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carpet
New Member

3 Posts

Posted - 07 September 2020 :  13:34:47  Show Profile  Reply with Quote
Hello there, good afternoon all. Iíve not really posted here before but would very much appreciate your advice and expertise in relation to a trust deed that I had.

I completed a trust deed and was successfully discharged, having fulfilled all of my obligations, wef 11-Mar-19. Unfortunately my credit file still lists one of the creditors included in my trust deed as being an active account with the money I owed them still showing up as a late payment. This is obviously suppressing my credit score even 18 months after I was successfully discharged. I had emailed them about it before but they said they could not update my credit file until they received confirmation that the trustee was discharged. To complicate matters, my trustee was Varden Nuttall who were ironically placed into administration themselves at some point during my trust deed. Anyway more recently varden Nuttall emailed them to explain that the debt was no longer mine and that since I had fulfilled all of my obligations I should not be adversely affected by any outstanding payment as that is a matter between that creditors and the trustee. The creditor said ok we have sent emails to credit reference agencies asking for the file to be updated. It should take 30 days to update.

But today I spoke with the credit reference agency and they have received nothing from this creditor. She checked with the department who would receive such an update first and there has been zero correspondence from that creditor.

Iím going to report them to the FCA as clearly my credit file is being artificially suppressed but I am unsure how to describe their wrongdoing exactly. I imagine that they are contravening some legislation by continually updating my credit file with a debt that is a) not even mine anymore and b) not anywhere even close to that amount anymore given that they have received payments towards it from my trustee for the four years of my trust deed, but I just donít know what the appropriate legislation to quote is.

This is incredibly frustrating and infuriating. Iíd be grateful for any advice.

Kind regards,

TDA (Debt Adviser)
Trust Deed Expert



13486 Posts

Posted - 07 September 2020 :  14:35:32  Show Profile  Reply with Quote
Welcome to the forum carpet.

Sections (06) and (07) in the following article should help you with this:

https://www.trust-deed.co.uk/repair-your-credit-rating.html

There are two main issues here, each with a different regulator.

1 - Data Protection - Creditors should not report incorrect personal information to the credit reference agencies. You can complain to the firm and to the Information Commissioner about this.

2 - Financial Regulation - You shouldn't have to lose out because a creditor reports incorrectly about your financial situation in a way that damages your access to credit. Consumer credit firms are regulated by the FCA, which means you can complain to the firm and to the Financial Ombudsman Service.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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carpet
New Member

3 Posts

Posted - 07 September 2020 :  15:54:15  Show Profile  Reply with Quote
TDA, this is incredibly helpful information. Many many thanks. I think Iíll complain to the ICO too as that feels the most appropriate. I have already spoken with the ombudsman who advised that I obtain a final response letter before they can take my complaint further.

Many thanks
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TDA (Debt Adviser)
Trust Deed Expert



13486 Posts

Posted - 07 September 2020 :  16:27:29  Show Profile  Reply with Quote
Thanks carpet. I hope this helps you to get things sorted out.

Creditors can hide behind excuses like not having heard from a trustee, but the information was publicly available at the time and it's their responsibility to ensure that they provide accurate information to the credit reference agencies.

We've heard from several forum posters who've received financial compensation as well as an updated credit file when they've pushed on this.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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carpet
New Member

3 Posts

Posted - 07 September 2020 :  21:37:02  Show Profile  Reply with Quote
Thanks. Iíll not be expecting any compensation. I would much rather they were admonished by a regulatory body.
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