Late Payment for a loan

xlnc99

Just found a thread confirming my and zx statements about late payments and the 30 days: Have a full read of the thread, you have some expert opinions from bankers who confirm what me and ZX have said

https://forums.moneysavingexpert.com/discussion/3906563/credit-card-payment-4-days-late-how-does-this-affect-mortgage-application

boo_star

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

Not sure anyone has argued that companies won't have an internal policy of marking payments as on-time if paid before a certain point after it was due.

What people picked up on was that you said reporting payments 1 day late as late was not allowed. That's what everyone has a problem with. Because it's nonsense.

[Deleted User]

xlnc99 wrote: »

Just found a thread confirming my and zx statements about late payments and the 30 days: Have a full read of the thread, you have some expert opinions from bankers who confirm what me and ZX have said

https://forums.moneysavingexpert.com/discussion/3906563/credit-card-payment-4-days-late-how-does-this-affect-mortgage-application

Nope - still not evidential proof at all.

xlnc99

!!! wrote: »

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:

I said i read it somewhere and i belive it was a governing body or something but wasnt too sure. So maybe its not then, but thats not the point i was trying to make it. Ive used the search box and couldnt find anything that you said were 'loads of threads' flying around. So i guess that was incorrect information aswell then

Willing2Learn

https://forums.moneysavingexpert.com/discussion/5947783/one-day-late-payment

xlnc99

boo_star wrote: »

Not sure anyone has argued that companies won't have an internal policy of marking payments as on-time if paid before a certain point after it was due.

What people picked up on was that you said reporting payments 1 day late as late was not allowed. That's what everyone has a problem with. Because it's nonsense.

Ok ile rephrase. Whether its allowed or not is something im not sure about. Ile dig out what i saw online later on. What i am sure about is that everyone has a grace period, simple as that. 30 days or before the next statement - everyone has it. Never once have i seen anyone been marked late for 1 or even 10 days past their due date. It just doesnt happen. Through all the threads on here and all my experiences with various companies everyone has a grace period of certain days

xlnc99

Willing2Learn wrote: »

https://forums.moneysavingexpert.com/discussion/5947783/one-day-late-payment

Just read that thread and no evidence of a late marker placed on his file. HE got charged a late payment fee which some companies do. Its happened to me a few times but that wont go on his credit file as being marked as late

boo_star

xlnc99 wrote: »

Ok ile rephrase. Whether its allowed or not is something im not sure about. Ile dig out what i saw online later on. What i am sure about is that everyone has a grace period, simple as that. 30 days or before the next statement - everyone has it. Never once have i seen anyone been marked late for 1 or even 10 days past their due date. It just doesnt happen. Through all the threads on here and all my experiences with various companies everyone has a grace period of certain days

Well I can assure you, it is allowed.

The problem with what your post says is it's pretty dangerous "advice" to give to the OP. As there is no hard and fast rule about reporting these late markers he may well end up with one. And if they credit check him before the mortgage goes through and it has been reported I'd put money on his mortgage offer being revoked. It just isn't worth the risk.

He needs to assume it will be reported and pay it so it isn't

[Deleted User]

xlnc99 wrote: »

Just read that thread and no evidence of a late marker placed on his file. HE got charged a late payment fee which some companies do. Its happened to me a few times but that wont go on his credit file as being marked as late

And here we are waiting on your government back evidential proof still...

Willing2Learn

No-one has a grace period. Everyone has a contract and applicable t&cs that need to honoured. Individual companies may have their own policies and procedures that will dictate how they respond to any given situation. But whatever their policy, it does not change or vary the contractual terms between borrower and lender.