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Credit Rating Returned DD
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Miss-Lahey
Posts: 4 Newbie
My partner and I noticed that we had frequent returned DD coming off our joint account (thanks to not paying enough attention). These missed payments would be settled within the same statement, but I just wanted to confirm if these would adversely affect our credit rating? We want to apply for a mortgage so are a bit concerned. We've been returned DD free for 5 months at the very least!
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Comments
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Did you incur late payment markers from the intended recipients?0
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If the bill was still paid on time then the fact of a returned DD will not itself show on your credit file. The easy answer is to check your file. You can do it online and costs no more than £2. You can even get it free if you sign up for a free trial of a monitoring service0
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Account conduct is a big issue for some lenders, particularly the clearing banks. Consistent unauthorised borrowing and rejected direct debits will see you declined in some cases.
Keep your account "unpaid" free for at least six months before you apply for a mortgage to be on the safe side.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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