09 Mar 2015

A question about : Collections & loans

Hi, I've got a question I hope that someone can answer more clearly than my bank!
I recently received a letter from natwest telling me my unpaid overdraft of -Ј380 had been passed to collections. It stated that if not paid within 28days my default would be passed to credit agencies etc. I paid it off as soon as was aware.
I rang them to see if I could now close the account & ask about how it would affect my credit rating and ability to get loans. I was told that it will appear as a collection on my credit check permanently.
I bank with nationwide, the natwest account was just a student account. Any future loans would be with nationwide.
I really don't understand as I have paid off the overdraft so why would it appear on a credit check? Is there anything I can do to remove it?
Thanks
Helen

Best answers:

  • All accounts appear on your credit file for 6 year after the date a default is applied, or the date the account is settled and closed - whichever happens first.
  • Have I defaulted? I didn't think I had as I paid it off as soon as they wrote to me. Also the letter said that if the payment wasn't made in 28 days that my details would be sent to credit agencies but I paid well within.
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