Completion credit checks and errors

Enard98

Hi All,

I am purchasing a new build property which is due to complete at the end of June. We exchanged last month.

Yesterday I received an email from equifax to say my new credit report was ready and that there had been changes.

My car finance payment for April is showing as "missed payment". I went into a blind state of panic and immediately pulled my bank statements up which has shown that all my car finance payments have been successful and paid as normal 😕

I queried this with the finance company this morning and they are saying that because the payment was due on the 1st of April which was a Saturday, the payment was not sent by my bank until the next working day which was Monday the 3rd, so they are classing it as a late payment! To make matters worse the same situation has happened in May as the 1st was a bank holiday, so the payment was sent on the second - I'm not sure how this will appear on my credit file as it hasn't been updated yet.

The customer service agent has said the account is fully up to date and has been paid each month but she isn't sure if their credit department will be willing to update my credit file as she said it's late (even though she said it is normal for banks to do this)... how can this happen when the payments have been made?!

My biggest concern here is that I'm due to complete in roughly 4-6 weeks - will another hard credit search be performed on me?

I can provide my bank statements to show evidence that all payments have been successful and even the statement from VW themselves to show no arrears, will this be satisfactory? I have asked my broker who said it shouldn't cause any issues but I'm terrified of my mortgage offer being pulled for such an irritating mistake.

Any advice would be greatly appreciated.

Thank you

[Deleted User]

Enard98 wrote: »

I queried this with the finance company this morning and they are saying that because the payment was due on the 1st of April which was a Saturday, the payment was not sent by my bank until the next working day

This suggests you have a standing order set up rather than a Direct Debit, as DDs are pulled by the recipient, rather than sent by the bank.

Can you confirm how you are making payments?

Enard98

The payments are made by standing order as they are sent from my partner's bank account, direct debit is not an option as the agreement is in my name.

[Deleted User]

Then it is likely that some of your payment have been made late, if you are paying on a fixed day.

A DD could be set up from any account. It would avoid this happening in future, but doesn't solve the problem now. You're reliant on their goodwill at this stage.

Enard98

I was told by the company myself that the payments would have to be made by standing order as direct debits are not an option if the bank account is in a different name from the credit agreement holder's name.

What I am finding hard to comprehend is that the payments are due on the 1st - the 1st of January was not a working day and my payment was made at the next available working day and this was not classed as late or missed, so I don't understand why this has happened in April.

What I am more concerned about is the fact they are stating on my credit file that the payment was missed, suggesting it was not paid at all.

The agreement is fully up to date and is showing as such on my statement, I don't understand how it can be classed as missed on my credit report.