Lowell not reporting correct info to Credit Reference agency

Mart7379

Looking for a little bit of advice or assistance. Majority of my debts are being managed by Lowell Debt, Over the last couple of months I have been working hard to reduce my debt as much as I possibly can, and continue to clear my debt as quick as I possibly can and although I have found lowell are updating the debts I have paid off, they aren't updating the debts that I have a payment plan in place for, These debts are currently being paid weekly by direct debit, however according to my credit file, Although lowell show the balances are reducing are reporting them as 'missed payment' month on month. This information is incorrect and causing a negative effect on my score. Is this the correct procedure in regards to my debt, will they continue to report them as 'missed payment' until the debt is clear in full, or should they be reporting them as 'on time' considering there are agreed payment plans in place which I keep to week on week. It seems i'm doing everything I can to clear my debt and improve my score, when lowell knocking me back down again. 

I can't and I am not blamimg them for my poor score and bad credit, as that is solely down to me, and me abusing it over the years, but I would expect a company like Lowell to share correct information to my credit file.

sourcrates

Missed payment is probebly correct, makes no difference what kind of payment plan you negoatiate after the fact, once defaulted, your naturally going to have contracted payments that you have missed, and with any payment plan, its unlikley you will ever catch up.

Rememeber, credit files are updated according to contractural repayments, not payment plan payments, once defaulted unless you clear the arrears, it will be reported thus.

Mart7379

Thanks Sourcrates that makes sense, I'm slowly getting there, 2 of the 8 debts lowell currently hold are now clear, just wish I hadn't got into this situation in the 1st place. But you can't change the past. 

sourcrates

Mart7379 said:

Thanks Sourcrates that makes sense, I'm slowly getting there, 2 of the 8 debts lowell currently hold are now clear, just wish I hadn't got into this situation in the 1st place. But you can't change the past. 

You shouldn`t worry too much about your credit file, it will heal with time, and those who never make a mistake, never make anything.