Late Payment for a loan

boo_star

xlnc99 wrote: »

I do not belive for one second someone as been marked late by missing their payment by one date. Ive not seen any posts like this, maybe post one link?

If they have, they can easily get this overturned because its simply not allowed. You have window which again as said before is 30 days but sometimes statement date for next bill.

Yes my research which has up to this point has helped me a great deal

Not sure what legislation you're referring to as it not being allowed. Or guidelines even?

I'd make the argument that not reporting late payments if they're paid within 30 days (or whatever) is far more likely to be "not allowed" than reporting 1 day late. It's arguably a breach of the Data Protection act as, well, it's not an accurate representation of the way the account has been operated.

xlnc99

In a pickle because of bad decisions made in the past. Spent a good 6 months researching trying to get out of this pickle and make sure it doesnt happen again.

Its allowed because of some sort of governing rule i believe or maybe some policy. Ile try dig out the online file later

[Deleted User]

xlnc99 wrote: »

In a pickle because of bad decisions made in the past. Spent a good 6 months researching trying to get out of this pickle and make sure it doesnt happen again.

Its allowed because of some sort of governing rule i believe or maybe some policy. Ile try dig out the online file later

Don't waste your time - there's no governing body or rule that states anything of the sort.

As for your pickle - and already stated in your other many, many repeated posts - suck it up and pay up and learn from it.

xlnc99

It maybe a grace period or something. As i said ile dig out later but EVERY company has it. Some 30 days, others are before the statement date. Each company is different.

sambaird

xlnc99 wrote: »

I do not belive for one second someone as been marked late by missing their payment by one date. Ive not seen any posts like this, maybe post one link?

If they have, they can easily get this overturned because its simply not allowed. You have window which again as said before is 30 days but sometimes statement date for next bill.

Yes my research which has up to this point has helped me a great deal

Just because I have time, and because you are so "special" here's selection of links from this board regarding late payment markers being applied - perhaps you could post up some of the links to your "research" for us all to see.

https://forums.moneysavingexpert.com/discussion/5997597/tesco-credit-card-late-payment-without-knowledge&highlight=late+payment+marker
https://forums.moneysavingexpert.com/discussion/5980977/late-payment&highlight=late+payment+marker

I really wish you wouldn't spew nonsense on this forum - its not responsible.

xlnc99

boo_star wrote: »

Not sure what legislation you're referring to as it not being allowed. Or guidelines even?

I'd make the argument that not reporting late payments if they're paid within 30 days (or whatever) is far more likely to be "not allowed" than reporting 1 day late. It's arguably a breach of the Data Protection act as, well, it's not an accurate representation of the way the account has been operated.

And yet everyday someone is removing a late payment marker or default or what not through a gesture of 'goodwill'. Infact the FCO have said pay day loans must remove all data for customers that win their claim for intrest to be refunded. Is that not a data breach?

So cant really use that arguement

Willing2Learn

According to ICO guidelines to creditors:

If you do not make your regular expected payment by the agreed time and/or for the agreed amount according to your terms and conditions, the account may be reported to the CRAs as being in arrears.

Source: http://www.scoronline.co.uk/sites/default/files/high_level_prinicples_document_final.pdf


The guidelines are pretty clear...

boo_star

xlnc99 wrote: »

And yet everyday someone is removing a late payment marker or default or what not through a gesture of 'goodwill'. Infact the FCO have said pay day loans must remove all data for customers that win their claim for intrest to be refunded. Is that not a data breach?

So cant really use that arguement

Gestures of goodwill are not legislation or guidelines.

I'd argue that removing accounts from files in their entirety is a breach, others may disagree it is.

xlnc99

sambaird wrote: »

Just because I have time, and because you are so "special" here's selection of links from this board regarding late payment markers being applied - perhaps you could post up some of the links to your "research" for us all to see.

https://forums.moneysavingexpert.com/discussion/5997597/tesco-credit-card-late-payment-without-knowledge&highlight=late+payment+marker
https://forums.moneysavingexpert.com/discussion/5980977/late-payment&highlight=late+payment+marker

I really wish you wouldn't spew nonsense on this forum - its not responsible.

Clearly you have trouble understanding. The links you sent me were because the people in question missed the payments for the full month and paid in the followng month! Clearly that would be marked as a late payment! That is not in dispute here!

Show me some proper threads that show a one day or even 10 day payment is marked as late. You wonf find them because it doesnt happen

xlnc99

Willing2Learn wrote: »

According to ICO guidelines to creditors:




Source: http://www.scoronline.co.uk/sites/default/files/high_level_prinicples_document_final.pdf


The guidelines are pretty clear...

Yes not disputing that but its very vague and not clear. The agreed time and amount according to your terms and conditions. Each lender usually has 30 days max or statement date before that is the agreed time. Even though payment is due by a certain date, the agreed time falls into a grace period of the 30 days/statement date. As said before each lender is different.