Default from Halifax Credit Cards, passed to Apex, CAIS, no inf,whats happening?!?!?!

[SammyJammy]

Hello,

JUST joined. Advice hugely appreciated.

So... I have a default on my credit file, registered on 09/03/2012, to the tune of £9,300. I've been paying it off at £40 a month ever since.

I recently obtained a copy of my credit file (Experian) and noticed that not only was this debt 'assigned CAIS member' on 01/04/2014, but that there's been NO payment information supplied to Experian since this mysterious event. Nothing. The account - although still listed as a default - is showing a zero balance as of 06/04/2014 and hasn't been updated since.

Now as far as I know the debt has never changed hands - it was Apex who'd originally dealt with the account back in 2012 and it's Apex I continue to pay by DD every month to this day. So can anyone explain what might have happened here!?!?

Secondly,

I - like most people on here I imagine - would VERY MUCH like to have this default removed. I know I know, it's almost impossible, BUT I wondered if there might be a bit of bargaining power given that I'm potentially in a position to offer them a lump sum? Not the full amount but a significant amount nonetheless... and a damn sight better than £40 a month at any rate...

It was whilst looking into this plan I discovered the whole 'CAIS' assignment thing.

Anyway, hope you can help.

Thanks

[nemesis45]

Re: Default from Halifax Credit Cards, passed to Apex, CAIS, no inf,whats happening?!

Hi welcome to LB,

I'll try to answer your questions.
The credit file entry indicates that the debt has been sold to a debt purchaser, the zero balance results from the payment made for the debt.

The default entry remains as a true picture of the conduct of the account, it was defaulted and remains in default, the sale does not affect this.

You will at some point receive a Notice of Assignment from either the original creditor and/or the debt purchaser, although this should happen fairly soon after a debt is sold but unfortunate as debts are sold in very large portfolios it is not always the case.

Apex must pass payments to the new owner. Apex is a debt management /collection arm of Cabot Financial Europe and also manages some debts on the behalf of original creditors.

Since the " Full and Final " settlement scenario and " bargaining " power ahs been considerable reduced over the past few years, the Information Commissioners Office regulates how data is reported to CRA's settlements of less than the full outstanding balance must be recorded as " Partially Settled" and the entry remains on file for the balance of the defaults 6 year " life".

Any such offer of settlement must be carefully worded and conditional and unless the creditor agrees and confirms in writing that the offer is acceptable no money should be paid.

nem

- - - Updated - - -

Hi welcome to LB,

I'll try to answer your questions.
The credit file entry indicates that the debt has been sold to a debt purchaser, the zero balance results from the payment made for the debt.

The default entry remains as a true picture of the conduct of the account, it was defaulted and remains in default, the sale does not affect this.

You will at some point receive a Notice of Assignment from either the original creditor and/or the debt purchaser, although this should happen fairly soon after a debt is sold but unfortunate as debts are sold in very large portfolios it is not always the case.

Apex must pass payments to the new owner. Apex is a debt management /collection arm of Cabot Financial Europe and also manages some debts on the behalf of original creditors.

Since the " Full and Final " settlement scenario and " bargaining " power ahs been considerable reduced over the past few years, the Information Commissioners Office regulates how data is reported to CRA's settlements of less than the full outstanding balance must be recorded as " Partially Settled" and the entry remains on file for the balance of the defaults 6 year " life".

Any such offer of settlement must be carefully worded and conditional and unless the creditor agrees and confirms in writing that the offer is acceptable no money should be paid.

nem

[SammyJammy]

Re: Default from Halifax Credit Cards, passed to Apex, CAIS, no inf,whats happening?!

Thank you so much Nem. So Apex have passed the debt on and yet they STILL haven't informed me over a year later? Wow.

Regarding the letter to Apex (or whoever the debt is now with) would you have a template for that kind of thing? Or know where I could find one so as to word it exactly right? I feel like it's worth a shot seeing as there's potentially a few thousand coming their way...

[FlamingParrot]

Re: Default from Halifax Credit Cards, passed to Apex, CAIS, no inf,whats happening?!

I - like most people on here I imagine - would VERY MUCH like to have this default removed. I know I know, it's almost impossible, BUT I wondered if there might be a bit of bargaining power given that I'm potentially in a position to offer them a lump sum? Not the full amount but a significant amount nonetheless... and a damn sight better than £40 a month at any rate...

Thank you so much Nem. So Apex have passed the debt on and yet they STILL haven't informed me over a year later? Wow.

Regarding the letter to Apex (or whoever the debt is now with) would you have a template for that kind of thing? Or know where I could find one so as to word it exactly right? I feel like it's worth a shot seeing as there's potentially a few thousand coming their way...

If you are referring to the full and final settlement, I would suggest looking at this thread: http://www.legalbeagles.info/forums/...ght=full+final

It is important to ensure they don't come back to you for the rest or sell it on to someone else who will, that happened to me a few years ago.

There's an example of the wording here: http://www.legalbeagles.info/forums/...203#post454203

As for having the default removed, that just doesn't happen. They are marked as 'satisfied' or 'settled' but not removed. Of course you could always ask... all they could say is no. :thumb:

You need to make sure you are sending the offer to the right people, i.e. whoever owns the account and get their acceptance in writing before making any payments, it's also a good idea to pay via a third party cheque for the reasons mentioned here: http://www.legalbeagles.info/forums/...350#post423350

[nemesis45]

Re: Default from Halifax Credit Cards, passed to Apex, CAIS, no inf,whats happening?!

Hi Sammy,

Keep this simple and don't get bogged down in complications.
The tried and test way used successfully over many years ( you don't want to give them more than you really have to!!)
Start your offer at no more than 10-15% of the balance outstanding. Gives you room to negotiate and see what they will accept.

The offer is made on condition that the remaining balance is not to be sold or assigned for collection to any 3rd Party.
If the offer is accepted the "creditor " confirms that your liability for the debt is extinguished.
No money should be paid until you have written confirmation of acceptance.

use signed for post.

nem

[FlamingParrot]

Re: Default from Halifax Credit Cards, passed to Apex, CAIS, no inf,whats happening?!

Hi Sammy,

Keep this simple and don't get bogged down in complications.
The tried and test way used successfully over many years ( you don't want to give them more than you really have to!!)
Start your offer at no more than 10-15% of the balance outstanding. Gives you room to negotiate and see what they will accept.

It's always a good idea to make sure they will not chase you for the balance or sell it on. It actually happened to me, albeit the debt was small. I think it would be irresponsible of me if I didn't mention that possibility and some ways to avoid it as much as possible.

[Wombats]

Re: Default from Halifax Credit Cards, passed to Apex, CAIS, no inf,whats happening?!

It's always a good idea to make sure they will not chase you for the balance or sell it on. It actually happened to me, albeit the debt was small. I think it would be irresponsible of me if I didn't mention that possibility and some ways to avoid it as much as possible.

Very good point FP, a big omission from the previous post. Well done for mentioning the risk of the debt being sold on. Getting watertight F&F's is very hard, good to see you are on the ball.

Thanks for your efforts Nem.

Wom

[SammyJammy]

Re: Default from Halifax Credit Cards, passed to Apex, CAIS, no inf,whats happening?!

I've been manically busy and unable to get on top of all this lately but I just wanted to thank you both!!!

Is it usual for credit reference agencies to have differing information? Equifax has a complete up to date listing of the debt - now showing as with Cabot Financial - but with ZERO information about how much I've been paying off, whereas Experian has zero information about the new owner (since last April) but DOES list all the payments made up to the point...

It's frustrating to say the least...

[FlamingParrot]

Re: Default from Halifax Credit Cards, passed to Apex, CAIS, no inf,whats happening?!

I've been manically busy and unable to get on top of all this lately but I just wanted to thank you both!!!

Is it usual for credit reference agencies to have differing information? Equifax has a complete up to date listing of the debt - now showing as with Cabot Financial - but with ZERO information about how much I've been paying off, whereas Experian has zero information about the new owner (since last April) but DOES list all the payments made up to the point...

It's frustrating to say the least...

Yes, each CRA can have different data because they are totally separate companies from each other and reporting to the CRAs is not a legal obligation, in fact some companies only report to certain agencies and companies may also use a different agency to conduct their searches.