Payment one day late

Call_Centre_Monkey

inmypocketnottheirs wrote:

CC companies do not provide information on a daily basis to the credit reference agencies, generally just once a month. As long as your account is up to date when they register information you will be ok. It would be sheer bad luck for the day that you are late to be the day they transfer the information.

I am sure that you will be ok.

Doesn't quite work like that I'm afraid.

You're quite correct saying banks to provide the information about once a month. However it makes no difference if the account is up to date when the information is submitted for the particular month if there has been a late payment during it. If a late payment has been made during the previous month, no matter when in that month it occured, it will be recorded on the credit file.

inmypocketnottheirs

Call_Centre_Monkey wrote:

Doesn't quite work like that I'm afraid.

You're quite correct saying banks to provide the information about once a month. However it makes no difference if the account is up to date when the information is submitted for the particular month if there has been a late payment during it. If a late payment has been made during the previous month, no matter when in that month it occured, it will be recorded on the credit file.

My experience has certainly been different, I actually called Barclaycard when I was three days late in my payment and my explanation was the one they gave to me. No late payment was recorded.

nomoneytoday

Mutton_Geoff wrote:

TBH a single late payment under 3 months doesn't have a large impact on applying for credit in the real world

It caused Barclaycard to offer me a rate of 7.7% instead of their headline 5.6%, almost 50% higher and costing £1,000 in extra interest over the term of the loan. This was for one late payment in 20 years. BC only keep records for last 6 years so this single blemish cost me dearly!

I turned down the loan.

That rate could be for a number of reasons. Another bank may lend you the money at the headline rate, without the extortionate PPI

Call_Centre_Monkey

inmypocketnottheirs wrote:

My experience has certainly been different, I actually called Barclaycard when I was three days late in my payment and my explanation was the one they gave to me. No late payment was recorded.

Hm, have you checked your credit file since then? I was under the impression the banks had to report any cases of late payment to the credit agency. But of course, different banks do different things, so I suppose Barclaycard could have been quite right in what they told you.

inmypocketnottheirs

Call_Centre_Monkey wrote:

Hm, have you checked your credit file since then? I was under the impression the banks had to report any cases of late payment to the credit agency. But of course, different banks do different things, so I suppose Barclaycard could have been quite right in what they told you.

Yes I have, last week even. The banks/cc companies don't haveto report payment histories to the credit reference agencies. It is a voluntary thing that banks etc use these gossip mongerers.

justmarried06

YorkshireBoy wrote:

At the risk of stating the obvious, the payment due date will change depending on the number of days in the month. Other factors affecting your ability to pay on time (by manual funds transfer) will be weekends and bank holidays. Why don't you set up a DD?On all 3 agency reports?

Hi there, my MBNA date was always the 30th of the month for the first 18 months of having the card. Over the last few months they have moved it gradually, first to the 28th of the month for three months and then to the 26th of the month for the last two (ie Sept and Oct). I don't pay by DD as I prefer to make direct bank transfers after I have been paid as this gives me the flexibility I personally like to make a payment of what I want to rather than have a DD for the minimum and then top up by bank transfer (although I know this isn't what others like to do!) I did access all three of my credit reports and all three were showing green lights.

JM

dodgy1

Firstly I'd like to say that I am neither siding with, or against credit card (CC)companies, even though until recently I worked in the collections department of one of the big players. From my 5 years there the following is how I understand the system.

As long as your payments are up to date when the credit reference agencies do their sweep of the CC companies accounts, then that is how your account will show. Up to date. If you are unlucky enough to get caught out then your account will show as being paid late that month or in the trade "1 down". Generally a single occurence should not have any effect on your ability to obtain credit. This is usually based on the SAW principal. Stability, Ability, and Willingness to pay.

Never pay money onto your CC to put it into a positive status. If some scammer uses that money fraudulently you have no comeback. It's in the small print. Always read it carefully.

As for moving DD payment dates. All DDs can move depending on the month. All companies should explain this at the point of setting one up. Either verbally if doing over the phone or in the small print if using a mandate. Be aware they can move by up to 4 days in any given month and it's your responsibility to make sure that the funds are there or they will hit you with a fee. Also if setting up a DD be careful. If you set it up for a set amount, make sure that should you max your card it will still cover the minimum amount due that month, otherwise even though you've paid it won't be enough and you'll get hit with a late payment fee and it's highly likely that this will push you over your credit limit, resulting in an overlimit fee!!!!!!


If you don't get the service or the result you were after ask for a Manager. In my experience Managers tell you never to refund. That's because it usually isn't them taking the flak. Most of them were desperate for Managers jobs because they couldn't hack it on the phones and when confronted will give in and refund. If you are really brassed of write to the head guy. It's called a "failure" letter in the trade. The powers that be frown on anyone letting a situation get that far out of hand.

Finally, yes I do have a credit card but I never leave a balance on it. Make them work for you, it brasses them off.

Sorry this is so wordy but I hope it's of use.

inmypocketnottheirs

callcentremonkey, as I said....

dodgy1 wrote:

As long as your payments are up to date when the credit reference agencies do their sweep of the CC companies accounts, then that is how your account will show. Up to date. If you are unlucky enough to get caught out then your account will show as being paid late that month or in the trade "1 down".

Mikeyorks

dodgy1 wrote:

As for moving DD payment dates. All DDs can move depending on the month. All companies should explain this at the point of setting one up. Either verbally if doing over the phone or in the small print if using a mandate. Be aware they can move by up to 4 days in any given month and it's your responsibility to make sure that the funds are there or they will hit you with a fee.

There are 2 fundamentals when setting up a DD. One is the amount(s) and the other is the date.

Amount - most mandates are for variable amounts. But you have to be advised the amounts that will be debited in advance - and any variation to that must be signalled to you - normally giving you at least 10 working days.

Date - unlike amounts there's no initial built in variability with this. Where the due date falls on a weekend / Bank holiday then the DD has to be taken at a later (can't be earlier) date. In the event your creditor wishes to vary the date - they have to formally advise you at least 10 days prior. But there is no variability in the date each month - other than that necessarily created by weekends etc.

Questions 8 to 10 cover it?

http://www.bacs.co.uk/BPSL/directdebit/generalpublic/faqs/DC_public_FAQ.htm#Q9

dodgy1

The company I worked for changed their system. This resulted in them being unable to take DDs after the 28th of the month. They advised customers in writing but it still resulted in a whole load of failed DDs.

Yor poimt about the dates clarifies mine, but proves it can move by up to 4 days in real terms.