Late payment advice

[Deleted User]

Hi

I have a mortgage with a friend who is now self employed. My share of the monthly amount is paid by standing order into my friends account a couple of days prior to the mortgage direct debit. As this friend is self employed now they make cash payments into their account on a regular basis as far I'm aware however in the past 6 months the mortgage payment has been returned on 3 occasions. As soon as we're made aware of this my friend immediatly sorts it out by paying some more cash into the account and then calls the mortgage provider and makes payment by debit card. I'm not really sure what the issue is but its a cash business so I think money is always coming and going from the account and I have been given assurances that they will try to ensure that on the date the mortgage is collected the finds will be there to stop this from happening. My quesiton though is that as this is a joint mortgage will these late payments be reflected in my credit rating at all? In other words, if I was to apply for credit elsewhere could it have an adverse effect?

Many Thanks

opinions4u

YOUR mortgage has been paid late.

I would expect this to be reflected on your credit file.

This will make credit harder (or more expensive) to get for you.

Thrugelmir

The mortgage is a liability in joint names. The originating account for payment is of no interest to the lender. So potentially yes is the answer to your question. Along with any additional interest or charges incurred.

[Deleted User]

Bit worrying this might be the case. As I say payment was made on each occasion literally the day after each letter was received. I think I'll need to have a further word under the circumstances.

fiesta04

Why don't you take control of the mortgage payment. Get your friend to put cash into your account 2-3 days before it's due and pay by direct debit to mortgage provider...........simples. Unfortunately your credit rating has been affected.