Financial Fight Back Guide discussion

KAJTON

In 1987 I took out a buy out pension when I changed jobs and Guardian Royal forecast a pension  pot of £261,576.82  this has turned into £81K as I approach my 65th birthday , how is this not miss selling as surely this is equivalent to endowment scandal ? any  similar experiences /advice  

scriptmatrix

Hello everyone,
I'm trying to find out what my rights are and wondered if anyone on here has any knowledge or experience of this type of issue.
In short, I am been fore the past eight years studying (self-funded) so replying on credit cards. 
November 2018 I lost my credit card and my bank replaced and changed the account details and updated my credit file with the new card info, however, they did not update the old card. I was not aware of this till this week ... 
What I have noticed is that for the past year or more, my credit rating has lowered and lowered and I have been unable to get credit e.g. move my debt to a 0% card as my rating was poor. I have always managed my cards well, debt going up and down which in my mind is healthy.
In my view, my bank incorrectly updating my credit file has placed me at a disadvantage in getting credit and I feel this is not fair to me as I may have had other financial opportunities if my file was correct, and I would not have had to manage the stress and at times panic about not being able to get credit, when I manage my credit very well.
Hopefully this makes sense.
all best.

brettcta

scriptmatrix said:

Hello everyone,
I'm trying to find out what my rights are and wondered if anyone on here has any knowledge or experience of this type of issue.
In short, I am been fore the past eight years studying (self-funded) so replying on credit cards. 
November 2018 I lost my credit card and my bank replaced and changed the account details and updated my credit file with the new card info, however, they did not update the old card. I was not aware of this till this week ... 
What I have noticed is that for the past year or more, my credit rating has lowered and lowered and I have been unable to get credit e.g. move my debt to a 0% card as my rating was poor. I have always managed my cards well, debt going up and down which in my mind is healthy.
In my view, my bank incorrectly updating my credit file has placed me at a disadvantage in getting credit and I feel this is not fair to me as I may have had other financial opportunities if my file was correct, and I would not have had to manage the stress and at times panic about not being able to get credit, when I manage my credit very well.
Hopefully this makes sense.
all best.

I don’t mean to sound patronising but have you perhaps, you know, spoke to the bank about getting it resolved instead of coming here first?

dunstonh

Warning for other posters.  this is a 2009 thread revival.  Ignore earlier posts.

In short, I am been fore the past eight years studying (self-funded) so replying on credit cards. 
November 2018 I lost my credit card and my bank replaced and changed the account details and updated my credit file with the new card info, however, they did not update the old card. I was not aware of this till this week

When you lose a card, the bank cancels the old card and issues a new one.  The middle number is usually changed on lost cards but they do not normally change the account and reporting to credit agencies is unaffected.

What I have noticed is that for the past year or more, my credit rating has lowered and lowered and I have been unable to get credit e.g. move my debt to a 0% card as my rating was poor. I have always managed my cards well, debt going up and down which in my mind is healthy.

It largely comes down to utilisation.  If you borrow less than 25% of the limit (at the snapshot point) then that good for you on credit scoring.   If you borrow between 25% and 50% it is still ok but more neutral.   If you borrow over 50% of your credit limit then it starts to hurt you.   If you borrow over 75% of your credit limit then it hurts a lot.          Different banks and lenders will have their own views on limits. Some may use different benchmarks.  Those that cherry pick customers will have a different position to those that do not.

In my view, my bank incorrectly updating my credit file has placed me at a disadvantage in getting credit and I feel this is not fair to me as I may have had other financial opportunities if my file was correct, and I would not have had to manage the stress and at times panic about not being able to get credit, when I manage my credit very well.
Hopefully this makes sense.

It doesnt really make sense as a lost card should have no impact on your credit reporting.    Can you clarify what you mean by them not updating your credit file?   are you saying that they were showing two cards held?

Having multiple cards doesnt actually hurt you unless you are going crazy with numbers.   It is the credit utilisation that matters.   75% credit utilisation on 2 cards is far more damaging than 10% utilisation on 10 cards.

scriptmatrix

brettcta said:

scriptmatrix said:

Hello everyone,
I'm trying to find out what my rights are and wondered if anyone on here has any knowledge or experience of this type of issue.
In short, I am been fore the past eight years studying (self-funded) so replying on credit cards. 
November 2018 I lost my credit card and my bank replaced and changed the account details and updated my credit file with the new card info, however, they did not update the old card. I was not aware of this till this week ... 
What I have noticed is that for the past year or more, my credit rating has lowered and lowered and I have been unable to get credit e.g. move my debt to a 0% card as my rating was poor. I have always managed my cards well, debt going up and down which in my mind is healthy.
In my view, my bank incorrectly updating my credit file has placed me at a disadvantage in getting credit and I feel this is not fair to me as I may have had other financial opportunities if my file was correct, and I would not have had to manage the stress and at times panic about not being able to get credit, when I manage my credit very well.
Hopefully this makes sense.
all best.

I don’t mean to sound patronising but have you perhaps, you know, spoke to the bank about getting it resolved instead of coming here first?

Thanks for your response albeit unhelpful. 
As I said, I am trying to find out my rights as there is an impact on my credit file and credit opportunities from the error made by my bank.

scriptmatrix

dunstonh said:

Warning for other posters.  this is a 2009 thread revival.  Ignore earlier posts.

In short, I am been fore the past eight years studying (self-funded) so replying on credit cards. 
November 2018 I lost my credit card and my bank replaced and changed the account details and updated my credit file with the new card info, however, they did not update the old card. I was not aware of this till this week

When you lose a card, the bank cancels the old card and issues a new one.  The middle number is usually changed on lost cards but they do not normally change the account and reporting to credit agencies is unaffected.

What I have noticed is that for the past year or more, my credit rating has lowered and lowered and I have been unable to get credit e.g. move my debt to a 0% card as my rating was poor. I have always managed my cards well, debt going up and down which in my mind is healthy.

It largely comes down to utilisation.  If you borrow less than 25% of the limit (at the snapshot point) then that good for you on credit scoring.   If you borrow between 25% and 50% it is still ok but more neutral.   If you borrow over 50% of your credit limit then it starts to hurt you.   If you borrow over 75% of your credit limit then it hurts a lot.          Different banks and lenders will have their own views on limits. Some may use different benchmarks.  Those that cherry pick customers will have a different position to those that do not.

In my view, my bank incorrectly updating my credit file has placed me at a disadvantage in getting credit and I feel this is not fair to me as I may have had other financial opportunities if my file was correct, and I would not have had to manage the stress and at times panic about not being able to get credit, when I manage my credit very well.
Hopefully this makes sense.

It doesnt really make sense as a lost card should have no impact on your credit reporting.    Can you clarify what you mean by them not updating your credit file?   are you saying that they were showing two cards held?

Having multiple cards doesnt actually hurt you unless you are going crazy with numbers.   It is the credit utilisation that matters.   75% credit utilisation on 2 cards is far more damaging than 10% utilisation on 10 cards.

Thank you for your reply ... 
Yes I am saying that the bank updated my credit file with a second card so as far as my credit file is concerned it showed me as having double the debt I actually have for 20 months .... 
All the best

dunstonh

scriptmatrix said:

dunstonh said:

Warning for other posters.  this is a 2009 thread revival.  Ignore earlier posts.

In short, I am been fore the past eight years studying (self-funded) so replying on credit cards. 
November 2018 I lost my credit card and my bank replaced and changed the account details and updated my credit file with the new card info, however, they did not update the old card. I was not aware of this till this week

When you lose a card, the bank cancels the old card and issues a new one.  The middle number is usually changed on lost cards but they do not normally change the account and reporting to credit agencies is unaffected.

What I have noticed is that for the past year or more, my credit rating has lowered and lowered and I have been unable to get credit e.g. move my debt to a 0% card as my rating was poor. I have always managed my cards well, debt going up and down which in my mind is healthy.

It largely comes down to utilisation.  If you borrow less than 25% of the limit (at the snapshot point) then that good for you on credit scoring.   If you borrow between 25% and 50% it is still ok but more neutral.   If you borrow over 50% of your credit limit then it starts to hurt you.   If you borrow over 75% of your credit limit then it hurts a lot.          Different banks and lenders will have their own views on limits. Some may use different benchmarks.  Those that cherry pick customers will have a different position to those that do not.

In my view, my bank incorrectly updating my credit file has placed me at a disadvantage in getting credit and I feel this is not fair to me as I may have had other financial opportunities if my file was correct, and I would not have had to manage the stress and at times panic about not being able to get credit, when I manage my credit very well.
Hopefully this makes sense.

It doesnt really make sense as a lost card should have no impact on your credit reporting.    Can you clarify what you mean by them not updating your credit file?   are you saying that they were showing two cards held?

Having multiple cards doesnt actually hurt you unless you are going crazy with numbers.   It is the credit utilisation that matters.   75% credit utilisation on 2 cards is far more damaging than 10% utilisation on 10 cards.

Thank you for your reply ... 
Yes I am saying that the bank updated my credit file with a second card so as far as my credit file is concerned it showed me as having double the debt I actually have for 20 months .... 
All the best

It's a strange one as that is not the usual outcome on a lost card replacement.  However,  it is actually relatively straightforward to resolve.

You write to the card provider complaints address explaining that they have made a mistake by declaring you have two cards with them.  Enclose a copy of your credit report and ask them to correct the record.      You must go to the complaints team as the general call centre staff won't really be to help you.  It's something that the complaints team will resolve.

However, beyond a goodwill gesture on correction, you wont get any money out of them for rejections.  A second card showing in error would not be the sole cause of rejections.  It would be a negative against you but not enough in itself to cause a refusal.

[Deleted User]

sammylou100  (in August 2009) said: I initially wrote to the FOS on the 16th of September last year, I chose not to accept the decision of their adjudicator in January and my case was passed onto the ombudsman. 

A decade on, I hope you got it sorted.

scriptmatrix

Moneyineptitude said:

sammylou100  (in August 2009) said: I initially wrote to the FOS on the 16th of September last year, I chose not to accept the decision of their adjudicator in January and my case was passed onto the ombudsman. 

A decade on, I hope you got it sorted.

I've written to FCA

[Deleted User]

scriptmatrix said:

I've written to FCA

The FCA don't accept customer complaints. The FCA is the regulator, not the adjudicator.