Unauthorised bank charges and removing late payments on credit file

Hussain2014

Hi Guys

about 6 months ago i went overdrawn by 20 pounds on my santander current account that had no overdraft, not knowing much about my credit score and what it meant I just disregarded the overdraft and continued to go about my daily life until recently I did a credit check and found it had dropped from 908 to 327 in 6 months!

I contacted santander bank and was told i was being charged 5 pounds a day and owed them around 450 pounds. After a long time on the phone they had agreed to refund the charges putting me back into credit by 8 pounds so that's sorted!

Now my problem is that i want them to remove the negative affect they have caused my on credit score but am not sure if they will be willing to do this or not? I understand that its my fault but surely over 8 pounds its just not fair I have to suffer such punishment? Im not able to obtain a mortgage or a personal loan! heck I cant even get a bloody vanquis bank account haha.

Could someone please point me in the right direction or at least advise me on what i should try to do to get this sorted please?
Iv'e already contacted the bank and the customer services lady told me that the notice on the credit report will be unlikely to be removed because of the late payments but surely if they have removed the charges then they should remove the late payment notifications too right? i mean its not as though i took a loan from them and didn't pay it back, they have just given me a bad credit reference because i didn't pay the 5 pounds a day charge for the past 6 months!

Thanks for your time

[Deleted User]

Hussain2014 wrote: »

surely if they have removed the charges then they should remove the late payment notifications too right?

No, your refund was a goodwill gesture by the Bank. It doesn't mean that your late payment notifications will also be removed.

Thrugelmir

Hussain2014 wrote: »

about 6 months ago i went overdrawn by 20 pounds on my santander current account that had no overdraft, not knowing much about my credit score and what it meant I just disregarded the overdraft and continued to go about my daily life

Precisely the reason why your credit file should accurately reflect the history. Lenders aren't merely interested in monetary amount of debts , they also appraise attitudes. Attitude tells them the sort of borrower you would potentially be.

Hussain2014

So there's no point in me going to the financial ombudsman and starting a case? I understand it was my fault but over a few pounds my life for the next 6 years has been put on hold because of this? there must be something i could do surely

Nasqueron

If you ask them very nicely in writing, explain it was a mistake add in some sob story about how it'll be harder for you to get credit etc you might get lucky but the unauthorised OD and more importantly, not paying it and addressing the issue is what has caused the mark.

Please note though, the credit score is 100% MEANINGLESS, it's a junk number made up by the credit agency - they do not lend you money so their assessment of you in numerical form is nonsense - finance companies will give or refuse credit based on many factors beyond what is on your credit file (salary for example or target market they want to lend to) so having 1 late payment marker will not stop you getting credit, I'm amazed that someone like Vanquis would turn you down for 1 marker. A mortgage etc might just be a slightly worse interest rate or some slightly off-prime lenders - you will just need to speak to a broker for who can get you a good deal.

The way the lender will think of it is that you were someone who didn't manage their finances perfectly (which might not put them off), but as you just ignored the issue and didn't approach them they would want to know that, hence the credit marker. Would you want to lend to someone like that?