Default/Confusing With Debt Being Passed On Help Please!

[jamiemckenna]

Hi everyone, I hope someone can help.

A few years ago (2013) I took out a business loan through one of the UK's Start Up Loan delivery partners; long story short the biz didn't go to plan, so had to revenue to pay back the loan (which was £6,000).

Anyway, I recieved a default on the account in October 2015 - something I'm unsure if I can contest, as I don't remember getting any notice??

And secondly, a few months ago, the debt was passed to another company - not a DCA - the debt wasn't sold, but it turns out all the loans with the Delivery Partner i originally took out the loan with were transfered ownership to another company.

Thing is, the default is with the originial creditor - who have settled the balance on my credit report to £0 - but the new company haven't updated anything on my credit report, so I feel kind of in Limbo - the old debt doesn't show as settled, just that the balance is £0, but I would love to know if there are any avenues I could possibly take to look at getting the default removed?

Thanks,

Jamie

[alfie]

Re: Default/Confusing With Debt Being Passed On Help Please!

hi
it does appear that it has been sold on, as then the original creditors entry will usually show as 0 as you say. It is then for the new owner to add their name entry on it.
As it is a 'business loan', then the consumer credit act may or may not apply depending on the circumstances. was the loan to you as an individual as a sole trader, or a partnership...

[MrsD]

Re: Default/Confusing With Debt Being Passed On Help Please!

Hi everyone, I hope someone can help.

A few years ago (2013) I took out a business loan through one of the UK's Start Up Loan delivery partners; long story short the biz didn't go to plan, so had to revenue to pay back the loan (which was £6,000).

Anyway, I recieved a default on the account in October 2015 - something I'm unsure if I can contest, as I don't remember getting any notice??

And secondly, a few months ago, the debt was passed to another company - not a DCA - the debt wasn't sold, but it turns out all the loans with the Delivery Partner i originally took out the loan with were transfered ownership to another company.

Thing is, the default is with the originial creditor - who have settled the balance on my credit report to £0 - but the new company haven't updated anything on my credit report, so I feel kind of in Limbo - the old debt doesn't show as settled, just that the balance is £0, but I would love to know if there are any avenues I could possibly take to look at getting the default removed?

Thanks,

Jamie

it looks as if you actually did default on the loan, did you miss payments. If this is the case, you did default and they are quite within their rights to default you with the CRAs. Not a lot you can do I'm afraid.

It is quite common practice to either farm debts out or sell them on for collection, when this happens they will change the name on the default but NOT the date. Default will last for 6 years on your CRA reports from the original date. If you could give us a bit more information it would be helpful, did you repay the loan? did you miss original contracted payments, when did this all happen?