Late Payment for a loan

HENRY78

Hello all,


We are currently re mortgaging to raise money for home improvements and to pay off a small amount of debt.


We have a mortgage offer and the conveyancing is In process looking at completing in 4-6 weeks.


I have a loan payment due on the 15the of the month and was wondering if I could not pay this with the view of settling the loan in full by the end of the month if not soon after.


My credit report is squeeky clean so I do not want to have a blemish of a missed payment on there.


The loan is with Barclays and I was wondering if anyone knew how long the payment has to be overdue for them to report a 1 month arrear marker on the credit bureaus? Is it straight away or 30days late or something?


TIA

[Deleted User]

As soon as it's one day overdue it's late.

Also if the mortgage lender does a final credit check on your before exchange they may see this missed payment marker and withdraw on the mortgage offer.

Besides that, mortgage or not, you shouldn't purposefully miss payments on any credit accounts.

HENRY78

Are you sure? Surely they wouldn't mark it with the Experian/Clear Score/Equifax as 1 in arrears if the payment was a day late?

Willing2Learn

If you are one day late, then you have broken your contractual agreement. Your account should be marked as late accordingly.

[Deleted User]

HENRY78 wrote: »

Are you sure? Surely they wouldn't mark it with the Experian/Clear Score/Equifax as 1 in arrears if the payment was a day late?

Yes - late is late.

And to be honest if you're even asking these questions I don't think you're quite ready for a mortgage yet....

HENRY78

I own my house out right with no current mortgage. Borrowing £50k for an extension on a house that has been valued at £600k. So think I am ready thank you.


The loan has a current balance of £3k, and that is all the debt I have.


When you say my account "should" be marked as late accordingly. That is not what I am asking, to be clear I am asking when will Barlcays update as a 1 payment late to the credit bureau?

[Deleted User]

They will update them as soon as it is late.

I can't believe you're still even asking

[Deleted User]

They'll report it in their monthly reporting cycle, so within a maximum of 30 days.

You'll need to ask then when that is for your account, although I wouldn't expect the call centre to be able to readily give you an answer.

HENRY78

I don't accept your answer and do not believe a late marker is updated a day after a late payment is due. That is why I am asking. Hopefully someone else can give me a more believable answer that I can accept.

Willing2Learn

I suggest you ring Barclays and ask them if they will mark your file with aa negative late payment marker if you were to make your payment one day late. They may allow it, purely as a goodwill gesture...

HENRY78

Thanks ZX sound more plausible.