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RCI Finance Credit File
sheffieldsaddler
Posts: 72 Forumite
Hi
I got in touch with RCI finance as I took a payment holiday last year and my credit report was showing the balance over 3k higher then it should be.
RCI responded by saying because I took out a payment holiday on the car finance I am now in a repayment arrangement and they add a marker on your agreement to stop the credit reference agencies from downloading information.
The reason they add the marker is that the payment holiday amount sits as arrears in the agreement until the arrears are paid off in full.
Surely this is not right. I was under the impression payment holidays do not effect your credit score. But they quite obviously do if they are reporting the incorrect balance on your finance!
How is this right?
I got in touch with RCI finance as I took a payment holiday last year and my credit report was showing the balance over 3k higher then it should be.
RCI responded by saying because I took out a payment holiday on the car finance I am now in a repayment arrangement and they add a marker on your agreement to stop the credit reference agencies from downloading information.
The reason they add the marker is that the payment holiday amount sits as arrears in the agreement until the arrears are paid off in full.
Surely this is not right. I was under the impression payment holidays do not effect your credit score. But they quite obviously do if they are reporting the incorrect balance on your finance!
How is this right?
0
Comments
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What do you mean by "3k higher than it should be?" What "should" it be and why?
Bear in mind that you will continue to accrue interest during a payment holiday. It's perfectly normal for the account to be recorded as it is (i.e. the amount you owed before the payment holiday + any interest accrued during the payment holiday) they're not going to falsely report that you continued to make your contractual repayments (nor are they required to do so).0 -
Its an interest free PCP so no interest will be added at any time! The balance is 17k (confirmed in an email) and the balance showing on the credit report is 20k.....0
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Then the balance shouldn't go up, the balance on your file should be the amount owed in total, and if that's £17k then that's what they should report.sheffieldsaddler said:Its an interest free PCP so no interest will be added at any time! The balance is 17k (confirmed in an email) and the balance showing on the credit report is 20k.....0 -
Ok, by sounds I need to go to RCI then. As I said, there response to my email is in my first message,0
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