My Bank has destroyed my credit rating

caricat

Hello all
Sorry if I am doing this wrong, I have never used this forum before. I was wondering if anyone had any advice for me. I went into my bank (Natwest) about 3 years ago and was sold a consolidation loan for £10,000 (credit cards/overdraft plus a bit tacked on for some home improvements). My credit rating has always been fantastic, good-very good, which has taken a bit of work to get. I was advised at the time that should my circumstances change to let them know etc etc. I then lost my job due to redundancy and went in and they advised me to take a payment holiday. I specifically asked if this would affect my credit rating and was told no. I did this and was told that the missed payments would be spread over the loan. Three months later, I was back in work (my longest unemployment ever) and was shocke to find that i would have to pay all 3 payments at once immediately. These had to be put on my credit card since I didn't have the best part of £700 to hand. Anyway life continued and after another bank account health check, i asked could I borrow some money since I am getting married this year. The natwest lady noticed a "z" on my account but advised me to apply since she didn't know what it meant. I did, was rejected and advised that there had probably been a mistake since i easily passed the affordability so to appeal, which I did. I then googled a z rating and was horrified to find out that it meant that I was blacklisted by natwest, which they had never told me. The only credit I had applied for in the period since the loan was a car finance, which went through fine. I checked my credit rating and found that it was now at poor since the 3 loan payments counted as a default. Natwest have offered to cover the £40 interest on the £700 I had to put on a credit card (interest they calculated) and that is it. I have no idea what to do or how to get my credit rating. I have never defaulted on anything in my life and am horrified to find myself in this position. Any help or advice would be very gratefully received.

thanks

spadoosh

Theres normally terms surrounding payment holidays. Find out exactly what these are.

My understanding of the Z marker is that its an internal mechanism to highlight unwanted customers. The z marker does not show up on a credit reference agencies report and will only show up on Natwest systems.

Payment holidays shouldnt show up as defaulted. At worst i can only think theyd show as late payment and whilst impacting your credit report its a minimal impact. If they show as defaulted (and youve paid, which you suggest you have after a payment holiday) then you need to complain about inaccuracy.

Steer clear of Natwest and its linked companies, its unlikely theyll be willing to lend you money at all and if they do theyll charge a lot.