Issue with wording on a settlement letter

[wales01man]

Re: Issue with wording on a settlement letter

Is it not down to the creditor to remove or not remove data after a settlement whether paid in full or not I suspect after a payment of a % of the balance they wont remove it

[ncf355]

Re: Issue with wording on a settlement letter

Not down too them?

Who else would?

As said, I have sceured several deals that resulted in data being removed and I know many on here have

[Guest]

Re: Issue with wording on a settlement letter

Sorry,

so are you saying absoltely every lender that has a credit agreement with a debtor under the CCA 74' (etc) MUST record history of payments with a CRA?

I am saying that if a lender has a duty to provide credit information regarding their accounts they cannot make an accept ion for an individual account holder, the function of credit reporting is to give an accurate indication of someones ability to repay to future lenders, this cannot be maintained by a creditor picking and choosing which bits of data he must report.

I have read many report of people getting data removed from their files, in reality it never happens, unless the data is incorrectly initially placed.

[ncf355]

Re: Issue with wording on a settlement letter

I have read many report of people getting data removed from their files, in reality it never happens, unless the data is incorrectly initially placed.

Err

Yes it does

I have had cases where I have taken the enforceability to court and had the lnder remove all data as part of an out of court settlement

This may be less common now than back at the start of the action (over the road, etc) but it does still happen

[ncf355]

Re: Issue with wording on a settlement letter

When it comes to the crunch, the lender will do what suits them, and if there is a benefit to them in removing the data , they will

[Guest]

Re: Issue with wording on a settlement letter

Err

Yes it does

I have had cases where I have taken the enforceability to court and had the lnder remove all data as part of an out of court settlement

This may be less common now than back at the start of the action (over the road, etc) but it does still happen

I would like to see any evidence of this, unenforceabilty has nothing to do with the reporting of credit data of course.

Also be interested what kind of out of court settlement would be made to the debtor when a creditor is unable to enforce an agreement.

[ncf355]

Re: Issue with wording on a settlement letter

Hi,

PM me your email address if you'd like to see some proof

Cheers

[Guest]

Re: Issue with wording on a settlement letter

Thanks, but if the mechanisms cannot be discussed on the forum they are unlikely to be of any use to others.

There has been many case where creditors have said that they will remove default markers, but when it comes to it they don't, because they cannot, (they would be recording false data)they usually mark the account as settled.

[ncf355]

Re: Issue with wording on a settlement letter

Well, I am afraid they have and do

However, you have still failed to point to an article in law that compels them to report to the CRA in the first place?

[Guest]

Re: Issue with wording on a settlement letter

Well, I am afraid they have and do

However, you have still failed to point to an article in law that compels them to report to the CRA in the first place?

It is an irrelevance, as far as consumer credit agreements are concerned creditors register repayment details for all their clients.
Not to register details would give the false impression that there was no account, this could be construed as erroneous information in of itself.

I dare say there will be some statutory instrument somewhere, but frankly i can't be bothered to dig it up, we know creditors record information and supply it to CRA's, the DPA says that this information should be correct, everything else is just hokum.

[ncf355]

Re: Issue with wording on a settlement letter

So,

in summary - you think I'm wrong

However, when I offer evidence to be sent to you, you refuse and when I ask for evidence of your side, you cant give it


So, just to be clear, my point is:


1) There is no statutory instrument that compels a lender to write data to a debtors credit file, this is only brought about by a term in contract, and will rarely (if ever) compel the lender to write anything, they will just do it as a matter of "standard industry practice".

2) If a lender sees value in wiping damaging data from your file (whether technically correct or not) they will

[ncf355]

Re: Issue with wording on a settlement letter

My evidence for the above:


1) I have recently completed (settled) a credit agreement for car finance during which time, not one payment was recorded at the CRA's, and further, this lender makes a point of stating this at the outset (admittedly, this was a sub prime lender, but if there was a SI compelling lenders to make data entries, they would be included in this as they operate under the CCA 74' and associated instruments)

And...

[ncf355]

Re: Issue with wording on a settlement letter

Evidence

2):

As you refuse to accept it via PM, here is a "sanitised" version of a settlement one lender made with regard to an agreement when the credit data entered was "technically correct":

[littlebert8]

Re: Issue with wording on a settlement letter

I dont think there is any statutory obligation on creditors to share account data, but their CRA subscriber contracts are likely to oblige them to share data under the 'principles of reciprocity', specifically:

"Data will be shared on the principle that subscribers receive the same credit performance level data that they contribute, and should contribute all such data available"

That said, I'm sure lenders can delete records on an exception basis and I doubt the CRAs ask too many questions.

[Guest]

Re: Issue with wording on a settlement letter

Evidence

2):

As you refuse to accept it via PM, here is a "sanitised" version of a settlement one lender made with regard to an agreement when the credit data entered was "technically correct":

Is this a claim for a rebate of charges, if so there was possibly a situation where the account should not have been in default due to misapplied sums, in this case markers can be removed because as said earlier they should not have been there in the first place, this is a completely different scenario to one where there is an agreed F and F.