Late payment

Caroline24

We are currently getting ready to apply for a new mortgage. We've been really careful with our outgoings and monitoring our credit files. But I've messed up!!! My partner has a loan with 118 money and the DD comes out of a different account, I've made sure we have all the DDs coming out of our joint account, but completely forgot to amend this one. The payment was due out on the 15th and it bounced! He rang on the 16th and they said they'd retake it, not via the DD as most other companies do but off the debit card they have registered to him, so he doesn't need to do anything! Then on the 18th he realised that he since has had a new card so the details would be incorrect. So basically he rang and paid it on the 19th with the correct card. I understand that the payment was late, due to my stupid fault, my understanding was that late payments were applied after 30 days. He's had a massive argument as he's asked if this will be reported as a late payment and he keeps getting 'it might do'!! When he eventually got through to complaints quite fed up, the lady he spoke to said, it's not been reported yet, but she'll make sure she reports it late and would as soon as it's a day late! Like I said, I appreciate it is late, but just wanted to know if anyone had experiences with 118. We're clearing the balance next month anyway, as the interest is crazy! Luckily I think they report to callcredit and the mortgage company we are applying with use Experian. Thanks.

[Deleted User]

Nothing you can do about it now - especially after having an argument with them. One late payment needn't be a deal breaker, although your timing could have been better.

Hopefully you're using a broker tough, as it sounds as if affordability may also be an issue, regardless of the late payment.

Caroline24

Thanks very helpful, yes we're using a broker, but the affordability isn't an issue the money was in a different account.

System

The late payment isn't half as damaging as the 118 loan is. Sub prime loans from payday lenders like 118, Wonga et al are looked on negatively by lenders.

Caroline24

Luckily 118 isn't classed as a payday loan anymore, so not as damaging. We've already been over this with our mortgage advisor.

[Deleted User]

They may not be classed as one "anymore", but were they at the time of the loan being made?

Caroline24

No and luckily for us they report to callcredit and the mortgage company we will hopefully be going with use Experian/equifax.