Account Showing As No Payment

SnowTiger

SSD92 wrote: »

The weekly payment on each loan is £30, so depending on how many weeks in the month, payment should be between £120-£150 per loan. With the full £100 being allocated to the oldest loan, it would still show in arrears technically as it's not the full payment. However, some sort of payment should be showing on that particular loan as I've paid quite a bit while on the arrangement of £100 but Clearscore is showing missed payments completely.

It appears OP has two loans and should be paying £40 a week towards each of them. That's about £320 a month (£40 x ~4 weeks x 2 loans). Ouch!

OP hit hard times and reduced their monthly payment to £100 a month which they agreed with the collection agent to allocate against one of the loans: the loan that would finish earliest.

To me it appears the OP has missed payments on one of the loans and entered a payment arrangement on the other.

Therefore, the loan that ends earliest should be marked AP (Arrangement to Pay) and the other loan should show missed payments on CRA file(s).

Harsh. Should have been explained to OP when they reduced their payment.

SSD92

I’ve spoken with the lady who I name payments with and she said she’s not sure what’s going on with it so I need to speak with head office. At no point was anything ever mentioned about AP going on my credit file and so far it’s not showing like that, so we will see what head office say.

Thank you for the advice.

SSD92

I spoke to Morses, because I reduced my monthly payments it broke the agreement so it has been reported as missed payments.

I was never told this would be the case and have told them that, so they've referred me to the complaints department. I completely agree that the second loan is in arears but the full payment will now be allocated to that loan going forward as the first one has now been paid in full.

I'm disappointed that despite paying £100 towards the older loan monthly and it being on my credit file as 2 separate loans, Morses seem to be reporting data in a way that is putting both loans together - at least that's the impression I got from the woman I spoke to. Frustrating.

[Deleted User]

They can't "merge" 2 separate loan accounts into one.

That's not how it works

SSD92

When I was explaining that the loan I was querying was the one that has now been paid but has shown missed payments, she was saying that because the weekly amount of £51 wasn't paid, it will have been reported as a missed payment. The £51 payment was how much I paid for both loans.

I told her that both loans are separate accounts on my file as they are separate loan agreements, but she just kept mentioning it'll be because the second is still in arrears. Shall have to wait to see what the complaints department say I guess.