]

Hello Guys,

firstly I've asked a few questions on here and have always appreciated all the help you have given.

My current query is this:

I recently checked my credit file. there is an entry from Lombard Business finance for a HP agreement i had. It has the following dates.

Account Started: 27/05/2009
Account Settled: 21/04/2010
Account closed: 21/04/2010
Partial Settlement: 01/06/2014

I was just wondering when this might fall off my record?

would it be date account closed ? Or date of partial settlement?

I appreciate all the help!

munden123:tinysmile_grin_t:

[Debt Camel]

Re: Cra entry query

That is odd ... when did you settle the account. April 10 or June 14?

[munden123]

Re: Cra entry query

Well the car was in fact stolen and written off. As far as i was aware everything was settled in 2010.

[Debt Camel]

Re: Cra entry query

In that case I think you can expect it to drop off in April 2016.

(If you had actually settled the account in 2014, I would have been worried that at some point they were going to correct these rather odd entries and it wouldn't be in your favour.)

[munden123]

Re: Cra entry query

SETTLEMENT DATE: 21/04/2010
Hi debt camel thank you for your help. I haven't had any contact with lombard since 2011/2012. Is this normal that they would put a car entry 4 years after the date account closed. it says ACCOUNT CLOSED april 2010 on my file, but the latest entry is 2014. Does it usually go off the last date entered?

Thanks

Christian

[nemesis45]

Re: Cra entry query

Hello Guys,

firstly I've asked a few questions on here and have always appreciated all the help you have given.

My current query is this:

I recently checked my credit file. there is an entry from Lombard Business finance for a HP agreement i had. It has the following dates.

Account Started: 27/05/2009
Account Settled: 21/04/2010
Account closed: 21/04/2010
Partial Settlement: 01/06/2014

I was just wondering when this might fall off my record?

would it be date account closed ? Or date of partial settlement?

I appreciate all the help!

munden123:tinysmile_grin_t:

Good morning,
You mention no default date, is the file entry showing a default?
If not it will remain on file.

nem

[Debt Camel]

Re: Cra entry query

Good morning,
You mention no default date, is the file entry showing a default?
If not it will remain on file.

nem

Not if the account has been marked as settled it won't...

[nemesis45]

Re: Cra entry query

Not if the account has been marked as settled it won't...

Settled accounts stay on credit file for 6 years after the settlement date.
I'm looking at my CRA files now 4 settled accounts from 2013 still show, it's explained on the report.

nem

[Debt Camel]

Re: Cra entry query

and it says "Account Settled: 21/04/2010"

[nemesis45]

Re: Cra entry query

Hello Guys,

firstly I've asked a few questions on here and have always appreciated all the help you have given.

My current query is this:

I recently checked my credit file. there is an entry from Lombard Business finance for a HP agreement i had. It has the following dates.

Account Started: 27/05/2009
Account Settled: 21/04/2010
Account closed: 21/04/2010
Partial Settlement: 01/06/2014 The Account will stay on file 6 years from this date. Only defaulted accounts are removed on the 6th anniversary of the default date:
It might be helpful to know more of this " partial settlement " as opposed to the 2010 " settled " entry.

I was just wondering when this might fall off my record?

would it be date account closed ? Or date of partial settlement?

I appreciate all the help!

munden123:tinysmile_grin_t:

Munden can you answer these points.

nem

[munden123]

Re: Cra entry query

Hi Nemesis, Thank you for your help. I was under the impression that the insurance company had settled this issue at the time (2010) in full, hence the mark on the credit file, but then they applied the "partial settlement" in 2014 without my knowledge. I was perplexed as to why they had done this.
I have emailed them asking to clarify this, but i have limited information and in longer have the account number nor do i even remember the registration number of the vehicle.

[nemesis45]

Re: Cra entry query

Hi Nemesis, Thank you for your help. I was under the impression that the insurance company had settled this issue at the time (2010) in full, hence the mark on the credit file, but then they applied the "partial settlement" in 2014 without my knowledge. I was perplexed as to why they had done this.
I have emailed them asking to clarify this, but i have limited information and in longer have the account number nor do i even remember the registration number of the vehicle.

Ok it certainly does need explaining the debt was either settled in full or partially settle it cannot be both.

It is fact settled/partially settled debts remain on credit files for 6 years from the settlement date, these entries
have no detrimental effect on your credit profile.

nem

[munden123]

Re: Cra entry query

Thanks Nem,

I thought that this would have a detrimental effect on my file.

[nemesis45]

Re: Cra entry query

Thanks Nem,

I thought that this would have a detrimental effect on my file.

If it was a defaulted account partially satisfied then there would be some
effect, " settled " is used when an account/debt is paid off under normal
circumstances, " satisfied" is used when a defaulted account is paid off.

The only matter to sort out is the 2 " settled " dates.

nem