Tesco Loan Update once settled. Very worried...

castortroy28

Hi All,

So if you read my other posts, I am currently trying to sort myself out in regard to my debt and at the moment am working as a temporary worker. I dont get paid much but enough to live off at the moment.

I checked my report on noddle yesterday and was horrified to see that I was in arrears on a loan I have with Tesco. Its a small one and is due to paid off in a years time.

Now this is the problem, I have paid off the arrears but Tesco told me that they cant update the credit file as it wasnt their mistake that I was in arrears and didnt realise.

It shows a missed payment for the last 7 months.

I have just about to be offered a permanent contract with the company I work for but I know they will do a credit check.

Tesco wont update the credit file until the 1st of october and so when they do the check it will show that I will have arrears on my file.

If I pay to whole amount and settle the account in full will they update the file quicker? then hopefully I will have a better chance at passing the credit check then as i will show no arrears on my file.

Please help am worried, if i dont pass will be unemployed...

_Andy_

If you missed the payments then they have to be recorded as such on your credit file.

BugsyBrowne

As above they won't take that off your credit file your mistake and it's correct that tesco has put this on your report.

castortroy28

_Andy_ wrote: »

If you missed the payments then they have to be recorded as such on your credit file.

yes but if I settle the whole amount then will it show up at all?

USM

What you pay now won't make a difference - it will still be shown that you were in arrears for 7 months and that won't change.

castortroy28

USM wrote: »

What you pay now won't make a difference - it will still be shown that you were in arrears for 7 months and that won't change.

Sorry you dont understand. Yes it will show arrears for 7 months but the debt will be actually settled so they wont care so much I believe.

How quickly will that get updated?

electrobix99

I would be surprised if you got declined the job because of your credit report. I am sure it is more to do with fraud that your history of paying bills.

_Andy_

castortroy28 wrote: »

Sorry you dont understand. Yes it will show arrears for 7 months but the debt will be actually settled so they wont care so much I believe.

How quickly will that get updated?

It will show as settled but 7 months missed payments will still show - kiss goodbye to any mainstream credit for a long time I'm afraid.

castortroy28

electrobix99 wrote: »

I would be surprised if you got declined the job because of your credit report. I am sure it is more to do with fraud that your history of paying bills.

sigh... i would like to hope so.. but I know the company I could be working for, are very strict. A friend of mine got declined form the same company for having mortgage arrears, like three months of payments.

I recently was confirmed for a new phone contract so i dont know if that is any indication of that my credit history is okay even though on noddle it says 1 out of 5.

castortroy28

_Andy_ wrote: »

It will show as settled but 7 months missed payments will still show - kiss goodbye to any mainstream credit for a long time I'm afraid.

i dont want any credit and will not be borrowing money from the bank or anyone else for a while...

I think I just have to pray.

DevCoder

The missed payment markers will stay on the credit record for 6 years