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  #1  
Old 08-09-2008, 06:48 PM
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Hello All,

Not sure if this has been posted before. However, this might interest / help some people

The latest Banking Code published in March 2008, states:

13.6 We may give information to credit reference agencies
about the personal debts you owe us if:
• you have fallen behind with your payments;
the amount owed is not being disputed; and
• you have not made proposals we are satisfied with
for repaying your debt, following our formal demand.

This would appear to say that if the debt is disputed (for a genuine reason) the financial institution is in breach of the banking code by giving this information to Credit Reference Agencies
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Last edited by SgtChubbs : 10-09-2008 at 12:05 AM.
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  #2  
Old 08-09-2008, 06:52 PM
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If this is the case then all of us who have our cases and claims stayed, can make a formal complaint to whom about our CRA files containng adverse data?

The FOS? The BBA?
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  #3  
Old 08-09-2008, 07:10 PM
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Quote:
Originally Posted by Dragonlady View Post
If this is the case then all of us who have our cases and claims stayed, can make a formal complaint to whom about our CRA files containng adverse data?

The FOS? The BBA?

Here is the link to the latest code (MARCH 08)


http://www.bankingcode.org.uk/pdfdoc..._CODE_2008.PDF

I don't think that charges can be used as a basis to dispute the debt until the court case has finished and an amount has been set.

Until the court case has actually concluded, I think it is still business as usual in regard to charges.
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SgtChubbs (a.k.a chubbs)
Posts are based on my own personal experience. No offence is intended and should not be taken
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  #4  
Old 08-09-2008, 10:50 PM
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Quote:
Originally Posted by SgtChubbs View Post
Hello All,

Not sure if this has been posted before. However, this might interest / help some people

The latest Banking Code published in March 2008, states:

13.6 We may give information to credit reference agencies
about the personal debts you owe us if:
• you have fallen behind with your payments;
the amount owed is not being disputed; and
• you have not made proposals we are satisfied with
for repaying your debt, following our formal demand.

This would appear to say that if the debt is disputed (for a genuine reason) the financial institution is in breach of the banking code by giving this information to Credit Reference Agencies
Welcome have ceased processing data about my account as its been disputed and I also sent them a s10 notice.
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  #5  
Old 09-09-2008, 01:14 PM
IBeatThem IBeatThem is offline
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I have been defaulted (wrongly) for both a CC and a bank account - neither have ever shown up on my CRA records after warning the bank of this section of the code (and a threat to bring an action for substantial damages).
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Old 09-09-2008, 08:30 PM
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It does say that and I think CAG originally had a BankFodder announcement which initially quoted the WRONG section. Do you think I stayed quiet about it on that forum?
It was quickly corrected.
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  #7  
Old 06-01-2009, 08:49 PM
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Quote:
Originally Posted by SgtChubbs View Post
Hello All,

Not sure if this has been posted before. However, this might interest / help some people

The latest Banking Code published in March 2008, states:

13.6 We may give information to credit reference agencies
about the personal debts you owe us if:
• you have fallen behind with your payments;
the amount owed is not being disputed; and
• you have not made proposals we are satisfied with
for repaying your debt, following our formal demand.

This would appear to say that if the debt is disputed (for a genuine reason) the financial institution is in breach of the banking code by giving this information to Credit Reference Agencies

This may not be all it is cracked up to be

The British Bankers Association say:

Sections 13.6 and 13.7 refer to the disclosure of default information, and when it can be relayed to credit reference agencies.

For some time it has been common practice for banks and building societies to obtain the customer’s consent to such disclosures before borrowing is taken out, usually by way of a declaration on an application form.

Whether or not notice was given by the subscriber and consent was obtained from the customer at the time the account was opened, disclosure of default information can be made.

But, in all cases, the customer must be given further notice of the intention to disclose the information at least 28 days before the disclosure is made, for example, when a notice of default or formal demand is given. At the same time, customers must be given an explanation about how default information registered against them may affect their ability to obtain credit in the future.

This notice will mean that customers have 28 days to try to repay or come to some arrangement with the subscriber before default
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SgtChubbs (a.k.a chubbs)
Posts are based on my own personal experience. No offence is intended and should not be taken
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  #8  
Old 06-01-2009, 09:18 PM
sparkie1723 sparkie1723 is offline
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Then you can relate to this from the ICO.

sparkie

Unresolved disputes
42 Lenders are faced with difficult decisions when considering recording defaults which are disputed by the customer. It is not our role to arbitrate in disputes between borrowers and lenders. However, when we consider complaints, we will conclude, where there is clear and sufficient evidence that a default has not occurred, that it is likely that the lender has not complied with the data protection principle which requires that personal data are accurate.
43 If we conclude that there is a genuine, reasonable and unresolved dispute between the borrower and lender, then we are likely to find that personal data have been processed unfairly if a default has been filed. Defaults filed in these circumstances may also be inadequate for the purpose of credit referencing in that they do not provide meaningful information about the creditworthiness of the customer.

44 These are difficult judgements to make. Although none of the following will necessarily be conclusive, we will take into account these factors.
�� Is the customer able to produce evidence that they disputed that a default occurred?
�� Did the customer dispute the default before the lender announced their intention to file a default or after?
�� What is the nature of the dispute? For instance, does the customer allege that the agreement has been breached, for example, because the goods supplied were faulty, or does the customer simply dispute the amount of the default?
�� What evidence has the customer produced to support their side of the dispute?
�� Has the lender simply ignored this evidence or have they produced evidence to support their version of events?
�� If the goods financed were supplied by a third party, has the lender taken reasonable steps to check the accuracy of the information supplied about the dispute?
Defaults: A guidance note
02.08. 2007

�� Does the customer argue that payment is owed not by them but by a third party such as an insurance company, and, if so, is there any evidence?
�� Has the customer told the lender that they are exercising set- off rights?
�� Is the customer defending a court action by the lender to obtain a judgment, and what is the nature of their defence?
�� Has a court refused judgment to the lender and, if so, on what grounds?
�� If the dispute has not been before a court, is the lender prepared to test their claim by seeking a CCJ or decree against the customer? If not, why not?
45 We will not necessarily ask a lender to remove default records while they are carrying out their initial investigation to establish whether a dispute is genuine, reasonable or unsolved. However, there should be no unnecessary delay in this investigation. In these circumstances, defaulted accounts under investigation should be marked as ‘under query’ on the credit reference agency file.

Last edited by sparkie1723 : 06-01-2009 at 09:20 PM.
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  #9  
Old 06-01-2009, 09:40 PM
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Quote:
Originally Posted by sparkie1723 View Post
45 We will not necessarily ask a lender to remove default records while they are carrying out their initial investigation to establish whether a dispute is genuine, reasonable or unsolved. However, there should be no unnecessary delay in this investigation. In these circumstances, defaulted accounts under investigation should be marked as ‘under query’ on the credit reference agency file.

Yep !

Here is the entire document for everyone else


http://www.ico.gov.uk/upload/documen...3%20%20doc.pdf
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Yea, though I walk through the valley of the shadow of death, I will fear no evil: for thou art with me; thy rod and thy staff they comfort me.
Psalm 23:4


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Posts are based on my own personal experience. No offence is intended and should not be taken
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  #10  
Old 07-01-2009, 12:34 AM
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The balance on that is totaly wrong it should be invisable and harm niether party untill its resolved . That still harms the person and does nothing to the bank.

The CRA's say thier main aim is to stop high risk borrowers getting further credit without fair notice to the lenders, but they still lend anyway just use the DN for costly terms.
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