'Missed Payments' from Santander

katiedhollinshead

Hello,

I had a student account with Santander that was closed in May 2019.

It was an older account that I had forgotten about but was still using the £1500 overdraft that came with it. They contacted me in February 2018 and we set up a payment plan of £100 a month for 15 months to clear it and then close the account.

On my current credit score, it shows 'Missed Payment' for every single month that I was in this repayment agreement. I didn't miss the payments at all and strictly transferred £100 on the 1st of every month agreed until it was paid off and closed. Is this normal, or should I dispute it with the bank? Will it show missed payments if I am technically still in arrears but with a repayment plan?

Thanks,
Katie

[Deleted User]

It's correct. A repayment plan means you are missing your contractual payments every month.

You may want to ask them to backdate a default to the initial missed payment.

katiedhollinshead

I wasn't contracted to a payment every month originally. Once I was no longer a student it was then agreed that I would pay back the overdraft with this payment plan. So essentially there was no missed payment?

The overdraft was a student overdraft with no charges.

sourcrates

Overdrafts are repayable “on demand” so the fact you are having to repay over time, after it’s been recalled, means you are not complying with the terms and conditions you originally agreed too, hence the late payment markers.

katiedhollinshead

Ah okay, understood. Thanks for explaining!