3 defaults - Britannica Moorgate - Capital One - 1st credit

[Lovegolf]

Hi there

 

my experian credit score is 577 and I really could do with sorting this out as soon as I can.

 

Backstory:

 

A few years back, I had far too many cards with way too high credit limits

and spent more than I should and could really afford.

 

I managed to get a check on myself and stopped the spending,

did some balance transfers etc to try and make things more affordable.

 

I missed the odd payment here and there due to lack of being organised

or simply not having enough money in my account that month.

 

Then, out of nowhere, some of the credit card companies raised my interest rate from single figures up to over 30%

which then made actual payment of these monthly bills unafordable.

 

I contacted them all individually about my circumstance and they said there is nothing they can do

- the interest rate was raised due to me being high risk, even though if I missed a payment, I always paid the following month.

 

Being stubborn, I just stopped paying them and when the phone calls came,

I told them I would have been able to pay them if they had helped me/worked with me

but 30+% interest was too expensive on over £15k worth of debts, across 4 cards.

 

Onto present day, of the 4 cards, 1 is long paid off, the other 3 I am still paying.

 

Here is the detail:

 

Card 1:

 

it was on MBNA and moved to Britannica Moorgate and I'm paying them £90 a month.

Strangely, its showing on Experian as an Active account rather than a default account

- credit card - up to date - with a balance of £2503

 

It says its an account from 2007 with a £90 x 103 month payment schedule but I didn't move to Moorgate in 2007

- that would have been around August 2010 more like but I can't find any more info of exact time I moved to Moorgate.

 

There is nothing at all showing from MBNA on my Experian report

 

Card 2:

 

Capital One - Showing in the 'defaulted account' section with a £2013 balance

- account from 2004 but default date is August 2010

- default balance was £6800 at that time

 

Card 3:

 

1st credit limited - Showing in the 'defaulted account' section with a £877 balance

- account from 2000 but default date is March 2013

- default balance was £2727 at that time.

 

 

I can't understand why its showing as March 2013 as I stopped paying them all at the same time so it should be 2010 surely?

I can't remember who the credit card provider was for this one (maybe HSBC)

but my debt must have been passed to 1st credit and then they initiated the default from when they took over the debt

, rather than when I stopped paying?

 

In summary, my number 1 priority is to fix my credit rating as quickly as possible

and would be interesed to know what people think is my best approach of achieving it?

I can provide more info if that helps?

 

After recently sellling my car, I’ve got a few thousand in the bank so while I’m not in a position to pay them all off in full,

I’m not far away either, maybe £1.5k shy.

 

Thanks for reading and also thanks in advance to anyone who replies

d helps guide me towards the right strategy to repair the errors of my past ghosts

[dx100uk]

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.

.

NOTE: {the bracketed text is not ICO guideline but my advise

...............

 

as for the debt undefaulted

you need to complain to the original creditor

DCA's don't default dabts

they might try and change the defaulted date the OC put on

[which they CANNOT CHANGE]

 

but its always the OC that defaults before sale

 

so all your debts are sold.

 

send each one a CCA request to whom you are currently paying.

 

pers I wouldn't waste that money

wont help your CRA file at all.

 

dx

[Lovegolf]

Thanks for your reply, much appreciated. I'm at work at the minute but will respond later as I'm a little confused. Will need to do some reading on some subjects.

 

 

thanks again

[Lovegolf]

I've had a little time to let that sink in I've a couple of questions if you don't mind?

 

Is there any way I can get the 2013 default removed,

or at least moved to 2010 when I originally had payment problems?

 

(Card 3, 1st credit limited) Its only £877 which I can afford

and I'm a bit annoyed that I told the OC of my problem in 2010

and then in 2013 they sold the debt to 1st credit

and thats when the default kicked in.

 

I actually defaulted in 2010 when my original payment plan kicked in.

 

In reference to not paying the others,

considering how I was stitched up on unafordable interest rates,

I would love to give them the 2 fingers and not pay it.

 

But, does that not run the risk of getting future issues with my credit score

as my primary goal at the moment is to fix my credit rating.

 

Thanks

[dx100uk]

there is no harm in writing to the original creditor of the debt now with 1st credit

and asking them to move the default to a more acceptable date.

inc proof from the other debts that they defaulted in a timely manner

and proof of you financial issues at the time.

 

 

as for the others , it doesn't matter what you do

the default and the accounts themselves will vanish from your file

on the defaults 6th birthday.

so they can no longer effect your score,

the only poss way would be via a CCJ and that you'd

have enough time to deal with

doubt they'd go for CCJ's they'd sell the debts on.

[Lovegolf]

Cool, thanks for the info, really appreciate it

[fletch70]

Just some other info

 

I had a small debt that was being paid at £10 a month which was above the minimum amount. The creditor did not default the account even though they should have as I was in a DMP. Moving on, after sending CCA requests to all my creditors this was one that they couldn't comply with.

 

I wrote and complained about the default and although they did't officially close the account they removed the default and all reference from my file.

 

If you want to make full and final offers, do not offer the full amount , just a percentage, they may accept.