Mortgage Error

inkwizita

My mortgage provider has made a mistake back in November 2010 posting my credit file with a missed payment.

I first identified this in January 2011 and contacted them to correct it, they promised faithfully that this would be completed and i assumed it was done. I've since applied for extra borrowing with my mortgage provider to get some work done prior to putting the house on the market. However they refused due to adverse credit.

I pulled my credit files and there is only the missed payment in November 2010 that could be classed as adverse. They had still not corrected it.

I've received a letter from them accepting fault and offering me £40 as compensation, is £40 a fair compensation offer considering my credit file has been damaged for 4mths. I've had to make approximately 8-9 30-40 minute phone calls to rectify. I'm afraid to sign for the £40 offer incase a larger payment could be due.

Anyone advise?

Tony

Thrugelmir

inkwizita wrote: »

However they refused due to adverse credit.

Is that an assumption or a fact?

magpiecottage

FOS normally award £10 per hour.

9 × 40 ÷ 60 = 6 hours
8 × 36 ÷ 60 = 4.67 hours - so £46.70

So so if your times are correct it seems a bit mean.

hillcats

As this could possibly affect you for the next six years (on your credit file) I would personally be chasing for someone's blood, oh and a covering letter from them fully explaining the error would be a start providing they actually admit in writing that is...

DVardysShadow

inkwizita wrote: »

... I've received a letter from them accepting fault and offering me £40 as compensation, is £40 a fair compensation offer considering my credit file has been damaged for 4mths. I've had to make approximately 8-9 30-40 minute phone calls to rectify. I'm afraid to sign for the £40 offer incase a larger payment could be due.

Anyone advise?

Yes. Get a quote for the finance from somewhere else and work out how much extra you would pay. If it is over £40, tell them that you would prefer them to give you the loan, but you would equally accept the difference in the cost of finance.

One thing to bear in mind is that they may well not have rejected you on the Credit Referencing Agency data, but on their own data - which they would regard as authoritative. You need to see their own records and verify that these are correct before you allow the matter to be closed. If there are still errors, you should take the matter to the Information Commissioner's Office.

inkwizita

The rejection cos of adverse data on my credit file is fact, as they told me that exact thing when i chased them up.

Thanks for your help guys will update you guys on progress

Tony