cap1/Lowell Default Removal Advice

[Micah8282]

Hi,

 

After a large number of set backs,

I currently trying to clear my credit file and obtain a mortgage.

 

I've just downloaded my reports and equifax,

experian and have the following default.

 

Terms 0 @ £ 0 (Monthly) Status Defaulted

Current Balance £ 1,783 Start Balance £ 0

Credit Limit £ 0 Default / Delinquent Balance £ 1,783

Start Date 05/05/2008 Date Updated 17/09/2013

 

Default Date 21/12/2012

 

This is for a credit card from Capital One, I have been offered a 50% reduction by Lowells for full and final settlement

but aware that it will sit on my file for six years.

 

I have a baby on the way and a partner ready to up and leave over all the issues my poor credit rating is causing,

we cannot get a mortgage or make any sort of financial progress with this default on there.

 

I understand satisfied or not that the default will stay on the account for 6 years,

I don't want to wait until 2018 before I can even think of getting a mortgage or credit again.

 

A broker has recently advised me with a default this recent I have no chance

 

I genuinelly feel if I don't get on the ladder now, then we never will,

prices seem to just be going up and up whilst my wages don't.

 

My questions are

 

1) There has never been notice of a default by capital one, they still send me monthly account statement emails

and there is no reference to Capital One on any of my credit files.

So can lowells issue me with a default notice,

if I have not received a default notice from anybody?

 

Surely a default from Capital One would have to exist before it is sold on?

 

I never signed a credit agreement with them either and have no written correspondence with either party at all

and have not acknowledged anything.

 

Card was taken out on line in 2008.

 

2) If settled with Lowell, what strategies can I take to get this removed, I have seen SAR, CCA and sympathy strategies and templates on various websites

 

3) Does anyone see any leverage in any of the above?

 

My ultimate goals are to get default removed or get date of default pushed back.

 

I'm aware this is completely my fault and I am responsible for this situation, I'd just like any advice on how I can achieve the above.

 

Thanks for your time,

 

 

C

[silverfox1961]

Hi and welcome to CAG. Sorry you were missed.

 

First of all, Lowell offering a 50% discount may say that there is something wrong with the account. Equally it may be that as they only paid a fraction of the full amount for the debt, 50% will still get them a profit.

 

As part of any negotiation you must get them to agree in writing that they will not sell any remaining amount on to any other party. A lot of people do not know that in any F&F a creditor is entitled to sell the balance on unless otherwise agreed.

 

Now the bad bit. Creditors would rather pluck their eyeballs out than remove a default. You may be able to agree with Lowell that the default is removed on payment of the debt but I doubt it.

 

Cap1 Would have had to default you. Lowell cannot do this.

To find out whether Cap1 sent you a default notice, you would need to send Cap1 a SAR. If the SAr showed that a default notice was not issued or that the account was terminated before the default period was up, you could try and challenge it.

 

As your account was started in 2008, a creditor no longer needs your signature. A tick in the box on the web is enough.

[renegadeimp]

The debt is likely SB already. You have 2 weeks to go on it, and defaults are usually placed on file months after the cause of default.

[dx100uk]

the only way you'll get that default removed

it to write to lowells with an offer to settle.

 

if they are offering 50% already

 

offer them 25% on the STRICT AGREEMENT THAT:

 

the default is REMOVED

any negative late markers etc are REMOVED from the history

the debt is shown as SETLLED not PARTIAL settlement.

 

the remaining balance cannot be sold on.

 

this has been successful

[renegadeimp]

It's gonna be removed in 2 weeks anyway. Id save the cash personally.

[silverfox1961]

It's gonna be removed in 2 weeks anyway. Id save the cash personally.

 

the default date was in 2012 and we don't yet know when the last payment was made

[renegadeimp]

Wow i completely skipped over that part. Ignore everything i said * slinks off quietly.

[silverfox1961]

Wow i completely skipped over that part. Ignore everything i said * slinks off quietly.

 

 

at least you take it with good humour

[Micah8282]

It's gonna be removed in 2 weeks anyway. Id save the cash personally.

 

Was almost jumping for joy.

 

Last payment would have been about a year or so before default, not sure to be honest.

 

By writing to lowells offering them a repayment am I acknowledging the debt and opening up a whole can of worms?

[dx100uk]

well you either need the default gone or not

 

admitting is a secondary issue surely?

 

but I don't think you'd be able to not admit the debt anyhow

 

as it was taken out post apr 2007 so no hope on the CCA front

 

dx

[Micah8282]

I just meant would it mean more hounding, daily phone calls, ccjs etc.

[dx100uk]

if you kill the debt it will all end

 

but 'no' even if they refuse

 

I doubt on that front it would mean anymore or less harassment.

 

the otherway is to SAR Cap1

get all the statements

 

get the full facts and reclaim more than the 50% they are offering

 

might even wipe the debt

 

but I doubt it.

 

dx

[Micah8282]

It's not clearing it that's the issue for me really.

 

I just really need that default off!

 

Highly unlikely, but all I can do is try.

 

SAR see what that comes up with.

 

Then payment, sympathy route and ask for full and final settlement and default removal.

 

So I am correct in assuming that if Capital one have not defaulted before Lowells then I have grounds for removal?

[dx100uk]

if the default was/is made of charges

then under the ICO guidelines

if they refund the PENALTY fees

then the default must go.

 

dx

[Micah8282]

Okay,

 

I have issued a SAR as a first step on Capital One.

 

What errors, information should I be looking for to use as leverage.

 

I note on my credit file that lowells added the default nine months after the capital one account defaulted. I also see no record of Capital 1 on any of my credit files.

 

I will in the meantime right to lowells offering a settlement on the provision everything is removed.

[silverfox1961]

When a debt is sold, the new owner of the account (Lowell) will replace the name of the original creditor (Cap1) on your credit file. The default date stays the same.

 

As for errors, check to see if a default notice was issued, whether a termination notice was issued and whether excessive charges have been added.

 

As this was a post April 07 account, they do not have to prove you signed an agreement. Use of the account is enough proof.

 

As for the Leeds Losers, the only solution you will accept:

1 Full removal of the default. Nothing saying 'satisfied' or 'part satisfied'.

2 Agreement that they will not sell on any remainder of the debt to any other party. (in writing)

[Micah8282]

Well Cap 1 bounced my SAR request stating that my signature didn't match their record and returned the postal order! So back to where I started in May.

 

I just checked my credit report using another provider and have found a default for a mint card registered to an address I had left with 12 months before and an incorrect date of birth for myself, I genuinely don't recognise this one!

 

If this is a fraud issue it's likely to have been done through a family member/neighbour, so i'm not sure I want to go through action fraud and get the law involved at the moment:evil:

 

This is for a relatively small amount £842 it becomes statue barred in 15 months? What would be the quickest way of trying to get this default removed, full and final settlement as above with Cap 1/Lowell? E.g I don't recognise this debt, it's not registered to an address I was living at the time and it features incorrect details? This is not with a DCA by the looks of it, still with RBS Mint.

 

 

RBS Cards (Mint)

£ 842

01/08/2014 Default

Account type Credit Card

Account number *******981

Account start date 05/02/2008

Opening balance £ 135

Repayment frequency Monthly

Promotionl rate Yes

Date of default 07/01/2010

Default balance £ 803

 

Please remember my main goal is to clear my credit rating as quickly as possible and not have to wait until 2018 (Cap1 date) until I can get credit/mortgage.

 

In the mean time I have a basic credit card I am using and paying off in full every month, two bank accounts that have been in green status for 5 years without any missed payments or issues, a phone contract without a missed payment for 8 years.

 

Any advice?

 

As always thanks for your time.

[dx100uk]

unless you go down the fraud route I doubt you'll get anywhere

settling will not resolve it ever.

 

 

as for the sar, p'haps the wrong sig tallies with the fraud issue too

 

 

dx

[Micah8282]

I like your approach, blunt and speak sense.

 

I'll persistently try the CCA and sympathy route to try and get removal, seems the only options open, but highly unlikely and I'm worried about resetting the SB clock?

 

Does a full and final settlement offer constitute acknowledgement of the debt, might they just be baiting me?

 

Harsh lesson to learn this one!

Edited October 4, 2014 by Micah8282

[Micah8282]

I like your approach, blunt and speak sense.

 

I'll persistently try the CCA and sympathy route to try and get removal, seems the only options open, but highly unlikely and I'm worried about resetting the SB clock?

 

Does a full and final settlement offer constitute acknowledgement of the debt, might they just be baiting me?

 

Harsh lesson to learn this one!

[dx100uk]

yes F&F does both resets and acks the debt.

 

 

bating you..you're learning

 

 

dx

[Micah8282]

Even more confused as to whether it's worth doing a F&F.

 

 

I guess it's highly unlikely they'd accept the reduced amount and full removal of default anyway,

 

 

which makes it a complete waste of time in terms of a clean credit history!

[dx100uk]

exactly.

[Micah8282]

Sorry Dx,

 

if this default has four years remaining,

could the DCA go for a CCJ a few months before it becomes statue barred,

 

 

thereby resetting the clock with a fresh CCJ

 

 

and another six years of poor credit history?

 

 

When a default changes to a CCJ does the clock restart?

 

I'm trying to see understand what my best course of action is here,

 

 

pay F&F at 50% as offered, to remove the chance they may go for CCJ plus interest and costs at a later date?

 

Thank you.

[silverfox1961]

Hi

Lowell use a chancer called Bryan Carter to do their legal work for them.

 

 

He does try it on with little or no paperwork to back his case up in the hope that the debtor falters.

 

 

What usually happens is that when a debtor challenges him, he folds.

 

Going to court a few months short of the SB date is always a possibility but there is no way of knowing for sure.

 

The difference with a CCJ and SB is that the debt is never extinguished although if no payment is made to a CCJ within 6 years,

the creditor would have to go back to court for permision to enforce the judgement.

This is usually denied unless they have a damned good reason.

 

Nothing you do now will remove the default. Not even a F&F

 

At the end of the day, it is down to you to make the ultimate decision whereas all we can do is advise.