Help required please.....

rogers1892

I applied for a Tesco loan on Monday only to be refused. I then went to Lloyds, who I bank with, only to be told I wasn't able to borrow from them. I have a good credit score and was taken aback, in particular by Lloyds. I checked my free credit score with Experian, and saw there had been 3 missed payments to an Egg credit card. I didi have an Egg card, but paid it off in full in December ish. However, after I cleared the balance, Egg charged me interest of appx £10. This £10 has sat on the card going unpaid for 3 months, while Egg have not attempted to contact me regarding this. So my credit score is shot to pieces for the sake of a tenner! Can anyone give me advice on what I should do now to rectify this??? And how I can get my credit score to what it was?? I've heard of "note of corrections"? Would this help me.....I'm so angry Egg have not contacted me regarding this. Also, can anyone advice of time scales to rectify my credit score to what it was???

Regards, Gary

YorkshireBoy

Egg send an e-mail telling you your statement has arrived and asking you to log in and check it. If you'd done this you'd have seen the balance (consisting of residual, or trailing, interest) and been able to pay it.

Why did you cancel your direct debit? It's always best to leave this in place until you've received either confirmation that the account is closed or a zero balance statement.

3 missed payments across several accounts in the same month could be explained away by a period of hospitalisation for example, but 3 consecutive missed payments on the same account looks very bad indeed. Therefore I'd suggest a notice of correction may be a good idea. It will, of course, mean that any applications for credit fail the automatic systems (but they are doing now anyway so that doesn't matter!) and are referred to a manual underwriter for approval.

As to how long to recover, I have no idea but I'd suggest it could be medium term ie a year or more depending on your other financial circumstances.

rogers1892

Can I ask, who does the note of correction? Egg, Me, or Experian?? Also, if I apply for credit, can I ask to speak to a manual underwriter, or will the lenders listen to the explanation for the missed payments???

girltuesday_2

Egg added late interest to my Egg card after I closed it, and they failed to send me the usual notification of a statement, or any chasing emails, or indeed any notification whatsoever. There was no way for me to know that there was interest outstanding, and my login to their site no longer worked (because my account was closed).

When I rang them about it, they were actually very good, and wrote off the interest amount (about £6), apologised, and contacted the credit ref agency to correct the records.

rogers1892

girltuesday wrote: »

Egg added late interest to my Egg card after I closed it, and they failed to send me the usual notification of a statement, or any chasing emails, or indeed any notification whatsoever. There was no way for me to know that there was interest outstanding, and my login to their site no longer worked (because my account was closed).

When I rang them about it, they were actually very good, and wrote off the interest amount (about £6), apologised, and contacted the credit ref agency to correct the records.

Thanks for that.....I emailed them yesterday regarding the situation and am waiting foir reply. I've been through my email records and haven't recieved an email from Egg to advise me of that interest, irrespective of what YorkshireBoy thinks.

Have you had problems with credit since???

YorkshireBoy

girltuesday wrote: »

...my login to their site no longer worked (because my account was closed).

That's very strange because Egg statements are normally available to view for 12 months after account closure...and you'd need your log in details to do that.

rogers1892 wrote:

Can I ask, who does the note of correction? Egg, Me, or Experian?? Also, if I apply for credit, can I ask to speak to a manual underwriter, or will the lenders listen to the explanation for the missed payments???

You lodge the notice with the credit reference agencies. You may need to lodge it with all 3 CRA's (Experian, Equifax, & CallCredit) if Egg have reported the account to all 3. Details on the respective websites.

YorkshireBoy

rogers1892 wrote: »

I've been through my email records and haven't recieved an email from Egg to advise me of that interest, irrespective of what YorkshireBoy thinks.

Well there's your angle of approach with your formal complaint (in writing) to Egg then.

girltuesday_2

Quote:
Originally Posted by girltuesday
...my login to their site no longer worked (because my account was closed).

That's very strange because Egg statements are normally available to view for 12 months after account closure...and you'd need your log in details to do that.

That might be the case now, it wasn't when I closed my Egg card. The online access ceased when the card was closed.

girltuesday_2

Have you had problems with credit since???

No. Like you, I originally found out about it after checking my credit report after being refused a credit card. Once Egg sorted it all out, I applied for another card and was accepted, no problem.