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  • FIRST POST
    • AmyE1970
    • By AmyE1970 7th Feb 18, 8:00 PM
    • 3Posts
    • 0Thanks
    AmyE1970
    81 Point Drop - Mistake?!
    • #1
    • 7th Feb 18, 8:00 PM
    81 Point Drop - Mistake?! 7th Feb 18 at 8:00 PM
    HI,

    Looking for advice please.

    I took out a car loan from Clydesdale Partner Finance in 2012 and, long story short, wrote off the car without gap insurance, couldn't work for a while and the loan went into default.The debt got passed to a company called Credit Resource Solutions who I have been paying monthly ever since, with no missed payments. Debt has reduced from £6000 to £2000.

    Unbeknownst to me, they take the payments monthly by standing order, not DD. Last month, I got a text saying my payment was late and phoned them immediately and discovered that the payment had not gone through as my card had expired. I immediately paid and gave them my new card details - the payment was one day late.

    Today, I got my new credit report through and my score has dropped by 81 points!! It says:
    -You opened your Clydesdale Finance Account
    -Your Clydesdale Finance Account went into default
    -You closed or settled your Clydesdale Finance account.

    Argh! What does this mean? I didn't open it, it went into default ages ago, and I certainly have not closed or settled it (although, on Clearscore, it is showing in the "closed account" section of my report despite having a £2000 balance).

    What do I do? I've worked so hard for 2 years building my credit score by over 300 points and this wipes out a third of it with an innocent mistake!

    Thank you in advance
Page 1
    • Shakin Steve
    • By Shakin Steve 7th Feb 18, 8:09 PM
    • 1,320 Posts
    • 1,002 Thanks
    Shakin Steve
    • #2
    • 7th Feb 18, 8:09 PM
    • #2
    • 7th Feb 18, 8:09 PM
    They weren't taking payments by standing order, that's something you set up. They were taking it by CPA (continuous payment authority).
    The only sense I can make of the three items listed is:
    You opened a new account by setting up a new CPA
    Your account went into default because you missed a payment
    You closed or settled your account because the old CPA ended.
    All strictly true.....when you think of how these companies work.
    I came into this world with nothing and I've got most of it left.
    • Shakin Steve
    • By Shakin Steve 7th Feb 18, 8:11 PM
    • 1,320 Posts
    • 1,002 Thanks
    Shakin Steve
    • #3
    • 7th Feb 18, 8:11 PM
    • #3
    • 7th Feb 18, 8:11 PM
    Someone will be along in a minute to tell you to ignore the credit score...it means nothing and only you can see it.
    I came into this world with nothing and I've got most of it left.
    • AmyE1970
    • By AmyE1970 7th Feb 18, 8:16 PM
    • 3 Posts
    • 0 Thanks
    AmyE1970
    • #4
    • 7th Feb 18, 8:16 PM
    • #4
    • 7th Feb 18, 8:16 PM
    Thanks Steve. Do you think if I were to phone CRS and perhaps plead that they could have given me advance warning or something that the payment would not be successful then they may be able to "re-report", or however it works, to the CRAs?
    • Shakin Steve
    • By Shakin Steve 7th Feb 18, 8:21 PM
    • 1,320 Posts
    • 1,002 Thanks
    Shakin Steve
    • #5
    • 7th Feb 18, 8:21 PM
    • #5
    • 7th Feb 18, 8:21 PM
    Thanks Steve. Do you think if I were to phone CRS and perhaps plead that they could have given me advance warning or something that the payment would not be successful then they may be able to "re-report", or however it works, to the CRAs?
    Originally posted by AmyE1970
    Sorry...no. The way these things are done is somewhat mercenary but, if you think about it and put aside your personal circumstances, they are a true reflection of events.
    I came into this world with nothing and I've got most of it left.
    • AmyE1970
    • By AmyE1970 7th Feb 18, 8:23 PM
    • 3 Posts
    • 0 Thanks
    AmyE1970
    • #6
    • 7th Feb 18, 8:23 PM
    • #6
    • 7th Feb 18, 8:23 PM
    Yes, very true. So disappointing though!
    • DCFC79
    • By DCFC79 7th Feb 18, 8:29 PM
    • 30,918 Posts
    • 19,547 Thanks
    DCFC79
    • #7
    • 7th Feb 18, 8:29 PM
    • #7
    • 7th Feb 18, 8:29 PM
    So do your best to not miss any more payments.

    Its 1 missed payment, over time it will have less and less of an impact.

    You might find it doesn't have much of an impact now, all lenders may well treat it differently.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • Gary_Dexter
    • By Gary_Dexter 7th Feb 18, 8:43 PM
    • 538 Posts
    • 318 Thanks
    Gary_Dexter
    • #8
    • 7th Feb 18, 8:43 PM
    • #8
    • 7th Feb 18, 8:43 PM
    Why would they change or re-report what is actually a true reflection of what happened?

    And yes others are right - ignore the score and focus on the history and data
    • pcman1985
    • By pcman1985 8th Feb 18, 9:35 PM
    • 135 Posts
    • 71 Thanks
    pcman1985
    • #9
    • 8th Feb 18, 9:35 PM
    • #9
    • 8th Feb 18, 9:35 PM
    Someone will be along in a minute to tell you to ignore the credit score...it means nothing and only you can see it.
    Originally posted by Shakin Steve
    Calling ZX81. Calling ZX81!
    Where are you?!
    • daveyjp
    • By daveyjp 8th Feb 18, 9:43 PM
    • 7,322 Posts
    • 5,772 Thanks
    daveyjp
    If you need a card to pay its not a standing order its a continuous payment authority.
    • Thomas The Tank Top
    • By Thomas The Tank Top 9th Feb 18, 5:57 AM
    • 196 Posts
    • 502 Thanks
    Thomas The Tank Top
    You dropped 81 points! Eighty One points!

    Right. That's it. You can stand facing the wall until the bell goes.
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