Payment hoilday default update

sim2335

If you remember my old post, where I was told I could rewrite loan after 2 x 3 months payment holiday (even though I was in arrers before the holiday)the. A defualt  was put on my file without notice, after payment hoilday.

the outcome is good news there going remove the default allow me to rewrite both loans and send me compensation.
However during payment holiday they won’t remove on my credit file showing as missed payments every month because, I was in arrers that’s what it should show.
I wasn’t aware arrers  show as missed payments every month, should I pursee this with FOS?

how bad is 4-5 missed payments after a year if your credit file is cleared then 

[Deleted User]

It's correct that arrears show as missed payments until you've caught up, so not much point in going to FOS.

Months of missed payments aren't good, but the impacts reduces over time. It very much depends on what credit you intend to apply for and with whom.

sim2335

Deleted_User said:

It's correct that arrears show as missed payments until you've caught up, so not much point in going to FOS.

Months of missed payments aren't good, but the impacts reduces over time. It very much depends on what credit you intend to apply for and with whom.

Apply for mortgage 

so are they right not to remove the missed payments even though I called to pay of arrers, 1-2 months before payment hoilday  ended and may have paid them off if I knew this before 

macman

The missed payments are an accurate historical record.
Are you intending to apply for a mortgage from your own employer (assuming that the bank offers retail banking services)?

sim2335

Yes they do offer it would it be easier to get from them.

only problem is over 10 years I had debt with them which was sold on, so don’t think they will give me mortgage 

monetxchange

You did miss the payments and get into arrears, so obviously that won't change. I'd advise stop wasting your time on disputes and get to clearing debt and saving up. You were fortunate with this result so take it and run.

You've been advised many many times on here (including from mortgage brokers) before that your patchy credit history (which extends beyond these missed payments) probably will effect you getting a mortgage in the next year as you seem to think you'll be ready to. Your focus needs to be on building up your deposit as you'll likely need a large one and not asking the same questions and expecting different answers. In all likelihood it'll take you a few years to get debt free and then saved up and hopefully on a better income too, so these will be less of an issue by then.

macman

sim2335 said:

Yes they do offer it would it be easier to get from them.

only problem is over 10 years I had debt with them which was sold on, so don’t think they will give me mortgage 

Were you employed by them at that time? If not, then why did they take you on as an employee subsequently? This implies that your credit history going back 10 years is either not available to them now, or does not concern them. It's presumed that your job function is not one that requires financial checks to be in place?

sim2335

macman said:

sim2335 said:

Yes they do offer it would it be easier to get from them.

only problem is over 10 years I had debt with them which was sold on, so don’t think they will give me mortgage 

Were you employed by them at that time? If not, then why did they take you on as an employee subsequently? This implies that your credit history going back 10 years is either not available to them now, or does not concern them. It's presumed that your job function is not one that requires financial checks to be in place?

Yes I even told them I had debt, with them.
yes they did do credit check before employing me my credit rating was good at that time as everything had dropped off anyway

macman

So, why do you think that they would not give you a mortgage subject to the other usual conditions?

sim2335

macman said:

So, why do you think that they would not give you a mortgage subject to the other usual conditions?

Maybe stricter for mortgages?

monetxchange

Mortgages are strict, but even mortgage providers cannot dig up something that's dropped off your credit file and hold it against you. 

I'd recommend that when the time comes, you get a good broker that will take the time to explain how mortgages work to you. Mine did and it was really helpful. You do come across as a little ill informed and tend to listen to anecdotal advice on things and it's extremely important you understand your mortgage, the biggest financial commitment you'll ever make. There can't be any uncertainty and "assuming" things like missed payments aren't that bad etc as the difference with a mortgage is if you act financially irresponsibly, your home will be at risk.