Default registered after 1 late payment

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  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    rickbooth86 wrote: »
    I should have set up another DD but hindsight is a wonderful thing.

    Were payments being made on the contractual due date every month. Serial late paying amounts to a default.
  • bengal-stripe
    bengal-stripe Posts: 3,349 Forumite
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    rickbooth86 wrote: »
    I had an account with the car finance company where I paid £85 a month. Last April I missed the payment because I had a lot going on and it just slipped my mind.
    rickbooth86 wrote: »
    I had a DD set up with them but due to having an accident in the car and needing to buy a new car the DD was cancelled and a new payment plan with them was set up as the amount I was paying changed.

    Account start date 06/01/2015
    Account end date 02/11/2017
    Opening balance £ 8,000
    Regular payment £ £ 166
    Repayment frequency Monthly

    You had an agreement to pay £166 per month. At some point you asked the company to lower the payments to £85 (about half). At this point you started defaulting, as you didn't keep up with the original schedule.

    When your (reduced) payment didn't arrive for a whole month, the company made the default official.
  • rickbooth86
    rickbooth86 Posts: 10 Forumite
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    Yes they were made on time. I did make one change to the payment date though however due to a change in the day I was paid. They were aware of this though.
  • rickbooth86
    rickbooth86 Posts: 10 Forumite
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    It was them who suggested only making half the payment when I called to see how much I owed them after the insurance payout.
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    rickbooth86 wrote: »

    The annoying thing is the account doesn't even show on my Clearscore or MSE Credit Club reports.

    That's a good thing, not an annoying thing. It limits the damage.
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