Default registered after 1 late payment

Thrugelmir

rickbooth86 wrote: »

I should have set up another DD but hindsight is a wonderful thing.

Were payments being made on the contractual due date every month. Serial late paying amounts to a default.

bengal-stripe

rickbooth86 wrote: »

I had an account with the car finance company where I paid £85 a month. Last April I missed the payment because I had a lot going on and it just slipped my mind.

rickbooth86 wrote: »

I had a DD set up with them but due to having an accident in the car and needing to buy a new car the DD was cancelled and a new payment plan with them was set up as the amount I was paying changed.

Account start date 06/01/2015
Account end date 02/11/2017
Opening balance £ 8,000
Regular payment £ £ 166
Repayment frequency Monthly

You had an agreement to pay £166 per month. At some point you asked the company to lower the payments to £85 (about half). At this point you started defaulting, as you didn't keep up with the original schedule.

When your (reduced) payment didn't arrive for a whole month, the company made the default official.

rickbooth86

Yes they were made on time. I did make one change to the payment date though however due to a change in the day I was paid. They were aware of this though.

rickbooth86

It was them who suggested only making half the payment when I called to see how much I owed them after the insurance payout.

[Deleted User]

rickbooth86 wrote: »

The annoying thing is the account doesn't even show on my Clearscore or MSE Credit Club reports.

That's a good thing, not an annoying thing. It limits the damage.