3 x Paydayloan defaults - firms in administration

[clint1974]

I have 3 payday loan defaults listed on my credit file from 3 companies who have recently entered administration, Wageday Advance, Piggybank & Moneyshop.  Am i correct in assuming these can be removed due to this ?

[dx100uk]

No

wherever did you get that idea from

[clint1974]

"If the company who reported this info doesn’t exist anymore – Then you have a right to have the information removed by default. Its only in the case of where it hasn’t been picked up by a Debt Purchaser."

 

https://www.consumeractiongroup.co.uk/topic/406261-credit-reference-agency-guide-the-a-z-of-understanding-and-managing-your-rating/

 

Bottom of page 19.

[dx100uk]

i will guess what you are saying here is you have 2 defaults for each PDL?

one from the debt purchaser

and

one from the original creditor

showing on our file?

[clint1974]

No just 1 default from the original creditor of which are now in administration

 

 

 

[dx100uk]

1 hour ago, clint1974 said:

I have 3 payday loan defaults listed on my credit file from 3 companies who have recently entered administration, Wageday Advance, Piggybank & Moneyshop. 

in post 1 you said 3?

 

so this 1 , does it have a duplicate entry from the dca which shows the same amount and the same defaulted date?

 

 

[clint1974]

3 pdl's wageday advance, piggybank and the money shop

 

on further investigation only the piggybank one is actually showing as defaulted

no dca entries on credit file for these

all 3 have last year gone into administration. 

 

ACI (DCA) have been chasing the defaulted piggybank loan wageday & moneyshop nothing yet.

[dx100uk]

ok so back to what you put up...from our guide 

the last bit says...

3 hours ago, clint1974 said:

"If the company who reported this info doesn’t exist anymore – Then you have a right to have the information removed by default.

Its only in the case of where it hasn’t been picked up by a Debt Purchaser."

 

so the answer remains as post 2 ...no.

you must read things carefully...

[clint1974]

So Wageday Advance & Moneyshop as far as i am aware haven't been assigned/sold to any DCA as i'm aware so technically can be removed but piggybank as it has been sold to ACI cant, correct ?

[dx100uk]

no.

if the debt has been sold and you have received a notice of assignment from the DCA to say so

and if there are duplicate entries on your credit file

i'e as i keep saying

the same debt is listed twice on your file and defaulted  ..thus you have 2 defaults from the same debt (not that that makes any difference anyway!! it doesn't harm your score twice)

 

so no you cant get them removed.

 

 

[clint1974]

So then the guide is incorrect. I don't have duplicate entries on my credit file even from the piggybank loan which is the only one of the 3 that i'm aware of being sold.  I'm subscribed to all 3 so have checked them all.

So 2 of the 3 PDL's are not with DCA's and the same 2 companies are in administration and from what i read that means they can be removed.  I will re read the guide but am sure that applies.  

 

"If the company who reported this info doesn’t exist anymore – Then you have a right to have the information removed by default. Its only in the case of where it hasn’t been picked up by a Debt Purchaser."

[dx100uk]

Im pretty sure that last line is wrong

 

and should say has not hasn't

 

just because a company no longer exists it doesn't change the fact it is a true reflection of how the account was operated.

 

i will ping this to the author

 

Dx

[fkofilee]

So for clarification...  The company does still exist because its being wound down after going into administration and reporting will still continue until either;

 

- 6 Years expire

- OC decides to updated to Partially Satisfied / Satisfied or Settled or remove it completely. 

- OC decides to sell the account as part of debt sale where the old entry will transfer over to the DCA. 

 

There have been a few lenders where this occurred to in the past - These are commonly referred to as "Ghost Companies" - I have had this situation with a lender.

They disappeared into the ether with a default on my CRA - I spoke to the CRA and they advised as the company had ceased trading and as its a "Ghost Company / Reporting" that it would be removed.

And that it was... But the clue here is that the lender is actively updating it. In administration this still occurs.

[fkofilee]

Keep in mind also that the companies in administration are currently at the moment putting plans in place to change reporting depending on IRR Claims etc / Criteria set out by the Administrators.