RBS Student overdraft default - help please

[maunder]

Hello i was wondering if i could get some advice please.

 

 

Trying to resolve my current bad credit rating with equifax (218) with two defaults lodged upon my equifax report

- after years of avoiding i am finally in a financial position to repay/sort out my current credit standing.

 

My basic back story:

 

I had a current account with RBS since 2007

that then changed to have student overdraft facilities added in 2009 when i started studying. T

 

 

he problem being i changed my address & stopped studying (I was only living in temporary accommodation) and neglected to notify my bank of the change - after years of just completely ignoring/not thinking about my maxed out overdraft its finally time for me to repay/sort out my bad credit rating.

 

On my credit report it shows the account defaulted in 2011

- I phoned RBS to see if i could just pay the outstanding balance

and they notified me that i can't get the default removed from my account even if the balance is paid.

 

Is their any other option i could go through to try and get this default removed?

 

 

The account ended in Aug 2011 - so waiting until 2017 isn't really the best option for myself.

 

The second default is for the same address and its a BT broadband bill of £220 that is defaulted on my account.

 

 

This is marked as May 2009 on my credit report

- this means it will expire in this coming may for the six years mark.

 

 

Is it worth just paying this or waiting?

 

 

Regards

Maunder

 

p.s it may also be worth noting my credit rating for the exact same details on EXPERIAN state my credit score rating is 'GOOD'

 

Why would this be?

Edited December 8, 2014 by maunder

[fkofilee]

With the BT one, i would let it run its course

Itll drop off soon. Do you know which DCA its with?

 

As for RBS, they are right. Problem is you didnt update your address with them...

If you want to pay it, then do, but if you do , make a F+F offer, and also get it in writing that they will amend it to FULLY SETTLED!

[maunder]

thanks for the advice - whats a F+F offer?

 

 

Will having it marked as fully settled improve my credit rating

or will it mean the date it will be removed from my file in

- 2020 because thats the last payment paid (6 years)

Edited December 8, 2014 by maunder

[dx100uk]

debts with a defaulted date will VANISH from your file

on the defaults 6th birthday.

 

 

paying the debt off will NOT improve you rating

nor chances of say a mortgage.

 

 

just remember that even after the debts drop off

does nt mean they are sb'd or not still due.

 

 

dx

[maunder]

Thanks again - however i am a little confused at the last bit -

 

just remember that even after the debts drop off

does nt mean they are sb'd or not still due.

 

 

-- So i should just pay the RBS one and have it marked as paid or??

[dx100uk]

paying a debt off whilst it is still on your file

wont improve your credit rating if its defaulted.

 

 

All references to a defaulted debt must be removed from your credit files after 6 years

has passed from date of default, whether paid off or not.

.

the WHOLE ACCOUNT WILL VANISH, never to return.

.

however, this does not mean the debt itself is not still owed

consider a CCA request.

.

This is so that someone who continues paying something

- even after 6 years from default

- should not be at a disadvantage to someone who pays nothing after default

and ends up with a clean file after 6 years.

 

 

if people are not chasing you let it run.

 

 

who's to say the RBS OD is all your doing?

 

 

might be loaded with penalty fees

you need all the statements

 

 

time for an SAR.

 

 

F&F means full & final.

 

 

dx