Just One Missed Payment Equals No Remortgage

[OLDFTB]

I will try and make it brief and save people a long read, more info can be added if requested.

Basically about 2 years ago I went from weekly pay to monthly pay. Rang up Halifax to sort out date change to end of month. Was informed that Halifax last day of their calendar month is the 28th of each month. Fine, but I get paid last working day of the month. Customer services person said that if funds are not in the account on the payment day they will try for the next 7 days until funds are available. No problem here at all.

So for last 2 years we have been paying the monthly mortgage soon as my funds are in billing account no the last working day of the month, mostly around 29th, but some have been the 1st of the next month due to last day being a week day and cash not taking out till the following day.

I am coming up to the end of my fixed rate time period so enquired about new deals, talked into a re mortgage and offer seems attractive. Went through the details and was told that they would ring back in minutes few. Came back and I was declined as over the past 12 months I have missed all my payments, this was a total shock and surprise. Had my mind set now on a nice holiday and consolidation of credit and existing loans so went with Loans.co.uk, wnet with another atrractive deal, after 2 weeks came back stating that Halifax had avised them I have missed 3 payment sover the last 12 months, looked at my bank account and all payments had been made within their '7 days' grace period with ease. They re-asked for more information but a different report came back saying we had missed only 1 payment. They have rejected my inital loan offer and gave us an overinflated loan which I have rejected.

I have spoke to Halifax and they agree that 28th is their last day of the month and the 7 day grave period is one of their services, but also said this is a inhouse policy and because I have not paid on the date chosen they have to show it in my credit file, which in turn has given me adverse credit now for the last 2 years. (also to note that their own statement of payments shows me paying every month as well.

Do you think I have a good stance to make a complaint based on misadvice on initial set up of the standing order?

Can I get my credit rating back?

http://forums.moneysavingexpert.com/showth....html?t=1026379

Seems a bit harsh even in this risk reducing climate?

Edited July 10, 2008 by OLDFTB

[renterbob]

I will try and make it brief and save people a long read, more info can be added if requested.

Basically about 2 years ago I went from weekly pay to monthly pay. Rang up Halifax to sort out date change to end of month. Was informed that Halifax last day of their calendar month is the 28th of each month. Fine, but I get paid last working day of the month. Customer services person said that if funds are not in the account on the payment day they will try for the next 7 days until funds are available. No problem here at all.

So for last 2 years we have been paying the monthly mortgage soon as my funds are in billing account no the last working day of the month, mostly around 29th, but some have been the 1st of the next month due to last day being a week day and cash not taking out till the following day.

I am coming up to the end of my fixed rate time period so enquired about new deals, talked into a re mortgage and offer seems attractive. Went through the details and was told that they would ring back in minutes few. Came back and I was declined as over the past 12 months I have missed all my payments, this was a total shock and surprise. Had my mind set now on a nice holiday and consolidation of credit and existing loans so went with Loans.co.uk, wnet with another atrractive deal, after 2 weeks came back stating that Halifax had avised them I have missed 3 payment sover the last 12 months, looked at my bank account and all payments had been made within their '7 days' grace period with ease. They re-asked for more information but a different report came back saying we had missed only 1 payment. They have rejected my inital loan offer and gave us an overinflated loan which I have rejected.

I have spoke to Halifax and they agree that 28th is their last day of the month and the 7 day grave period is one of their services, but also said this is a inhouse policy and because I have not paid on the date chosen they have to show it in my credit file, which in turn has given me adverse credit now for the last 2 years. (also to note that their own statement of payments shows me paying every month as well.

Do you think I have a good stance to make a complaint based on misadvice on initial set up of the standing order?

Can I get my credit rating back?

http://forums.moneysavingexpert.com/showth....html?t=1026379

Seems a bit harsh even in this risk reducing climate?

Well, what do you expect? Honesty from a credit company?

This would never have happened if you rented.

[JohnnyB]

That is a bit harsh, I hate the way no one can ever bend on anything these days because 'computer says no' (sorry).

I had a CC that i decided to cancel because the balance had got a bit big and I was still at uni. I had a repayment plan arranged and paid it all over about 15 months. The next month I get a letter saying i've missed my payment and should ensure all payments are ontime. The hassle involved to get Natwest to contact the credit agencies and ensure it was adjusted was phenomenal and still the most i got offered the next time I applied for a CC was £400. Credit Ratings agencies and their customers (banks) are a law unto themselves.

[Wires 74]

What happens if you come to the end of a two-year fixed term say and because of the tightening of lending criteria you can`t get a loan at all -presumably they reposess ?

[violator]

Think they just go onto their orginal lender's SVR rate. Reposession wouldn't happen until they'd missed a few of those, court etc..

Edited July 10, 2008 by violator

[miko]

It is very hard to get companies to remove things on credit files. However you must ask all credit agencies the details that they have on you. You can ask them to put a note on the file explaining what your side of things. Halifax must be the biggest set of Bas----s in all the banks forever reading about their sh-t service and treatment of customers in the press, and they are often on programmes like watchdog.

[buyhighselllow]

Twice my credit score got messed up, but it can be sorted out..

1) I paid a bonus into my mortgage, and at he same time asked for the monthly payment to go up - so overpaying. NR have a flaw in their IT systems (to do with changing the DD in a time window when payment is expected) and somehow canceled my direct debit for that one month. Because I had overpaid, their dumb IT systems didn't bother to write to me to tell me I wasn't paying, but it still managed to shut down my credit cards and destroy my credit rating.

2) About a year later I switched current account and that glitch caused a missed payment.

In both cases, a lot of time on the phone to NR sorted this out, they have the ability to correct credit ratings, other banks can do the same thing. I checked with Experian on both occasions and my credit rating shows no missed payments and the credit score I expect.

So don't give up, be persistent and polite on the phone - they can sort it out.

The best moment was talking NR through my account for the first screw up.

Me: "The month that you say I missed a payment, can you check it"

NR "yes we can see that you missed a payment"

Me: "Are there any other payments in that month"

NR: "Ah yes, there seems to be an 11k deposit"

Me "then why have you stopped all my credit cards working"

NR <long silence>.... "I think I need to talk to my supervisor...."

Muppets

[Patfig]

That is a bit harsh, I hate the way no one can ever bend on anything these days because 'computer says no' (sorry).

I had a CC that i decided to cancel because the balance had got a bit big and I was still at uni. I had a repayment plan arranged and paid it all over about 15 months. The next month I get a letter saying i've missed my payment and should ensure all payments are ontime. The hassle involved to get Natwest to contact the credit agencies and ensure it was adjusted was phenomenal and still the most i got offered the next time I applied for a CC was £400. Credit Ratings agencies and their customers (banks) are a law unto themselves.

It is indicative of greed and an uncaring society

[Patfig]

M sister has had her credit card for probably over 10 years and always settled each month etc etc etc. I think her li mit was 6 or 7 K.

She forget to make the payment a couple of months ago, and then went to try and buy somethign, her limit had gone down to 450 quid.

She was less than amused and I think told them to shove up there ar se.

What a jice friendly customer focussed company.

[Guest mSparks]

they are lying to you.

They do not have the money to give.

[the anti krust]

Its a pain in the @rse checking your own credit history with 3 different agencies as well.

Licence to print money IMO.

[DementedTuna]

It's crap like that that means I'm probably going to keep renting until I can pay cash. Savings rates are the same as mortgage rates, so there's little difference and a lot more hassle.

Might take me 6-7 years, but there's no particular hurry.

Edited July 11, 2008 by DementedTuna

[interestrateripoff]

Sue the credit ratings company for defamation / liable.

[Mr. Gruff]

My credit card once got blocked with an "unknown" payment for 350 quid. I couldn't use the card at all for about a week, I was told by customer services that if I did I would be charged for going over the limit.

On Monday the payment disappeared. Subsquently my credit limit has increased to the point where I couldn't spend that much even if I wanted to. (I suspect many could spend it, but I couldn't)

[1888]

I think we all realise by now that banks are

happy enough to take deposits then treat you badly at the 1st opportunity

11 yrs ago I asked the Clydesdale for a break in the mortgage repayments

for a month or 2 as we were expecting our 1st child

Shrugged shoulders was all I got despite having been with them

for over 20yrs.

What annoys me is that over the past 2 decades workers have no say

over how they get paid. Its a bank transfer or nothing therefore forcing people into the hands of the banks

rather than the wage packet you used to be able to pick up.

We have all become slaves to the banking system,and its OUR money that they

live off.

[Bloo Loo]

I think you should talk to the FSA or the ombudsman.

They have to be fair in dealing with you, and sticking to rigid rules to destroy your payment record sounds very unfair to me.

You HAVE made the payments, you had a change in circumstances and asked their advice and informed them upfront. You would appear to have a pretty watertight case.

[Guest anorthosite]

I probably have a pretty lousy credit rating. I took care of it for so long, but I've missed a few payments over the years, so I can only assume my rating isn't good.

So now I probably can't get credit. I feel liberated to be honest!

I certainly don't see it as a bad thing anymore.