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Hi all,
Newbie to posting but I've spent a while browsing here so I feel like I know a few people already
Sorry to be needy and asking for stuff with my first post but I can't figure out the best course of action so thought some kind souls might offer their opinions...
A while ago I was living WAY beyond my means and ran up a lot of debt. With hindsight I realise I was just plain stupid but it's a lesson learned. I've since been living like a pauper paying things back and whilst not debt free yet everything is at least under control and I have a reasonable amount of disposable income again.
My problem lies with one particular debt - an overdraft on a current account with Natwest which I opened in Aug 2010. I used it all up and then ignored it making only a couple of token payments between then and when I entered into a payment arrangement in Nov 2012. The arrangement was to pay back the full amount owed (£1200) by the end of February 2013. I had a bonus due then which would have paid that off but which unfortunately arrived late (today). I broke the arrangement and Natwest defaulted then terminated the account on the 07th March and the 01st April respectively.
I've got no intention of taking out any finance any time soon so the default on my credit record doesn't concern me from that point of view but I had offered to act as guarantor for a friend when she needs to remortgage in three months. Long story short - she's had a very rough time of things over the last three years or so and I don't want to let her down by not being able to help with the mortgage because of a default.
I've read quite a few threads on here about it not being possible to get a default removed but then others which suggest asking for that in a full and final offer - I was just wondering if someone could clarify if that ever works? I've now got the money to settle the debt in full so will happily do so if it would help. The debt is with Triton at the moment who I believe are Natwest's in house recovery people.
If getting the default removed is not possible then I was wondering if paying it off quickly makes any difference to future lenders?
On phone calls to them when arranging the repayment I happily admitted that I owed the debt so requesting a copy of my CCA etc probably isn't a goer and, although I can't remember receiving a default notice, they have told me over the phone the date that they sent it and I'd be inclined to believe they did send one.
I suspect that I probably just need to accept the default and work on making sure the rest of my report is good. In that case does anyone know who Triton sell the debt to and are they (or Triton) likely to accept a lower settlement amount than the outstanding debt? (if they do then would that be visible on my credit report? i.e. 'partially settled' or similar as opposed to just 'settled'). Anything I save on that can reduce the rest of my debts for maybe another couple of points on my score...
Sorry for the long winded post and many questions - I've been daft for it to get to this stage but am grateful for any answers
Thanks!
Newbie to posting but I've spent a while browsing here so I feel like I know a few people already
Sorry to be needy and asking for stuff with my first post but I can't figure out the best course of action so thought some kind souls might offer their opinions...
A while ago I was living WAY beyond my means and ran up a lot of debt. With hindsight I realise I was just plain stupid but it's a lesson learned. I've since been living like a pauper paying things back and whilst not debt free yet everything is at least under control and I have a reasonable amount of disposable income again.
My problem lies with one particular debt - an overdraft on a current account with Natwest which I opened in Aug 2010. I used it all up and then ignored it making only a couple of token payments between then and when I entered into a payment arrangement in Nov 2012. The arrangement was to pay back the full amount owed (£1200) by the end of February 2013. I had a bonus due then which would have paid that off but which unfortunately arrived late (today). I broke the arrangement and Natwest defaulted then terminated the account on the 07th March and the 01st April respectively.
I've got no intention of taking out any finance any time soon so the default on my credit record doesn't concern me from that point of view but I had offered to act as guarantor for a friend when she needs to remortgage in three months. Long story short - she's had a very rough time of things over the last three years or so and I don't want to let her down by not being able to help with the mortgage because of a default.
I've read quite a few threads on here about it not being possible to get a default removed but then others which suggest asking for that in a full and final offer - I was just wondering if someone could clarify if that ever works? I've now got the money to settle the debt in full so will happily do so if it would help. The debt is with Triton at the moment who I believe are Natwest's in house recovery people.
If getting the default removed is not possible then I was wondering if paying it off quickly makes any difference to future lenders?
On phone calls to them when arranging the repayment I happily admitted that I owed the debt so requesting a copy of my CCA etc probably isn't a goer and, although I can't remember receiving a default notice, they have told me over the phone the date that they sent it and I'd be inclined to believe they did send one.
I suspect that I probably just need to accept the default and work on making sure the rest of my report is good. In that case does anyone know who Triton sell the debt to and are they (or Triton) likely to accept a lower settlement amount than the outstanding debt? (if they do then would that be visible on my credit report? i.e. 'partially settled' or similar as opposed to just 'settled'). Anything I save on that can reduce the rest of my debts for maybe another couple of points on my score...
Sorry for the long winded post and many questions - I've been daft for it to get to this stage but am grateful for any answers
Thanks!
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