ICO GUIDANCE ON DEFAULTS - Vital Reading

[FlamingParrot]

Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

That's quit common because the initial default was satisfied when the debt was sold to Lowell, who are the new creditor. The main thing is that both defaults should drop off your 6 years after the original default was recorded, not the one by Lowell.

[annemarie]

Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

as far as i am aware you are only allowed to be defaulted once per case? so there should only be one default listed i believe.
I am unware flaming parrot that the default becomes satisfied by the other creditor purchasing the debt, so as far as i believe one should be removed?
if i remember correctly the one who owns the debt should be the only one listed as they are now collecting the debt and are responsible for the correct and proper conduct of affairs?
i hope one of the brighter ones on here can enlighten the matter.
good luck ruby
annie

[annemarie]

Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

ruby i have just read your post again and you say the original creditor marked it as satisfied? i presume now then the debt is settled, but was settled through lowell?
sorry its just me trying to work it out lol

[labman]

Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

You can only be defaulted once for any one debt, regardless of assignment. If an Assignment in Absolute takes place, the new owner of the debt is responsible for reporting to the CRA against the original default. They can't default you a second time.

[Ruby]

Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

To clarify, on my Credit reference records it actually shows that I have more accounts than in reality. Experian says on the front page that I have 20 accounts (not actual, just using as example) and in reality I have 17 (again not actual). Those extra three accounts have appeared because the OC have noted that the defaulted account has been satisfied but NOT removed their details and the DCA (in all three cases its Lowell) Lowell have imputed that I have accounts with them that are defaulted too. So I have six defaults showing up in red for three actual accounts. Lowell imputed their details without any prior notice to me.

Hope that makes it clear......

[Celestine]

Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

that is absolutely NOT right

[FlamingParrot]

Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

If there are two defaults recorded for a single account then you should ask the CRA to remove the duplicate entry, explaining that it refers to a debt that has been sold. If they refuse, then complain to the ICO.

[labman]

Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

Absolutely, but don't expect anything to happen instantly. Getting defaults removed is an absolute nightmare.

[The Debt Star]

Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

LOL are your "a lifer" or on probation? LMAO!! Feel free to PM me and I'll share the signature!! ;-)

So, do you know specifically where in the Guidance (or elsewhere) it says a Default should be filed 3-6 months after the contractual payment? That may help me... I've seen it "somewhere" but can't locate it.

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:

[FlamingParrot]

Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

The Guidance notes are a bit vague but under Item 11 you'll find the following:

11 Time framework

Although there will be some flexibility in the definition of a breakdown, we believe there should be general rules for the minimum period of arrears which should exist before a default can be filed. Equally there should be a maximum period after which, if anything is to be recorded with a credit reference agency, a default must be filed. The following are in line with the 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 the lenders’ ability to continue to report accurately on the extent of arrears using monthly status codes. We recognise that may not always be appropriate for products which advance credit over either a very short or very long-term.

I'm doing LIFE without possibility of parole! :lol: :laugh: :rockon:

[The Debt Star]

Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

Thanks. I'd say that covers my situation...

From one fellow lifer to another!!

[labman]

Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

My understanding is that you hit the age old problem with this issue. Defaults should be filed between 3-6 months of the account going into default. That is totally different to saying they must be filed within 3-6 months. This is guidance, not legislation and I fear, if defaults are not filed for some time later, there is little you can do if they dig their heels in except take your chance in court after trying all the 'normal' avenues (which do sometimes work).

I'd be very happy to be told the above is wrong.

[The Debt Star]

Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

Yes, and on top of which the ICO and the FOS are on on the payroll of the banks anyway...

[FlamingParrot]

Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

Yes, and on top of which the ICO and the FOS are on on the payroll of the banks anyway...

Indeed! And so is the FSA, who was supposed to be regulating the 'F' $ector! No-one wants to 'upset the City', that's the real problem!

[Ruby]

Re: ICO GUIDANCE ON DEFAULTS - Vital Reading

Can I say one 'word' - Grrrrrrrrr ! I feel like I am trying to move a mountain. Will speak to Experian tomorrow and see what they have to say.