Natwest Default Notice not on CR after 4 years. questions

[quark2009]

Hey caggers,

 

Could you please advise me.

 

I have one large loan from Natwest. It was 25k. With interest it was 32k, I already paid off 8k and 24k is outstanding. I took a loan in 2006, then I refinanced with a new loan in 2007 (the one I am talking about here), and I could not keep it with repayments in October 2008. I have been on debt management plan for past 4 years. On the Equifax credit rating agency report I cannot see a default registered. And my current payments are at "6, red", meaning that I am behind with payments and I have six late payements. This has been since August 2009. Before that they put me on "AP" – arrangement to pay, this was just for 6 months and then it went to that "6, red".

 

My questions:

 

1. I heard that after 6 years the data falls off the credit report. So in what cases that happens. And if I dont have a Default, will that happen?

 

2. Also, is it fair, or correct or lawful that they did not issue me with Default notice?

 

3. Is there anything I could do to make this entry fall off my credit report, apart from settling it?

 

4. I am trying to settle this debt and I started at 7% offer. APEX did not want to agree with it. I offered 3.5k , albeit over the phone, it is at 15%, they didnt agree. Maybe I could write to Natwest and ask them to consider 4k because, if I pay 4k, that means I will have paid off 37% of total debt including interest, this should be reasonable. What do you think?

 

5. Natwest said that I have to deal with APEX, why cant they consider it, any clues here. Does this mean the debt is sold, but they did not say that it is sold, they just said that APEX is dealing with it.

 

　

 

Very many thanks guys.

[BRIGADIER2JCS]

Hi all defaulted accounts are removed from credit files 6 years after the default date paid or not.

As an arrangementto pay was made a default is at the creditors discreation. The Information Commissioners office have said that it is unfair to continue to have the AP entry after 6 years you would have to challenge the entry with the company whos name shows a owner of the debt now.

 

Please never deal with a full and final settlement offer over the phone it can only lead to trouble!!

 

Check another CRA before attempting anything else try Experian (Credit Expert) see if the entries are the same.

[quark2009]

thank you very much for your reply.

 

the entry for the last 4 years is actuallly "6" (in red colour, LATE PAYMENTS), but it does not represent a true reflection of an account. it is rather AP. so are you saying that LATE PAYMENTS will not fall off after 6 years.

 

many thanks

[quark2009]

also, what kind of trouble can the telephone conversation lead to?

 

do you think Natwest would consider my offer, because looks like APEX is just the agent for them, but not the owner of the debt.

[BRIGADIER2JCS]

If the debt has not been defaulted the AP technically can stay live, but the Information Commissioners Office says that it bis unfair for a debtor to be disadvantaged compared to a person who has made no effeort to pay at all, you would need to write to the Data Controller at NatWest and ask them to remove the entry.

 

Phoning any DCA or Creditor in regard to any debt unless you can record the call is unwise, any verbal agreement is too easily denied.

 

It is certainly worth a try contacting NatWest directly, make it clear that your offer is conditional that no remaing balance will be sold on to a 3rd party and All adverse data is to be removed from credit files.

 

Do nothing until you get their unequivical acceptance of your offer inwritting.

[quark2009]

hi Brigadier,

 

im sorry to ask you that again, im not sure i am getting this right....

the entries with CR agency are not AP, they are currently Late Payments, and it has been like that for past 4 years, although i have been in debt management with APEX. do these fall off after 6 years.

 

many thanks

[BRIGADIER2JCS]

Has there been a default at any time on this account, if not they may argue that the account should stay active on CRA files as payments are being made but the same applies to getting the entries removed as above.

[quark2009]

no, no default has ever been registered there, because after default i think account stops running those red entries, and mine keep continuing.

 

yeah, i agree, it makes sense, because i have made at least an effort to pay a big chunk of it, and am even trying to settle this, so it makes sense if ICO also argues that even Late Payments should be removed because i have been making an effort.

 

and would the Creditor normally uphold ICO advice, and if not, what would i have to do ?

 

many thanks

[BRIGADIER2JCS]

The ICO will refer the ''complaint'' back to the creditor or dca I've not known any of them refuse or argue the point as yet.