New and need help

[Rachid10]

Hi Guys,

I am completely new to this site and have a few questions. I had an excellent credit history till around 3 years ago got into abit of debt at uni. I had a lloyds credit card which i fell behind on payments, I recieved few collection letters but nothing in the shape of a default letter and they defaulted me for £800, credit limit was £500 and the rest was charges which is now fully satisfied,

Secondly i had a small loan of £500 with natwest around the same time and again fell behind on 3 payments which resulted in a default and again no default notice letter, not only that because the loan defaulted they defaulted my current account aswell because they say its under the same umbrella. All the loan and current account have been repaid in full. Can they do this?. I'm really confused about this and wanted to know if i had a case to having them removed? I am improving my credit rating in the hope of getting a mortgage soon.

Thanks Rachid

[IF]

Re: New and need help

Hi Rachid10 and welcome, someone will help you soon. I've moved your post to your own thread now, so no need to post your question all over the board. We are a little quiet tonight so please have a little patience and you will receive the help you need.

Best wishes
If...x

[Rachid10]

Re: New and need help

Thanks If, I'm glad i have found you guys

[Rachid10]

Re: New and need help

Just to add, I have seen the strategy used on "learnmoney" for attempting to remove defaults and wondered if its worth a try?

thanks

[Never-In-Doubt]

Re: New and need help

Just to add, I have seen the strategy used on "learnmoney" for attempting to remove defaults and wondered if its worth a try?

thanks

Nope, after McGuffick v RBS defaults will stay for the whole 6 years - no reason for a lender to remove them when they do not need to, it's their way of saying "screw you" I suppose.... sorry.

Welcome, by the way

[Rachid10]

Re: New and need help

Thanks mate, I saw some posts with successful default removals and thought there was light at the end of the tunnel

[Never-In-Doubt]

Re: New and need help

Thanks mate, I saw some posts with successful default removals and thought there was light at the end of the tunnel

there was before McGuffick - have a read here: ---> McGUFFICK v RBS [2009]

[Never-In-Doubt]

Re: New and need help

Hi Guys,

I am completely new to this site and have a few questions. I had an excellent credit history till around 3 years ago got into abit of debt at uni. I had a lloyds credit card which i fell behind on payments, I recieved few collection letters but nothing in the shape of a default letter and they defaulted me for £800, credit limit was £500 and the rest was charges which is now fully satisfied,

Secondly i had a small loan of £500 with natwest around the same time and again fell behind on 3 payments which resulted in a default and again no default notice letter, not only that because the loan defaulted they defaulted my current account aswell because they say its under the same umbrella. All the loan and current account have been repaid in full. Can they do this?. I'm really confused about this and wanted to know if i had a case to having them removed? I am improving my credit rating in the hope of getting a mortgage soon.

Thanks Rachid

Ok, the bank (due to the size of the debts) probably bundled them into one "arrears" account - that's all. The fact you repaid means little i'm afraid, however it's not all bad as defaults older than 3 years have little effect if your last 3 years credit file looks fine, as most lenders only search back 3 years - however that said a mortgage application would entail a full 6 year search so whilst you'll probably get a barclaycard and the like, a mortgage is a different matter altogether - you'll need to await the full 6 years till they drop off before getting a mortgage at "normal rates".....

Sorry, that's the way it is.

[Rachid10]

Re: New and need help

Thank you never in doubt,

What steps could I take to maximise my credit score and get a better credit card? Am currently using vanquis at the moment due to having 3 old defaults.

Thanks

[Never-In-Doubt]

Re: New and need help

Thank you never in doubt,

What steps could I take to maximise my credit score and get a better credit card? Am currently using vanquis at the moment due to having 3 old defaults.

Thanks

see this: ---> How to get back onto the Credit Ladder

[garlok]

Re: New and need help

Hi Rachid,

The other thing to realise is that a CRF is only has to show accurate data and Niddy is correct in that you have said that you have had difficultieds with your accounts and the CRF just records this. If you ever have any sort of dispute with a bank these days they will default your CRFs justly or unjustly ---- just a fact of life.

regards
Garlok

[pompeyfaith]

Re: New and need help

As they did with me at the co-op bank they defaulted my last loan dispite knowing the value of the PPI due back would more than clear the debt in full and which it did in the end.

I did refuse to pay the loan though on the basis of why should I when they are withholding 9k of my money and that was probably the sticking point why the claim took over 3 yrs to resolve however I stuck to my guns and was not going to back down and they eventually saw this and paid out however the defaults remain and to be honest I am not bothered as I will not be wanting credit anymore.

Had they have played ball and sorted this out a lot sooner they could off saved a shite load in stat interest still there loss is my gain.

Regards

[Rachid10]

Re: New and need help

Hi guys,

Thanks for all the info,annoying banks didn't give me much of a chance before defaulting me, not much hope with natwest then, what about lloyds charging me collosal amount of charges which were 400 on top of the 400 original balance? Meaning a deafult of 800? Oh and what are the best sub prime cards to improve credit rating?

Thanks Rachid

[garlok]

Re: New and need help

In word mate as far as i am concerned none of them. I would not have credit cards again. Many of us here have seen the very worst things that they (the creditors/card companies) do to people.

Just my personal take on it.

regards
Garlok

[Rachid10]

Re: New and need help

Yes that's true credit cards are just another noose around your neck, Natwest are the worst I have been banking with them for 20 years and the first difficult patch I hit they hit me with 2 defaults even after I offered to repay both accounts fully for not putting defaults on my file.its not like it was for £20,000, it was 900 combined. How long should settled defaults be before they has little impact on credit applications?
Kind regards. Rachid