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Missed mortgage payment?. What imacts?

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Hi All,


Just after a word of advice please. Having re-mortgaged in June, my new provider was due to take my first payment out at the end of July. Due to a mixup on the application form (which I am complaining separately about) the bank account details were not processed correctly and a standing order was not setup - and hence I have just been informed that my first payment has not been taken. So I have now missed my first mortgage payment as a result.


I really wanted to know what the implications of this were on my credit rating?. Would this have been recorded, or is there normally a grace period to bring things up to date, before they mark a failed payment against you? Would it affect future credit applications, and if there is what can I do to get it removed?.


Any help or advice greatly appreciated.

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    You need to ask them or check your files. Every provider has different policies.
  • sandybrag
    sandybrag Posts: 574 Forumite
    Thanks. How soon would Experian or Equifax show a missed payment?.


    For example, mine was due at the end of July, would it be showing by now?.


    Sandy
  • sandybrag
    sandybrag Posts: 574 Forumite
    Could someone answer my last question above please ?
  • Ben8282
    Ben8282 Posts: 4,821 Forumite
    1,000 Posts Combo Breaker Newshound!
    edited 23 August 2016 at 1:22AM
    Your new mortgage provide would not have been in a position to set up a standing order on your behalf. You would have to have done it yourself with your bank and if you didn't then that explains why the standing order was never set up.
    As for the missed payment, I assume that you made the payment as soon as possible after it was missed?
    It may or may not appear on your credit files.
    Obviously paying your mortgage late does not look good but the effect won't be too bad if the rest of your credit accounts are in good order and the effect will pass quite quickly so long as it remains a single isolated incident.
    I would suggest that you forget about complaining about something that could not possibly have been their fault and instead call them explain that there was a mix-up/confusion of some sort and ask them very nicely if they would remove the late payment entry.
    The late payment would presumably be indicated by a status1 as opposed to a status 0 for the period in question.
  • National_Debtline
    National_Debtline Posts: 7,998 Organisation Representative
    Tenth Anniversary 1,000 Posts Combo Breaker
    edited 23 August 2016 at 3:51PM
    Hi Sandybrag,


    Credit files will normally be updated at least once per 1 calendar month, so this may be showing now if the mortgage lender has reported it. Other posters do raise a valid point that if you paid the missed payment quite quickly then it may not have been recorded at all.

    Generally speaking, lenders are required to record accurate information to the credit reference agencies. If the missed payment is accurate information you may struggle to get it removed. If this is the case then I would suggest that you ask for it to be removed as part of your complaint. Make sure you check all 3 credit files (Call Credit included) and go from there. Good luck,


    Laura
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
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