Late payment question

denvore

Not sure if this is the correct forum, but I was just wondering how late a payment generally has to be before it attracts late payment penalties and black marks against your credit rating?

I never received a statement this month, realising this I called the company today and was told that payment was due a couple of days ago. Luckily I was able to pay there and then over the phone, but it has got me wondering if this will now appear on my credit file. The guy on the phone told me not to worry too much about it as it was only a couple of days late, but officially I was a late payer.

Anyone know how keen companies tend to be when reporting defaults to credit reference agencies?

cifpower

You will be charged £12 as a late payment fee but I think it has to be late by 30 days for it to show on your credit report as a missed payment

NickX

denvore wrote: »

Anyone know how keen companies tend to be when reporting defaults to credit reference agencies?

A single late payment shouldn't be too much of a problem on your Credit File.

However, they will probably apply a £12 late fee and if you were on a 0% promotion you may have lost that. Did you discuss this with the CSA at all ?

bargains83

If this is with Egg or Citigroup, in addition to the £12 fee expect your account to be permanently locked from new transactions as well and letters and phone calls from collections specialists.

denvore

Thanks for quick replies. Not on any promotions or anything so its not going to be a big drama. Just annoying that I'm £12 out of pocket. Might give them another ring and give them a sob story about not receiving the statement - Won't expect too much sympathy, but worth a try.

Stoneman_2

M&S told me recently that they consider a payment to be late if its more than 10 days overdue and consider it to be missed if a new statement is issued is before the payment is recieved.

jamalfatty

Each company will be different, I'd think most if not all would report anything 30+ days late, some might do it sooner 10+ days I'd expect.

grow14me2

Typically, one missed payment will not register on your credit report. It is when the payment becomes several months late or happens several times that there is a problem.

Katie789

Barclaycard are unfortunately an exception, they report any payment even a day late to the CRAs. Happened to me last year, very polite and friendly when my payment arrived a day late, refunded my £12 but showing as one late payment on my credit reports. Really annoyed with myself but I don't think just one makes too much difference