cashbob default

[acid53]

I recently missed a payment to cashbob for a small loan - £200. I emailed them requesting a repayment plan and within a few days I was contacted by MoneyDebt and Credit (they sent me a letter of authority from Cash bob) who had my details and were authorised to act on CashBobs behalf. In a very straightforward and civil fashion, I set-up a 3 month repayment plan with them which I honoured and completed last monthDespite this, I noticed on my credit file the balance was not changing and just today has been marked as defaulted. I have a full paper trail of emails highlighting- 3 month repayment plan which was honoured- Agreement that credit file would be updatedI also received no correspondence from CashBob at all in this period - no default notice or anythingI have now emailed both companies asking for default to be removed - any advice?? Much appreciated

[RobbingHood]

Despite the fact you repaid over 3 months and on time, you still defaulted on your original loan agreement which is why they have registered a default, unfortunately you'll find it near impossible to get removed.

 

I believe it's a common misconception that because a repayment plan has been entered this doesn't count as a default when in fact it will, as your original credit agreement required you to repay the full balance in one go on a particular date, if someone doesn't do that, they default.

[acid53]

thanks for the reply robbinghood - they are only the second company to have registered a default out of many payday loan repayment plans and the other company (payday first) removed the default at my request due to a similar scenario. Unfortunately ive had much bitter experience of dealing with payday loan companies due to a gambling problem and entered many repayment plansThe history on my credit file is indicated by a history of four statuses e.g. one month late, two months late, three months late then default showing as of today . The actual default date they have marked is totally wrong and I received no correspondence from them. Also the experian credit report suggests that a default is marked when there has no been reasonable attempt to deal with the creditor

[renegadeimp]

Elaborate on the incorrect date please

[acid53]

thanks for reply renegade. The sequence is as follows ( I can show you the email correspondence if required)

 

• payment due 26th feb (emailed them notifying of difficulties and requested
  
• contacted 27th feb by MoneyDebt and Credit on behalf of Cashbob - agreed repayment plan of £10 token payment on 28/2 plus 3 payments of £68.30 for each subsequent month)
  
• when agreeing repayment plan, i very clearly requested in writing how they would update credit file, they replied telling me "Once the debt has been cleared Cash Bob will update your credit file to signify the debt has been settled"
  
• Credit file entries for this past four months read as below - default date recorded as 23/05:
  

23/05/2013Default Balance: £301

 

 

 

View Account Status Details: False

 

• Account Status Details
  (1-12 months)
  

Last updated: 14/07/2013

Status Code:Balance:£101£101£301£298£298£272

Status Code:Balance:

Payments made and up to date.

1,2 or 3 payments late.

4,5 or 6 payments late. 8 indicates that you have failed to keep your credit agreement and have not responded satisfactorily to requests to put your account in order. As a result the credit agreement has ended.

 

 

 

 

 

 

 

[26072004]

They can not register a default without issuing a default notice.

 

Write to one of the CRA's tell them Cash Bob have not gone through the correct procedures and ask for it to be removed.

[renegadeimp]

Actually they can issue one without a notice. The OFT and indeed ICO seem to be more relaxed about it. They SHOULDNT issue a default without one, but thats a lot more different than MUST NOT issue a default without one.

[acid53]

guys thanks for your replies - i was basing the default criteria on what i copied there for the experian site e.g. made no attempts to bring account under control etc. No matter what the legalities, this is rank bad faith on behalf of cashbob issuing a default when i had paid them back based on an agreed repayment plan. The consequences of a default versus the actual amount of money borrows is obviously horrendous for me so I'd appreciate any advice on how best to tackle thisRenegade - is there any merit in me following up the differential in dates. Also, on my credit file, i notice there are multiple entries for cashbob. I read in a previous thread, there should be only entry per account? On what basis can I challenge this as well given that I will be contacting Experian anyway to query the default

[renegadeimp]

One entry per loan unless its a rolling account then it can be combined.

 

Can you screenshot and edit out personal info so we can double check

[acid53]

please see entries - my cashbob ones do not seem ordered together so i've shown similar entries from wonga and safeloans

[acid53]

renegade, any thoughts? thx

[Heropanda]

Cashbob were a nightmare for me to get a default removed, again it was added while i was in a repayment plan and after about three months of back and forth with the credit agencies it finally came off.

 

I remember reading something about the default placement guidelines suggesting that a default shouldn't be applied within three months until it can reasonably be assumed that payment is not forthcoming, in the example you've mentioned and immediately entering into the plan to repay over a short period of time i can't see a default placement being justifiable.

 

They are also failing to report the debt accurately by not showing your monthly repayments.

[acid53]

thanks for the reply heropanda. what way did you go about getting the default removed? Yes, thats what is so frustrating - agreed the plan in good faith, stuck to it, they didnt update my credit file and no default notice etc. I've written to them twice now and no reply, will give them a few more days then start escalating it

[Heropanda]

I've messaged you with the separate details i used to contact them.

 

My tactic was to get agreement up front that a default wouldn't be added while i worked with a three month payment plan for a similar amount, i subscribed to credit expert from experian so i could see what was being noted each month and continually emailed them when things weren't being reported correctly, ie a decreasing balance and late flags.

 

To be honest none of this worked at the time but it did help later as i had proof that payments were being made as part of a plan and that the data entries on my file weren't correct. You may struggle here though if it's immediately been sold on to someone else as it wouldn't be cashbobs responsibility to update the file. Even so i don't think they should be going from a 0 to an 8 status a few days after the due date.

 

I know the credit expert is expensive but it helped me dispute this entry and ultimately have it removed although they had also duplicated my account as well so our cases aren't totally the same

[renegadeimp]

If you have contact details, please try and keep them on forum posts unless they are personal contact details.

[acid53]

thanks for replies guys - no matter what the legalities of what they are doing, in my view this is clearly in bad faith but hopefully i can get it resolved in a similar fashion to yourself heropanda. At least they did the decent thing in the end and removed the defaultAny views on how long I should Cashbob to reply before i escalate - is it ok just to email the address or their website (info@cashbob) or do I need to specifically write to the Information Controllor at the company?Renegade, any thoughts on the other payday loan accounts showing multiple entries. On what basis can I go back to them? thx

[renegadeimp]

Im at work atm so can't give a full reply. But ill check over later

[Ocelot0411]

perhaps more to the point is that this lot don't hold a consumer credit licence in the UK and are therefore opertating in the UK illegally. Also of particular interest to you and your case would be the fact that without a CCL they have no business reporting ANYTHING to a Credit Reference Agency. I would strongly suggest that you email the CEO of the Credit Rerference Agency in question and ask them why they are allowing an unlicenced business to recored data about you on your credit file and tell them to remove it quick sharp. By allowing an unlicenced trader to record information about you on their systems they are aiding and abetting criminal activity. That should be the end of your default.

[Ocelot0411]

I am afraid I am the bearer of bad news on this folks, my source seems to have been incorrect and Cashbob do have a CCL no. 0642741. Apologies for that but my source is generally extremely reliable. This does nt mean game over by any means but it just means that you may have to do it the long way round, i.e. through the complaints process. I am trying to get contact details other than the main info@cashbob.com which seems to be ignored and if I am able to find them I will of course post them here.

[Ocelot0411]

In breaking news, I obtained the email address for the CEO of Cashbob from the CEO email address website (THE best website in the world ever, run by my favour person in the whole wolrd right now) and I have received an email in which they have instructed the CRA to delete the records from my file! Wowser! Never thought it would be that easy. Obviously though this is a case where the loans were paid in full and on time but nonetheless a brilliant result. One down only one left to go!

[acid53]

great news ocelot - can you share the email addy?. I still have no reply to the emails I sent to their info address. On the verge of escalating the complaint to information commissioner and financial ombusdsman service but I may try emailing their CEO first

[acid53]

emailed info@cashbob one final time - putting CUSTOMER COMPLAINT in the subject line in case that triggers something with them. They have not acknowledged responded to my previous 3 emails -email thread initially started 17th July. Also, copied in mike.batenberg at cashbob.co.uk (not sure if this is his actual email but gave it a shot anyway)will give them 5 days then I think i will complain to FOS and information commissioner

[renegadeimp]

If you file a complaint with the lender, the fos wont get involved for 8 weeks or until they issue a final response.

 

The only time they get involved earlier is if the complaint is extremely serious.