AP on file and loan status delinquent

chriss_5

Hi,

Bascially my query is i had a loan with natwest bank.
All payments and previous loans with this bank always up to date.

i got made redundant end of 2008 and continued to pay loan although not working. advised bank when made redundant and throughout the time. 2 months before i was aware i might have problems to pay i alerted them and then shorlty before which was august 2009. had an agreement to pay a much reduced sum which lasted for 4 - 5 months. resulting in AP on my file.

all previous reduced payments were bought up to date over 12 months ago and have been paying on time as before for the last 12 months

Got my credit file from the 3 top ones last night to find these AP and the loan status being delinquent.

i asked the bank to change this as im in need of a mortagae and they say they cant.
This is only bad thing on my rating over a 8 year peroid ive had 3 loans with this company over 10 years all settled and never missed payments. looking at various agencies i was in the very good rating bracket . now im in the very bad category.

Prior to all this i asked for a settlement figure so i could clear this as i need to conentrate on a mortgage. which i have just recieved

What can i do/ and what should i do?


thanks for taking time to read and i really hope someone can help as i really cant believe they cant do anything. previously i was an awesome borrower then i got made redundant. The same day i found out was my last day and i got no redundancy, i used all my savings to keep paying while out of work i must be able to correct this some how as 4 months seems to have destroyed my file.

Chris

Consumerist

If the loan was eventually paid in full then the account should be marked as settled/satisfied on your credit file. This will not, however, have any effect on the the late payments indicated whilst you were making reduced payments even if the reduced payments were agreed by your bank. The loan was, in fact, settled late.

Unfortunately, there is little you can do about it because the file is factually correct.

You can add a notice of correction to your files but, as I understand other post on this site, lenders can't be bothered to read them and tends to lead to automatic rejection.

Sorry that this probably isn't what you wanted to hear.

Edit
You may find this thread throws some light on your situation.

chriss_5

Hi,

The loan has 5 months ish left to run and all payments were bought up to date so the loan payments are on schedule and have been for over 12 months.

so basically if there is nothing i can do i might as well not pay the loan back to them? as it is just as bad as the AP on my account right?

i was going to settle the loan in full but i seem to get no benefit by doing this and my rating is still shot. the AP started 18 months and finished 4-5 months later after i paid the difference in full of the agreed payment to the aranged payment. so if i settle the account i have a long way to go and wait for my AP to drop off.

can i and should i drag this out to 3 years to make the loan active for 3 years?

PNPSUKNET

if paid in full it will decrease the longterm effect, however I would consider a complaint if you are fully upto date