Default received on my partners credit file.?

Question

My partner has a default fault on her credit file. This was for a car which she got 4 years ago although she gave the car back the car HP people registered a default on her credit file for £8260. Now my problem with this is that A. the car wasn't worth £8k and 2. My partner was never issued with a default notice.

Now we tried to speak with the car HP people and they maintain that a default notice was issued. Now we placed a SARN on the car HP people and all the information they had on my partner was her name address and the amount she owend. No default notice. Can they do this without serving a default notice?

Answer 1

Typically, if you give property back that you agreed to pay on before you have finished paying what is owed, it is a "self" default.

The amount of the default is what is owed (plus maybe a small recovery fee for the paperwork), not what the car is worth. So your partner is "upside down" on the loan. That means the lending agency can sell the item to try to recover funds to cover what is owed, but if they only get £4000, you partner owes £4260 to close the loan. They will usually sell the vehicle at auction and not try too hard to get the most money. She would have been better off trying to sell it privately before returning it.

Anyone can put in a default notice on your credit (although most legitimate companies will notify you) and this company had the right to once the vehicle was returned.

Answer 2

The debt would be written off 7 years after the default, even even though it remains on your report perpetually if it replaced right into a severe volume evaluate going bankrupt reason you may initiate off getting credit returned in 3 or 5 years.