Late Payment for a loan

xlnc99

boo_star wrote: »

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.

Point i am making is if someone removes a default or late payment from their file as a gesture of goodwill then it doesnt show a true and accurate reflection of the person financial history. So surely that is not allowed? But it happens all the time

[Deleted User]

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

Goodwill gestures from people grovelling to foreign call centres and PDL accounts have nothing to do with the topic at hand here.

You're comparing apples and oranges again and trying to make it work in your favour, which, again, is not how it works.

[Deleted User]

xlnc99 wrote: »

Point i am making is if someone removes a default or late payment from their file as a gesture of goodwill then it doesnt show a true and accurate reflection of the person financial history. So surely that is not allowed? But it happens all the time

Again, not all the time.

A simple search on here will show you numerous times where they've called up and been denied a. to have the late payment charge refunded, b. the late payment maker removed, c. a promotional offer removed and d. a promotional interest removed.

And/or a collection of all and any of the above.

[Deleted User]

xlnc99 wrote: »

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.

Please show the legally backed up legislation that show this.

Willing2Learn

...the agreed time and/or the agreed amount according to your terms and conditions...

The terms and conditions of a consumer credit agreement is a contractual obligation. If a creditor decides not to mark an account as being in arrears or late, then that would be as a gesture of goodwill, as the contract has clearly been breached.

Willing2Learn

I cannot believe that Gary, boo_star and myself are in agreement. I must have entered some kind of parallel universe...

boo_star

xlnc99 wrote: »

Point i am making is if someone removes a default or late payment from their file as a gesture of goodwill then it doesnt show a true and accurate reflection of the person financial history. So surely that is not allowed? But it happens all the time

You seem to be missing my point. My point was that no regulations exist to back up your claims. I was not saying that reporting late payments as on time was definitely a breach, but that there is a far more compelling argument for reporting late payments being a breach (which would be factually incorrect) versus reporting 1 day late (which would be factually correct) being a breach of something

xlnc99

!!! wrote: »

Again, not all the time.

A simple search on here will show you numerous times where they've called up and been denied a. to have the late payment charge refunded, b. the late payment maker removed, c. a promotional offer removed and d. a promotional interest removed.

And/or a collection of all and any of the above.

I agree with that. That is not my point. My point was referring to BOO STAR where he said all accurate information must be recorded. So if someone even one person has had their default removed or late payment changed then its not accurate is it? Goodwill or not!

xlnc99

!!! wrote: »

Please show the legally backed up legislation that show this.

Everytime you reply i have to repeat myself 100 times. Im not sure if its LEGAL or POLICY or whatever. I remember reading it, ile dig it out later if i can find it. Furthermore as ive said before ive paid 10 days or 20 days late during the month for many creditors and its been marked on time. You always have a grace period and ive yet to come across any company that does not! If you could show me just one company or thread that will mark a payment as late after one day then ile eat my hat. You said there are 'loads' of examples of this and yet im still waiting for one

Infact, one of my loan companies gives a grace period of 45 days before its marked as late. Payment is due on the 1st of every month and they only mark it as late if payment is not recieved before the 15th of the following month! I have that in writing from them

[Deleted User]

xlnc99 wrote: »

Everytime you reply i have to repeat myself 100 times. Im not sure if its LEGAL or POLICY or whatever. I remember reading it, ile dig it out later if i can find it. Furthermore as ive said before ive paid 10 days or 20 days late during the month for many creditors and its been marked on time. You always have a grace period and ive yet to come across any company that does not! If you could show me just one company or thread that will mark a payment as late after one day then ile eat my hat. You said there are 'loads' of examples of this and yet im still waiting for one

Infact, one of my loan companies gives a grace period of 45 days before its marked as late. Payment is due on the 1st of every month and they only mark it as late if payment is not recieved before the 15th of the following month! I have that in writing from them

Post #33 - you stated it was a governing rule. Your words, not mine.

Having never had the need for a loan and always paying my bills on time, I've never experienced it first-hand myself.

There's nothing stopping you using the search box - it's right there at the top of the page and you seem to know your stuff when it comes to doing in-depth analytical factual research - you figure it out :cool: