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Coronavirus: Not Paying Direct Debit?
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What makes you say that Steve?
I'm relaying a comment from MBNA customer services that I was told today.Everything posted above is my personal opinion. It may be right, it may be wrong, but it is mine.
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It's up to you lender to decide what they report to the CRA's, the contract is between you and them. They may report reduced/no payment but report that the account is up to date. That is why it's important to talk to them before cancelling a direct debit.I came into this world with nothing and I've got most of it left.0
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Just on a personal note, I can't see lenders ruining the credit reports of tens of thousands of folk because they are in difficulty 'through no fault of their own'......the phrase I keep hearing from the government.I came into this world with nothing and I've got most of it left.0
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Use your emergency fund for now. I mean we have only been locked down for 1 week!0
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This is in a email from HSBC. only copied the part in relation to.Shakin_Steve said:Just on a personal note, I can't see lenders ruining the credit reports of tens of thousands of folk because they are in difficulty 'through no fault of their own'......the phrase I keep hearing from the government.
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Personal loan and credit card payments. We recognise some customers may be struggling with their loan or credit card payments at this time, and I want to assure you that we are working hard to try and develop solutions as soon as possible. However, if you are facing immediate financial difficulty and have missed a payment, our Financial Guidance Team have a range of tools to help (please note: these tools will likely have an impact on your credit file). Please check our website regularly for updates, and refrain from calling unless you have already missed a payment.
Life in the slow lane0 -
You may be correct, I was looking at this thread earlier and wondering if the same could apply to all missed payments, provided agreement was reached first:
https://forums.moneysavingexpert.com/discussion/6118302/mortage-payment-holidays-will-not-effect-your-credit-file/p1However, my point about the lender sending whatever fits their situation to the CRA's still stands. I also wonder if that's just HSBC.I came into this world with nothing and I've got most of it left.0 -
It seems that the FCA have issued some new guidance proposals today, including not recording payment holidays negatively on your credit record:
https://www.fca.org.uk/news/press-releases/fca-proposes-temporary-financial-relief-customers-impacted-coronavirus
Everything posted above is my personal opinion. It may be right, it may be wrong, but it is mine.
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They are not FCA guidance. They are FCA proposals. Up for consultation on Monday before becoming potentially rubber-stamped by the following Thursday.I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job
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Corrected, thanks.
Everything posted above is my personal opinion. It may be right, it may be wrong, but it is mine.
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