How long can it go on?

[The Debt Star]

Right. Another one for you CRA experts.

I have been on an AP with Lloyds for 5 years (2006 start). Originally it was with CCCS but I left them 3 years ago and have been on an AP direct with LLoyds (same repayments as with the 2006 CCCS DMP).

Its another of those situations where I wish I'd have defaulted at the time, but I didn't due to lack of knowledge of how these things work. Like a lot of people in the dark I thought avoiding a default was the ebst cousre of action.

Lloyds never filed an AP with the CRAs though.

Can Lloyds hit me with a default if I stop paying them? By that I mean: should Lloyds have defaulted me when I went on the DMP in 2006?

Presumably they can plonk on an AP with the CRAs whenever they want to; unless they should have defaulted me in 2006 when the DMP started?

[Never-In-Doubt]

Re: How long can it go on?

is anything showing on your credit file mate? If not then it'd be daft to stop paying.

They could default you if you stop paying, and the default would be from like now - not retrospective either, bear that in mind!

[The Debt Star]

Re: How long can it go on?

yeah i'm paying 'em. but just think, if i'd let it default 5 years ago and THEN strated paying 'em....

...oh the benefit of hindsight

[The Debt Star]

Re: How long can it go on?

only 7 years to go on the repayments

[Never-In-Doubt]

Re: How long can it go on?

only 7 years to go on the repayments

Oh - then surely stop paying as it's the same difference

[The Debt Star]

Re: How long can it go on?

Oh - then surely stop paying as it's the same difference

not if I want credit in the interim!

[Never-In-Doubt]

Re: How long can it go on?

not if I want credit in the interim!

and why would you want to do that then?

[caspar]

Re: How long can it go on?

This is what the ICO says about time limits. I wonder how many of us have found things somewhat different?

"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."

[The Debt Star]

Re: How long can it go on?

Hi Casp, yeah I was aware of that but its routinely ignored by lenders and DCAs

[caspar]

Re: How long can it go on?

Hi Casp, yeah I was aware of that but its routinely ignored by lenders and DCAs

I know! What's worse, and you'll know this as well, is that the ICO routinely ignore it as well.

[Never-In-Doubt]

Re: How long can it go on?

This, in a nutshell is out of date - even by the ICO standards they seem to let the most of basic things slip them by.....

A lender needs to register a default no earlier than 3 missed payments and within 6 late payments; however on one of my fraud cases (HSBC) the fraudster opened an account and it defaulted after having over 30 [6]'s recorded - see this:---> allaboutFORUMS - View Single Post - ICO - Technical Guidance Note - Filing defaults with credit reference agencies

Makes me laugh, they are so inept it stinks - you know what Equifax said when I reminded them of the ICO and OFT rules? They said if I don't like it take it up with HSBC or the ICO - I said but you KNOW this is a fraud account nothign to do with me, like the other 200 accounts you've removed - they said "as HSBC have confirmed it is you, it stays" - so off Niddy trots to sue Equifax (again!)

[Never-In-Doubt]

Re: How long can it go on?

This is what the ICO says about time limits. I wonder how many of us have found things somewhat different?

See here mate: ---> ICO - Technical Guidance Note - Filing defaults with credit reference agencies - allaboutFORUMS

[caspar]

Re: How long can it go on?

See here mate: ---> ICO - Technical Guidance Note - Filing defaults with credit reference agencies - allaboutFORUMS

Niddy - it was that exact piece of guidance from which I got my quotation. You'll see it in your link under Number 11 Time Framework.