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ICO GUIDANCE ON DEFAULTS - Vital Reading

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  • ICO GUIDANCE ON DEFAULTS - Vital Reading

    UPDATED: http://www.scoronline.co.uk/sites/de...ULY%202016.pdf
    Attached Files
    Last edited by Amethyst; 4th December 2017, 15:57:PM.
    "Although scalar fields are Lorentz scalars, they may transform nontrivially under other symmetries, such as flavour or isospin. For example, the pion is invariant under the restricted Lorentz group, but is an isospin triplet (meaning it transforms like a three component vector under the SU(2) isospin symmetry). Furthermore, it picks up a negative phase under parity inversion, so it transforms nontrivially under the full Lorentz group; such particles are called pseudoscalar rather than scalar. Most mesons are pseudoscalar particles." (finally explained to a captivated Celestine by Professor Brian Cox on Wednesday 27th June 2012 )

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  • #2
    Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

    Indicators of a default


    The following indicate that a breakdown has occurred in most types ofproduct (excluding those in the section on Exceptions at paragraphs 12-15). This list is not necessarily exhaustive.
    • The account has been referred to a collection agency or in-housedebt collection department.
    • The account has been referred for legal action.
    • The account has been included in a bankruptcy, IVA, or similar.
    • The asset financed has been repossessed or instructions forrepossession have been given.
    • The lender takes or has taken steps to cut off the service provided (orwould do so if they were not prevented on social rather thancommercial grounds or by other regulations, codes of practice orstatute).
    • The customer has not made satisfactory proposals in response to ademand for repayment.
      2 Definition of ‘Default Data’ from ‘Information Sharing – Principles of Reciprocity’ available from creditreference agencies or at http://www.experian.co.uk/corporate/...ing/index/html
      Version 3 5 Defaults: A guidance note02.08. 2007








    • The customer has given a clear indication, for example, by handingback an asset, that they do not intend to meet their contractualobligations.
    • The lender has evidence that an account has been opened or usedfor fraudulent purposes by the applicant.
      Time framework
      Although there will be some flexibility in the definition of a breakdown, webelieve there should be general rules for the minimum period of arrearswhich should exist before a default can be filed. Equally there should bea maximum period after which, if anything is to be recorded with a creditreference agency, a default must be filed. The following are in line withthe practices currently adopted by most lenders.





    • Accounts should not be routinely filed as being in default where full payments or those due under a rescheduled agreement are fewer than three consecutive months in arrears.
    • Accounts should normally be filed as being in default where those payments due have not been received for six months.










    This time framework only relates to filing defaults. It does not affect thelenders’ ability to continue to report accurately on the extent of arrearsusing monthly status codes. We recognise that may not always beappropriate for products which advance credit over either a very short orvery long-term.
    "Although scalar fields are Lorentz scalars, they may transform nontrivially under other symmetries, such as flavour or isospin. For example, the pion is invariant under the restricted Lorentz group, but is an isospin triplet (meaning it transforms like a three component vector under the SU(2) isospin symmetry). Furthermore, it picks up a negative phase under parity inversion, so it transforms nontrivially under the full Lorentz group; such particles are called pseudoscalar rather than scalar. Most mesons are pseudoscalar particles." (finally explained to a captivated Celestine by Professor Brian Cox on Wednesday 27th June 2012 )

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    Comment


    • #3
      Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

      Current accounts
      Breakdowns on current accounts will happen in relation to overdraftfacilities. We recognise this is a complex area because of the rangeof factors affecting the relationship with the customer, and theindicators in paragraph 10 above are of limited relevance.
      On these accounts the following are indications of a breakdown.
      The customer has had an unauthorised overdraft for at least threemonths and the lender has demanded they put their account in orderbut the customer has failed to do so.
      The lender has closed the account (or would have done so ifextenuating social considerations had not dictated otherwise)because the customer has failed to use it according to the originalterms and conditions. (This includes situations where an account hasbeen opened for fraudulent purposes).
      As a result of the way in which the account has been conducted thelender has asked for the return of the cheque guarantee card.
      The account has a debit balance (within or outside overdraft limits)but there have not been any or enough credits to service the debt forat least three months.
      Flexibility
      We recognise there will be some circumstances where a lender may feeljustified in filing a default, or withholding a report, outside the parametersset out in paragraphs 10 and 11 and, in particular, where:
      • the lender has direct evidence that a customer is unable or unwillingto make further payments;
      • the customer has continued to use facilities which have beenwithdrawn by the lender; or
      • the customer has a hire purchase or conditional sale agreement andhas sold on the goods without settling the account; or
      • the lender is aware of the reason for non-payment and knows thatpayments will start again or the arrears will be paid.
        These decisions should be made on a case-by-case basis. When thesedecisions are made, lenders should consider whether, if a default recordis filed or withheld, it would be likely to help or mislead another lender intheir credit decision about the individual concerned. A general companypolicy to file defaults as a matter of routine outside the above parameterswould not be acceptable unless the lenders’ products all justifyexceptions on the grounds referred to in paragraph 13.


      "Although scalar fields are Lorentz scalars, they may transform nontrivially under other symmetries, such as flavour or isospin. For example, the pion is invariant under the restricted Lorentz group, but is an isospin triplet (meaning it transforms like a three component vector under the SU(2) isospin symmetry). Furthermore, it picks up a negative phase under parity inversion, so it transforms nontrivially under the full Lorentz group; such particles are called pseudoscalar rather than scalar. Most mesons are pseudoscalar particles." (finally explained to a captivated Celestine by Professor Brian Cox on Wednesday 27th June 2012 )

      I am proud to have co-founded LegalBeagles in 2007

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      Comment


      • #4
        Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

        Excellent, thank you Celestine. Can I ask a question that I suspect many will want to ask reading the above. How much bite does this guidance have in terms of getting faults removed? Put another way, when used with a creditor, is it likely to get the response, "Well that is just guidance, we're within our rights to do what we've done?"

        Thanks. :beagle:

        Comment


        • #5
          Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

          This Guidance is in all probability legally binding. It was used extensively in our recent Lloyds case and was accepted as binding by both parties and the Judge.
          I think with such a large and significant piece of legislation as the Data Protection Act 1998, guidance such as this, produced by the Regulator charged with enforcing the DPA and the FOI, is an essential companion to any Default dispute.

          This Guidance was produced in 2007 and if you read the Introduction, it was written with the lenders co-operation.

          The standards were reached originally after extensive consultation with lenders,agencies and trade associations. It is a tribute to the care they gave to thatprocess that the standards have stood the test of time. The changes made forthe latest version have been included to reflect changing industry practice and,in some instances, clarify what the standard is. I also recognise the veryconsiderable progress made by the credit industry since the original guidancewas produced, in achieving greater consistency in reporting standards. Thecredit industry has its own “Principles of Reciprocity” governing the sharing ofcustomer information through credit reference agencies. Although the startingpoints are different, this guidance note complements the principles of reciprocityand there is some overlap between the conclusions reached.
          I would like to thank all those representatives of the credit industry and creditreference agencies, and in particular representatives of the Steering Committeeon Reciprocity, who have contributed to the development of this guidance.


          Clearly an erosion has taken place since 2007 and much work needs doing to address the issues we are seeing in ever greater numbers.
          "Although scalar fields are Lorentz scalars, they may transform nontrivially under other symmetries, such as flavour or isospin. For example, the pion is invariant under the restricted Lorentz group, but is an isospin triplet (meaning it transforms like a three component vector under the SU(2) isospin symmetry). Furthermore, it picks up a negative phase under parity inversion, so it transforms nontrivially under the full Lorentz group; such particles are called pseudoscalar rather than scalar. Most mesons are pseudoscalar particles." (finally explained to a captivated Celestine by Professor Brian Cox on Wednesday 27th June 2012 )

          I am proud to have co-founded LegalBeagles in 2007

          If we have helped you we'd appreciate it if you can leave a review on our Trust Pilot page

          Comment


          • #6
            Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

            The guidance is allegedly in the process of being updated again.

            Comment


            • #7
              Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

              That's reassuring Cel, thank you!

              Comment


              • #8
                Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

                i was informed by the exec investigation team at natwest that this info by the ico is just what it says, guidance, not law..
                i couldnt believe what they were telling me to be honest!!
                Id rather die on my feet than live on my knees.

                Comment


                • #9
                  Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

                  See Post 4!

                  I wish I could say I'm surprised! We now need to find out from Cel what makes it, in all likelihood, legally binding, so you can go back at them again.

                  Comment


                  • #10
                    Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

                    Well lets just say I'll comment a lot more confidently WHEN we get a Judgment in our case.....only been waiting 2 months!!
                    "Although scalar fields are Lorentz scalars, they may transform nontrivially under other symmetries, such as flavour or isospin. For example, the pion is invariant under the restricted Lorentz group, but is an isospin triplet (meaning it transforms like a three component vector under the SU(2) isospin symmetry). Furthermore, it picks up a negative phase under parity inversion, so it transforms nontrivially under the full Lorentz group; such particles are called pseudoscalar rather than scalar. Most mesons are pseudoscalar particles." (finally explained to a captivated Celestine by Professor Brian Cox on Wednesday 27th June 2012 )

                    I am proud to have co-founded LegalBeagles in 2007

                    If we have helped you we'd appreciate it if you can leave a review on our Trust Pilot page

                    Comment


                    • #11
                      Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

                      hi labman yes you are correct , its that grey area again, we know its right they know its right but will it change anything with out a court order?, i doubt it.
                      i would be interested to see what the ico would say to that response if i raised the complaint with them?
                      Id rather die on my feet than live on my knees.

                      Comment


                      • #12
                        Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

                        Originally posted by Celestine View Post
                        Well lets just say I'll comment a lot more confidently WHEN we get a Judgment in our case.....only been waiting 2 months!!
                        Is that all? That's ridiculous!

                        Comment


                        • #13
                          Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

                          I read somewhere - but can't see it in the ICO Guidance - that where a lender 'should' have defaulted an account but doesn't, it is regarded as unfair if they then subsequently do so some time after the event. Is that so?

                          In my instance, I have been on a an AP since 2006 on a consolidated debt for defaulting on a card and loan. The bank consolidated the debts but tey did not Default me at the time. Now I have been compelled to pay them less and they are handing the debt to a DCA and have filed a Default.

                          Comment


                          • #14
                            Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

                            I've always heard they should file a default between 3 and 6 months after you miss a contractual payment. Can you not complain to the ICO if they didn't do it within that time frame?

                            ps. Love your signature! (from a fellow Club Member) :okay:

                            Comment


                            • #15
                              Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

                              On my credit file I have technically two defaults registered for one account. The OC has noted the default as satisfied and the DCA (Lowell!!) have added their own details and noted their info as a default too. I am not convinced that anyone searching my file will be aware that this is actually one debt. I am sure I am not alone in this situation. Is this legal?

                              Comment

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