Barclays Loan 2004 - No payment since 2006, no default issued...!!!

[Houghtonguy]

Hi,

I took out a £15K Barclays Masterloan in early 2004 and made monthly repayments of £342 for 12 months then missed some payments and agreed to reduced payments after hitting some financial problems. Then I stopped making payments despite being chased by Barclays around 2006, I requested bank statement which went as far as Jan 2007, and no payments are showing to Barclays.

My CRA records show the loan as up to date with payments made on time for the last 12 months, the balance is just over £15K. However, I cannot find record of any payment since Jan 2007, probably midd 2006.

There has been no default issued and I believe that the debt is now statute barred. Should Barclays have issued a default within a certain time period? I am loathed to contact them now, as I don't want a default placed on my CRA records which takes another 6 six years to fall off.

As I believe this to be statute barred, is there anyway to get this removed from my CRA files?

Thanks in advance for any advice!

[FlamingParrot]

Re: Barclays Loan 2004 - No payment since 2006, no default issued...!!!

Hi and welcome to LB

You may want to look at this thread, which relates to a similar situation: http://www.legalbeagles.info/forums/...747#post402747

They should have recorded a default in 2007 if that's when you stopped making the agreed payments. Having said that, if it shows on your file as 'up to date', surely that's not affecting your ability to obtain credit?

[Houghtonguy]

Re: Barclays Loan 2004 - No payment since 2006, no default issued...!!!

Thanks for the welcome!!

My credit rating is Poor, which I believe is due mainly to the large amount of unsecured credit which does not reduce as I am not paying Barclays so the debt remains static. I have been unable to access high street credit since over the last 6 years and only hold two credit cards aimed at the bad credit market. All payments are up to date on every account.

For obvious reasons I am very keen to get this Barclays debt removed from my CRA records.

Thanks again!

[Houghtonguy]

Re: Barclays Loan 2004 - No payment since 2006, no default issued...!!!

Bump!

[Amethyst]

Re: Barclays Loan 2004 - No payment since 2006, no default issued...!!!

I would wait until you are well out of the stat barred period before contesting the credit report. If you think you stopped payments in 2006 and definitely haven't made payments since Jan 2007 (no other accounts you'd made payments from?) then you could possibly be quite safe getting in touch next month about the credit file if you need to. I'm pretty sure you'd be able to argue they should have defaulted you many moons ago and the debt should be due to fall off your credit file. Have you had contact from DCA's or anyone, or any marks on your file from DCA's for the same debt at all?

It sounds like they are adding interest onto the loan still if it has risen above the original loan amount despite having paid over £4k off it in the first year.

If the loan is showing as up to date it should be a positive on your credit file, although with an outstanding balance of £15k it could possibly be being taken into account if you apply for further credit.

Other than it being annoying is there a reason you need it taking off your credit file ?

[Guest]

Re: Barclays Loan 2004 - No payment since 2006, no default issued...!!!

Was this a fixed term loan. If so when was the termination date of the original agreement.

[Houghtonguy]

Re: Barclays Loan 2004 - No payment since 2006, no default issued...!!!

I have not had any contact from DCA's about this account, and have checked both current and old address via trust online for CCJ's which shows nothing.

No interest has been added for years. Just over a year ago the balance reduced for some reason by nearly £575, but I have not made payment since 2006/7.

The reason that I want it removed (if possible), is that I believe that high balance which is not reducing is harming my ability to gain "high street" credit.

Thanks!!

[Guest]

Re: Barclays Loan 2004 - No payment since 2006, no default issued...!!!

My previous question is quite important regarding the cause of action and the statute bar, if the account was not defaulted there is an argument that this may well not be until the termination date of the contract.

[Houghtonguy]

Re: Barclays Loan 2004 - No payment since 2006, no default issued...!!!

Hi Andy,

The loan was taken out in Jan 2004 at £342 x 60 Months. I don't have a copy of the agreement, this is taken from CRA report.

[Guest]

Re: Barclays Loan 2004 - No payment since 2006, no default issued...!!!

So the agreement would have naturally terminated in Jan 2009. If the accunt was not defaulted this would be the latest possible cause of action.

Not to say that the actual cause of action could not be earlier(if the termination clause has been activated on default), but there may be an argument that the later date applies.

If it were me I would bite the bullet and keep my head down for another twelve months, obviously if they brought the subject up via a demand I would then claim SB and let them prove otherwise.