Real Issue with Tesco Bank loan - please help! Affecting credit score!

Ben8282

1212Bill wrote: »

, Im as a default very careful with making sure any account I have are paid off in time and usually have a very good credit rating.

It looks like once in a while a direct debit to them has bounced, it happens right?

The second statement appears to contradict the first and no, it doesn;t happen right? It happens to those who are experiencing financial difficulties or are not paying attention to their finances.

Gaz83

1212Bill wrote: »

It is having an impact and its only Tesco doing this.

Tesco aren't doing this. You're doing this, by not making sure you have enough money in your account to pay your direct debits.

EssexHebridean

1212Bill wrote: »

- I mean it happens where cash flow wise, on that particular day I mustn't have had enough in that account to cover it. I didn't manage to transfer money from another account in time. Unfortunately I'm not flush, working all hours god sends to provide for a young family and its tough for me at the moment.

- Id love to ignore my score but im trying to apply for our first mortgage at the moment. It is having an impact and its only Tesco doing this.

OK - first off - you need to budget. Have a set account for all your bills, and use automated transfers from the account that your pay lands in to ensure that the cash is there to cover payments. It actually sounds as though you are fortunate it IS just Tesco placing late payment markers if this is something that is happening on a regular enough basis for you to accept it as something that "happen, right?". Set up the transfers for the relevant amount to cover the bills - ideally at the beginning of the month, then it's all covered, you no longer have to worry.

If you are getting paid weekly, not monthly, then it might help you to shift payment dates around into groups to ensure that they clear - most service providers will offer a choice of dates for the DD to be taken - you just need to give them a call and ask.

Bear in mind that once you have a mortgage you NEED to have this situation sorted - you absolutely cannot afford to be missing payments on the mortgage.

As for the credit "Score" - it doesn't matter. I could tell you that your score was 1,976.333 recurring - and it would mean as much as the numbers you see on the Credit Reference Agencies. Think about it - do they all use an identical number? Nope - they all use different systems, and that is because it has NO bearing on ANYTHING. Lenders don't even see it - the only person who sees it is you. It is your credit history that has a bearing on things - and that is why you need to work to stop the late payment markers from appearing.

I'm going to suggest you post a Statement of Affairs over on the DFW boards - and we can take a look and maybe give you some help on getting a workable household budget in place.

Oh - and for the avoidance of doubt, very few people on these boards - including those who are offering you constructive advice - are "flush", and almost all of them also have it tough - for whatever reason. It's the way life is, but learning to make your money work for you as well as you can is a good way of making it just that little bit less tough...

[Deleted User]

sourcrates wrote: »

The majority of the major banks/lending institutions, will automatically re-attempt a failed DD within 10 working days, they usually write to you and confirm this is the case.

However, this is not generic across the board, and some lenders seem incaperble of doing this, in a world where you can talk to someone on the otherside of the globe, in real time from your wrist watch, it really is poor show, its quite possible Tesco fall into this catagory.

Is it worth complaining ?

Its always worth a written complaint, the systems they run may not be set up to re-attempt payment twice, in the same payment cycle, but if one lender can allow 10 days grace, why can`t all of them ?

You may not get anywere, but then again you may get a goodwill gesture, stay off the phone, written complaint is best.

Are you seriously advocating complaining and costing a company time and money when a borrrower, who should know full well when their direct debit payment is, fails to fulfil their side of the contract and misses a payment more than once? Seriously? If so, you are a disgrace to this board.