Challenging credit report?

sun_city_girl

Just after some thoughts.

Have a lot of debt
Approx 7k left on a loan
1900 on a credit card

Also had an overdraft of 3k with NatWest which they were absolutely hammering me with interest and charges on and they were generally making it impossible for me to clear it.
I was lucky to be lent 2k towards clearing it, so I paid that in and then switched my current account which left me in approx 1k of debt with them.
I phoned them and set up a plan where I pay them £100 a month to pay it off.

However since then every month that passes on my Experian credit report in the section under NatWest is saying as “missed payments” so it currently looks like I have 2 missed payments when I have in fact paid and I wondered if this would continue until the final £100 is paid? In the meantime my credit score which was really good because I never miss payments is dropping further and further which has annoyed me as by getting myself into a better financial position I’m being penalised for it.

[Deleted User]

The missed payments are correct as you're not meeting the contractual payments - ie clearing it in full upon account closure.

Get it paid off as soon as you can and remember to ignore your credit score. It's not anything that is seen or used.

Thrugelmir

sun_city_girl wrote: »

I phoned them and set up a plan where I pay them £100 a month to pay it off.

Should have stayed with them and worked towards clearing the remaining balance over time. You've created your own black mark. No one elses fault.

[Deleted User]

No challenge required - what's being reported is correct and true

Throw as much as you can at it all to clear it down.

Also ignore your fictitious score dropping.

sun_city_girl

Thrugelmir wrote: »

Should have stayed with them and worked towards clearing the remaining balance over time. You've created your own black mark. No one elses fault.

Helpful.
I can’t imagine sitting on a forum where people have financial worries just waiting to post comments like this.
I met with NatWest and they never offered me the option to freeze my account so I could pay it off, I was paying out over £100 a month in interest and charges which was making the situation worse.
Obviously we don’t all know the ins and outs of what will effect our credit rating and some of us also don’t have anyone to offer financial advice and it’s not taught which is why lots of people turn to online advice.....

sun_city_girl

Deleted_User wrote: »

The missed payments are correct as you're not meeting the contractual payments - ie clearing it in full upon account closure.

Get it paid off as soon as you can and remember to ignore your credit score. It's not anything that is seen or used.

Thanks :-)

I thought you needed a good score for things like mortgages etc?

[Deleted User]

No. The score is a gimmick that only you see. Like a horoscope. Fun if you like that sort of thing, but ultimately pointless.

Lenders will assess you on your credit history and circumstances.