Late Payment for a loan

DCFC79

HENRY78 wrote: »

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.

Ask Barclays then.

[Deleted User]

It will get marked on their system as late as soon as a day has passed.

They update the CRA's with information monthly - either way it's getting onto your credit files.

HENRY78

Not really is it Gary. It depends when they upload their info to the credit bureau. If the loan is up to date before they do then it wont show up as a late payment.

Willing2Learn

I don't understand why you have asked for advice when there is only one answer that you consider acceptable

normanna

If you think you know all the answers - then don't ask strangers on a forum whose background and expertise you know nothing about!

You need to ask your lender and you've been told this.

HENRY78

I have the answer from ZX. The other answers were false and I question their expertise.

[Deleted User]

HENRY78 wrote: »

Not really is it Gary. It depends when they upload their info to the credit bureau. If the loan is up to date before they do then it wont show up as a late payment.

It will the following month if the payment was made late.

You're not grasping this at all.

Ask your mortgage adviser/broker what they think of your idea and go from there.

sambaird

You have been given the correct answer several times.

I will provide a hypothetical example for you:

Your loan payment is due on the 1st August. You do not pay.
You pay on the 2nd August.
Barclays send the data to the credit reference agencies on the 31st August.
Your credit file is updated with a late payment marker.

Paying late is paying late.

Now... in the situation above, if you contact Barclays on the 2nd of August and plead with them not to put a late marker on your file, then they MAY, as a gesture of goodwill, agree to not put the marker on. However, personally I would not bank on this - as it would be purely at their discretion, and call center staff cannot wholly be relied upon to follow through on this action.

You mentioned at the top of the thread that you have a clean credit history with no late payments recorded so far - if you are so concerned about it, I do not understand why you would put this at risk, for the sake of a loan you say you can clear in full anyway a month later? You also mention you are in the process of remortgaging? Again... cannot fathom why you would want to even take the risk.

Although Gary and I do not necessarily agree on a few things regarding Credit agencies, personally, I think he is right to at least query whether you are ready for a mortgage. Lenders want to be sure that you are able to meet your obligations to them... the primary obligation that you are able to meet the payments, and make them ON TIME. The fact that you appear to have such a laissez-faire attitude towards making a late payment on a loan should set alarm bells ringing - I know if I was underwriting your mortgage... it would for me.

Oh... and finally... just because you don't agree with an answer, doesn't make it incorrect. Remember that. Facts are facts... Just the same as LATE is LATE.

PRAISETHESUN

HENRY78 wrote: »

I have the answer from ZX. The other answers were false and I question their expertise.

The thing I like about facts is that they are always right, no matter if you believe them or not. It's not simply a matter of waiting to get a single answer that you agree with, especially when you yourself do not know the answer.

[Deleted User]

sambaird wrote: »

Although Gary and I do not necessarily agree on a few things regarding Credit agencies, personally, I think he is right to at least query whether you are ready for a mortgage.

I don't believe we have crossed paths before? :beer: