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ICO GUIDANCE ON DEFAULTS - Vital Reading

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  • #31
    Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

    Hello boys and girls
    So a could you answer a couple of questions for me as no one seems to know
    1) Do you need to issue a default notice prior to registering a default with a CRA
    2) If an account is legally in dispute can you be defaulted?
    3) I have one where it went into a DMP in 2008 paying way below the contractual minimum payments but they did not register the default until I went to £1 token payments in 2011, is that fair and can I do anything about it

    Comment


    • #32
      Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

      See the guidelines at the beginning of this thread sections


      33
      24
      42

      Comment


      • #33
        Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

        Thanks, as I thought it seems that although there are technical faults there is not much I can do about it.
        One account is minicredit who after adding lots and lots of charges and refused to discuss it, accusing me of all sorts stated they would enter a default on my file but for less than the last communication I had from them

        Another is MBNA which was not defaulted till it was assigned

        Comment


        • #34
          Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

          I think I would complain if the default date was later the the section 87 notice, as the guide says it is supposed to reflect the time when the account entered the default condition.

          It may make a difference regarding the six year drop off date.

          Comment


          • #35
            Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

            Well I have lots of current defaults so I am not sure it is worth the trouble, although I can add it to my list. Not top priority at the moment. Trying to get people to make me BR at the moment

            Comment


            • #36
              Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

              If you are looking at BR then there's no point in worrying about defaults.


              Whilst on the subject, I've noticed that the Guidance refers to trade association 'codes of practice' lenders subscribe to rather than a formal obligation to issue a DN. I very much doubt the PDL $hark$ in question will subscribe to such associations.
              32 Lenders should tell their customers about filing information with a credit reference agency as part of the account opening procedure, in line with the requirements of the ‘fair processing code’4. This explanation will not normally refer explicitly to defaults and will often be distant from the events which cause them. Therefore we strongly recommend that a notice of the intention to file a default should be served. Many lenders now subscribe to trade association codes of practice which require this. This practice helps the transparency of the credit reference process and may even prompt payment, so avoiding the need to file a default at all.
              33 Notices to comply with Sections 13.7 of the Banking Code5 and 7.5 of the Lending Code6 should provide adequate warning. A notice of intention to file a default can be sent with a formal default notice served under Section 87 of the Consumer Credit Act 1974. Where lenders are not required to issue these notices, they can send an intention to file a default through a final demand, letter or relevant account statement, which should make clear not only the intention to file but also the date of the intended default. The date should allow the customer enough time to respond properly. Lenders who have to provide a notice of intention to file a default under a relevant code of practice should be aware that not complying with the code may be taken into account in any assessment of the fairness of their processing.

              Comment


              • #37
                Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

                Thanks FP . I am waiting for either one of the creditors to make me BR or for them to go SB.
                It's not that I am trying to avoid my debts just that I have not worked in nearly 2 years through illness and other things and have no money to pay them

                Comment


                • #38
                  Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

                  We all do what we have to to keep the wolf from the door and the bread on the table Jon.

                  Comment


                  • #39
                    Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

                    That's fine, no-one's saying you are avoiding your debts. If you are not working, then even if they went to court, all they'd get would be £1/month, so hardly worth the trouble!

                    Comment


                    • #40
                      Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

                      The MBNA account was originally about 1000 and were receiving payments of £10 per month from Jan 2007. They did not issue a DN until April 2011 (which is quite possibly defective as it gives days to remedy and not a specific date -well so I have been told ) which was after I had taken the DMP in house and sent out CCA requests. Shortly after it was assigned

                      Comment


                      • #41
                        Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

                        I see this as nothing more than malicious behaviour. These 2nd default DCAs are just trying to screw your CRF up, nothing more, nothing less. I have a case before the ICO but I know this is gonna take months with no guarantee of any resolution. Anyone aware of a court precendent for getting these defaults removed? I'd love to try get 1st Crud into court!

                        Comment


                        • #42
                          Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

                          double post
                          Last edited by Captain Haddock; 24th January 2013, 10:30:AM. Reason: double post

                          Comment


                          • #43
                            Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

                            Got a response from Experian and they said that the entries on my file are correct. The OC sold the account to the DCA so the OC noted the default as settled and DCA's default is noted as outstanding. Two defaults - one debt!

                            Comment


                            • #44
                              Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

                              Hi again
                              Broken record here again I am afraid

                              For a CCA regulated agreement is a letter saying pay up or we will enter a default with the CRA in 28 days enough to validate the default or should there be a S87(1) default notice. The guidance in my opinion is not clear on that as it says

                              Notices to comply with Sections 13.7 of the Banking Code5
                              and 7.5 of
                              the Lending Code6
                              should provide adequate warning. A notice of
                              intention to file a default can be sent with a formal default notice ser
                              under Section 87 of the Consumer Credit Act 1974. Where lenders ar
                              not required to issue these notices, they can send an intention to file
                              default through a final demand, letter or relevant account statement,
                              which should make clear not only the intention to file but also the date of
                              the intended default. The date should allow the customer enough time to
                              respond properly. Lenders who have to provide a notice of intention to
                              file a default under a relevant code of practice should be aware that not
                              complying with the code may be taken into account in any assessment of
                              the fairness of their processing
                              I believe the banking code has been replaced but stand to be corrected and the lending code makes no mention

                              Comment


                              • #45
                                Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

                                Originally posted by jon1965 View Post
                                Hi again
                                Broken record here again I am afraid

                                For a CCA regulated agreement is a letter saying pay up or we will enter a default with the CRA in 28 days enough to validate the default or should there be a S87(1) default notice. The guidance in my opinion is not clear on that as it says



                                I believe the banking code has been replaced but stand to be corrected and the lending code makes no mention
                                Yes the key here is that it says the warning notice CAN be sent, which also means it may not be.
                                The 28 days is still a voluntary code and a creditor can enter a default before this unfortunately, the section 87 has nothing to do with the registering of the default other than sometimes both notices are combined in a consumer credit action.

                                Comment

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