Missed Credit Card Payment :-(

cruzier · 23 November 2008 at 7:02PM

A few years back, I went on arrangements with all my creditors to pay them a small amount each month, however, two months ago I decided to lift the arrangement with Virgin as I was paying more than my minimum payment would be even with the 14.9% ARP in place, so this I did.

On 10th October, I sent Virgin a letter asking for a Direct Debit to be setup, however, as of yet I have not received a reponse.

Also, what I did not realise is that by taking me off the arrangement my payment due date changed (I know my fault for not looking) and I continued to pay on 25th of each month.

I realised that no DD has yet been setup, so logged into Virgin online banking to find that my payment was not made on 21st November for £23 and was charged a £12 late payment fee.

My question is that I have now paid the minmum plus the £12, however, will I now get a black mark on my credit file?

I've tried soo hard since being on arrangements to have no missed payment marks and now I'm scared its all gone to pot.

I hope someone can advise? I tried calling Virgin but the customer services said my account was being dealt with by another department who were not open.

I'm feeling really sick now and upset that I have messed up my credit file even more now.

Chris.

CLAPTON · 23 November 2008 at 7:18PM

surely, if you are arrangements with your CC providers (i.e. not paying your contractual minimum payments), your credit file is already wrecked?

cruzier · 23 November 2008 at 7:23PM

CLAPTON wrote: »

surely, if you are arrangements with your CC providers (i.e. not paying your contractual minimum payments), your credit file is already wrecked?

Thanks for the most unhelpful advice I've had this year! I'm fully aware my file is not great, but was three years ago and since I've not missed any payment on my arrangements nor on new credit.

Can anyone advise on when the late payment will show up on my file?

ICan'tStandIt · 23 November 2008 at 7:28PM

As you're on fixed payment arrangements anyway, I don't think that this little blip will make much of a difference.

Make an urgent payment, set a DD up and make sure you pay more than the minimum when you can.

Don't beat yourself up about the missed payment as it's in the past now.

Do you get sent regular statements from your other creditors that you have an arrangement with, so you can see your debts reducing ?

ICan'tStandIt · 23 November 2008 at 7:34PM

cruzier wrote: »

Thanks for the most unhelpful advice I've had this year! I'm fully aware my file is not great, but was three years ago and since I've not missed any payment on my arrangements nor on new credit.

Can anyone advise on when the late payment will show up on my file?

The fact that you're still on fixed payment arrangements will also probably show on your file and is likely to reduce your score.

Lenders normally report to Equifax and others once a month, by which time if you're up to date you may get away with it altogether.

Often lenders only report two months in a row anyway.

cruzier · 23 November 2008 at 7:42PM

ICan'tStandIt wrote: »

As you're on fixed payment arrangements anyway, I don't think that this little blip will make much of a difference.

Make an urgent payment, set a DD up and make sure you pay more than the minimum when you can.

Don't beat yourself up about the missed payment as it's in the past now.

Do you get sent regular statements from your other creditors that you have an arrangement with, so you can see your debts reducing ?

Thanks for your advice :-). To just confirm I am no longer on an arrangement with Virgin. Its been removed and am now back on their standard terms and conditions, but I did not realise that by doing so would also change my payment due date.

I paid tonight but its just don't want lenders to think I'm starting to have financial difficulties again as this is how it started with missed payments etc.

Thanks again.

ICan'tStandIt · 23 November 2008 at 7:54PM

cruzier wrote: »

Thanks for your advice :-). To just confirm I am no longer on an arrangement with Virgin. Its been removed and am now back on their standard terms and conditions, but I did not realise that by doing so would also change my payment due date.

I paid tonight but its just don't want lenders to think I'm starting to have financial difficulties again as this is how it started with missed payments etc.

Thanks again.

That's ok.

All lenders have a collections process and often the customer that panics (understandably) over one missed payment that isn't even on the lender's "radar" yet.

The amount involved and the length of time it has been overdue for are the main factors that they consider. There is also often a gap of about 4-5 days between the due date and the next statement print date and if you can get a late payment to them between the due date and the next statement print date, although you get hit with a late payment charge, not much else happens. I doubt that they report such late payments to credit reference agencies.

It's just not cost effective for banks and so on to chase people or do much at such an early stage.

If you're still overdue when your statement prints, that's when the phone calls, letters and reporting to Equifax etc are likely to start.

Sammy_Girl · 23 November 2008 at 10:43PM

Hi, you're unlikely to get marked as late payment. Virgin are part of MBNA and if the payment is not more than 30 days late then it does not get marked. As long as you've paid now, and you've set up the DD for the right date in the future, then I wouldn't worry

nikki77_2 · 25 November 2008 at 10:05PM

i have just received my store card statement with a late payment charge as i didnt make a payment in the last month. I've never done this before, i just completely forgot. How is this a late payment charge when i didnt make a payment at all? Will this show up in my credit rating? I have paid the full balance now (as soon as i got the letter with the new statement). I work for a big financial organisation who sometimes do random credit checks on their staff and i'm worried this will appear when they do?

poppy_f1 · 25 November 2008 at 10:39PM

nikki77 wrote: »

i have just received my store card statement with a late payment charge as i didnt make a payment in the last month. I've never done this before, i just completely forgot. How is this a late payment charge when i didnt make a payment at all? Will this show up in my credit rating? I have paid the full balance now (as soon as i got the letter with the new statement). I work for a big financial organisation who sometimes do random credit checks on their staff and i'm worried this will appear when they do?

it is a late payment charge as the payment wasnt receieved in time
whether or not the lender marks this on your file, it depends on who it is, as mentioned above in the thread, some wont report this til its 2 payments late or missed

xgingerx · 25 November 2008 at 11:31PM

Hi, from experiance and speaking to credit card companies in the past, you have to be 30 days or more late for it to show as a missed payment on your credit file, hope this clears it up for you

If you were just a few days late you will still get charged a late payment fee

Missed Credit Card Payment :-(

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