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Scottish Trust Deed Forum
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Topic starter
20/11/2014 1:34 pm
Hi Folks,
Just been looking to tidy up my credit file. Fortunately all of my defaults have been dated so that they fall off my credit file either at the same time or before my Trust Deed will.
However my unsecured/together loan with Northern Rock has not played ball and will not drop off till nearly a year after it should.
I was just wondering if anyone has ever had a similar problem and if so, did NRAM/Virgin rectify the problem in a timely manner?
One other thing that puzzles me, is that it is Virgin Money who are showing the default. I was previously advised that my together loan/mortgage was assigned to Northern Rock Asset Management (or the "Bad Bank" as it became better known).
Can anyone shed any light on this?
20/11/2014 3:06 pm
Hi CIF.
Is it possible that the unsecured loan went to Virgin and the mortgage to the "bad bank"?
You may need to make a direct complaint to a creditor that has issued an inappropriately dated default notice.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
20/11/2014 3:16 pm
Hi TDA,
Checked my file again and the mortgage is being updated by NRAM so it looks like you are correct.
It's an odd one as I would have thought both the loan and mortgage would have deemed as toxic when looking at the book of business. They were of course both underwritten on the now infamous 125% mortgage basis.
20/11/2014 3:31 pm
That's right CIF, but I think they might have been seen slightly differently.
Mortgages were always seen as a fairly safe asset because they were backed with a physical security. Of course we know now that this type of lending at the time was producing anything other than safe assets, which is why I think (though I may be wrong) the "bad bank" was created to separate out risky mortgage assets.
Unsecured lending has always been seen as more risky, so there's perhaps less shock or concern when a proportion are not (or cannot be) repaid.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
