Metrobank reported missed payment even though I'd transferred funds before deadline

The_Fat_Controller

What EXACTLY was recorded by the CRA ?
If it was for exceeding your overdraft limit, then it is correct .
The requirement to bring your account back within limit is a separate requirement of the bank.
Late payments refer to bills, not overdrafts.

joodlemcnoodle

The_Fat_Controller said:

@ThisnotThat, the OP stated it was reported as a missed payment, not a late payment and that they  transferred within the deadline.
You are just guessing as to what was reported to the CRA.
We need the actual facts from the OP.

Yes that's my point.  If there is a deadline for bringing it back in limit that should be clear.  I went in branch and they told me they would not report something like this to the credit agencies.  On my file it just says missed payment which makes it sound like a missed bill payment eg. A credit card but it refers to my current acciunt.  It's just not clear.  
Nowhere On my previous statement does it say anything about reporting to credit agencies.  
I have also read on Experian website that accounts normally need to be in arrears for 30 days before it would be reported.  It just doesn't make sense. 

MovingForwards

Have a read through the T&C's you agreed to when opening the account, that's where you will find the information.

Ask your broker to find another lender or sell the flat and rent while the work is done on the house. 

joodlemcnoodle

MovingForwards said:

Have a read through the T&C's you agreed to when opening the account, that's where you will find the information.

Ask your broker to find another lender or sell the flat and rent while the work is done on the house. 

Unfortunately it's not that simple.  We bought the flat to keep monthly payments low.  Rental payments are far higher so we would struggle to afford that.  And it doesn't solve the issue of paying the builder. 
There was only one lender who would release that much equity.  We already have a Barclays mortgage and they said they would let us take equity out.  We didn't meet the criteria for other lenders. 

joodlemcnoodle

I have just read through the 18 page document on T&Cs for my account and it does not mention reporting anything to credit agencies at all.   The only reference they make about credit agencies is about checking your score if you want to borrow money from them, but nothing at all about reporting missed payments.  The only thing it says in the overdraft section is that they will charge debit interest.   I can't see how this is providing clear information to customers.  I know sometimes things are buried away in the small print but it's not even there?? 

molerat

Their Privacy Policy, which is a separate document linked to in the T&Cs, gives them the right to report the management of your account to the CRAs.

ThisnotThat

The_Fat_Controller said:

@ThisnotThat, the OP stated it was reported as a missed payment, not a late payment and that they  transferred within the deadline.
You are just guessing as to what was reported to the CRA.
We need the actual facts from the OP.

Yes, but it wasn't a missed or late payment, it was an over-limit report.  It's entirely correct.  The account was over it's agreed limit and was reported as such.  As Metro didn't say that they wouldn't report it if it was brought back within its limits within 48 hours the OP has no complaint, the reporting is a factual representation of what happened.

ThisnotThat

joodlemcnoodle said:

The_Fat_Controller said:

As you say "bring it back in limit" not "in credit" that implies you have likely exceeded an overdraft and that is the cause of your problem.
You said you paid immediately but were the required funds actually credited within 48 hours ?
If so, you have a case for a complaint.
If not, you'll have to live with the marker for 6 years.
Can you see what is recorded on your report by the CRAs ?

The money was credited immediately and showed on my statement the next day so in 24 hours. That's why I'm confused. What was the point of the 48 hour limit if not to give me chance to stop the record on my credit file? It's not clear at all. 

To scare you into action.  They might have taken further action but as they didn't explicitly say that payment would stop them reporting you being over your limit, you have no case.

The_Fat_Controller

@ThisnotThat, the OP has stated several times it is reported as a "missed payment" not exceeding an overdraft limit.
Do you work for a CRA and have insider information about their reporting criteria ?

ThisnotThat

The_Fat_Controller said:

@ThisnotThat, the OP has stated several times it is reported as a "missed payment" not exceeding an overdraft limit.
Do you work for a CRA and have insider information about their reporting criteria ?

We're arguing semantics.  An OD can't be reported as a missed payment as it has no repayment facility as such.  Either the OP is mistaken or the CRA in question is erroneously reporting it as a missed payment.

Ultimately it matters not one jot.  The OP went over their limit and it has been reported.  Their is little chance of any mainstream lender lending them money when they can't even keep their current account within its agreed limits.  Perhaps a broker could argue their case, as has been suggested, but I wouldn't get my hopes up.

I don't know why me working for a CRA would be relevant, unless you're trying to play that silly game of "gotcha!" that the OP tried (and failed) with Metro.