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Standing Order Nightmare
Captainfearless
Posts: 9 Forumite
Hello,
Back in April my employer changed from weekly to monthly pay, and announced that we would be paid on the last Friday of each month. As my mortgage payment went out on the 24th, I decided to change it to a better timed date.
I contacted my lender Nationwide and asked for advice as to how and when best to reschedule my payment. They suggested a standing order for the end of the month, so I set one up for the last day.
However the first payment bounced due to Nationwide not giving me a reference number required to activate the standing order. It was then resolved and paid immediately.
We have since May been trying to remortgage (my fixed rate expires this month), and to our horror got declined several times. Eventually we enlisted an IFA to help, and he discovered that the reason was a missed mortgage payment on my credit file.
This week on calling Nationwide they casually mentioned that I missed another payment in September, due to the last day of the month not being a working day, hence we recently had another decline.
Nationwide are accepting responsibility for not advising me correctly and are cleansing my credit file. I have raised a complaint asking them to freeze my fixed rate and pay for the IFA.
I didn’t know that a SO falling on a Saturday could result in a credit drought!, I thought we lived in a 24/7 world.
I’ve now set my SO for the last Friday in each month.
Does anyone have any advice about how to get accepted quickly? As it is my credit report won’t be clear until January.
Is what’s happened re my credit blacklisting right and proper? After all, the money was always paid, it’s just that it was paid twice some months and skipped others.
Back in April my employer changed from weekly to monthly pay, and announced that we would be paid on the last Friday of each month. As my mortgage payment went out on the 24th, I decided to change it to a better timed date.
I contacted my lender Nationwide and asked for advice as to how and when best to reschedule my payment. They suggested a standing order for the end of the month, so I set one up for the last day.
However the first payment bounced due to Nationwide not giving me a reference number required to activate the standing order. It was then resolved and paid immediately.
We have since May been trying to remortgage (my fixed rate expires this month), and to our horror got declined several times. Eventually we enlisted an IFA to help, and he discovered that the reason was a missed mortgage payment on my credit file.
This week on calling Nationwide they casually mentioned that I missed another payment in September, due to the last day of the month not being a working day, hence we recently had another decline.
Nationwide are accepting responsibility for not advising me correctly and are cleansing my credit file. I have raised a complaint asking them to freeze my fixed rate and pay for the IFA.
I didn’t know that a SO falling on a Saturday could result in a credit drought!, I thought we lived in a 24/7 world.
I’ve now set my SO for the last Friday in each month.
Does anyone have any advice about how to get accepted quickly? As it is my credit report won’t be clear until January.
Is what’s happened re my credit blacklisting right and proper? After all, the money was always paid, it’s just that it was paid twice some months and skipped others.
0
Comments
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There's no credit blacklisting. Just data on your credit files.
If you were missing months, it's correct that they appear as missed payments.
Ask to set up a DD - then it's not your responsibility, apart from having money in the bank to pay it.
Wait for the markers to be removed from your file before applying for another mortgage.0
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