Absolutely devastated- missed payment capital one- is there anything I can do??

ThisnotThat

lonibra said:

Nice one! Good on you for keeping at it. The formal complaint might also have helped, banks don't fancy having to pay £750 to the FOS if a complaint goes that far.

It's £550, and they get a certain amount of freebies before they have to start paying.

Emmia

I'd close the capital one account now too - and any other cards, accounts etc., that you don't use.

[Deleted User]

Emmia said:

I'd close the capital one account now too - and any other cards, accounts etc., that you don't use.

Closing old accounts can negatively impact your file if it leaves you with limited credit available, particularly if they are the longest held accounts. It's better to use the card monthly maybe for one purchase to show it's active and paid in full - better for credit history too.

Sandtree

Personally, would set up a DD on the Capital One for minimum payment therefore if another charge gets put on it because you've forgotten about a CPA or such then you know that you wont have a missed payment marker. You can always pay the balance in full after the DD if you want.

eskbanker

ThisnotThat said:

lonibra said:

Nice one! Good on you for keeping at it. The formal complaint might also have helped, banks don't fancy having to pay £750 to the FOS if a complaint goes that far.

It's £550, and they get a certain amount of freebies before they have to start paying.

No, it is £750 now, although you're right about the inclusive 'allowance' of an initial 25 cases (which wouldn't last long at Capital One!):

https://www.financial-ombudsman.org.uk/businesses/resolving-complaint/case-fees

Emmia

Deleted_User said:

Emmia said:

I'd close the capital one account now too - and any other cards, accounts etc., that you don't use.

Closing old accounts can negatively impact your file if it leaves you with limited credit available, particularly if they are the longest held accounts. It's better to use the card monthly maybe for one purchase to show it's active and paid in full - better for credit history too.

But not without risk if you forget about it in terms of address changes etc.

Alex9384

Emmia said:

But not without risk if you forget about it in terms of address changes etc.

I don't really understand how people "forget about accounts". I have an app for each of my accounts in my phone, also a bookmark in my laptop browser in the Accounts folder, then all the physical cards associated with accounts. If that's still not enough, people can take an A4 sheet and write down all accounts they have, or anything that needs to have the address updated when they move.

Anyway, closing multiple accounts in a short period is not a good idea. Lenders don't see the reason why those accounts were closed so they might just assume the account closures were initiated by customer's banks because he has become a high risk for whatever reason. I personally would not open or close anything right before mortgage application, unless a mortgage advisor tells me to close some particular account.

[Deleted User]

Emmia said:

Deleted_User said:

Emmia said:

I'd close the capital one account now too - and any other cards, accounts etc., that you don't use.

Closing old accounts can negatively impact your file if it leaves you with limited credit available, particularly if they are the longest held accounts. It's better to use the card monthly maybe for one purchase to show it's active and paid in full - better for credit history too.

But not without risk if you forget about it in terms of address changes etc.

If you have an active card then it'll be on your credit file and potentially a monthly direct debit. Moving house wouldn't change any of that as the payment would still go ahead and almost all banks now have online statements etc so little risk of missed post

Jumblebumble

lonibra said:

Nice one! Good on you for keeping at it. The formal complaint might also have helped, banks don't fancy having to pay £750 to the FOS if a complaint goes that far.

It also goes to show that the oft quoted advice here that banks etc  are legally obliged to report to CRAs the true state of an account is a figment of someone's imagination
Of course they cannot tell you which law obliges this.

[Deleted User]

Jumblebumble said:

lonibra said:

Nice one! Good on you for keeping at it. The formal complaint might also have helped, banks don't fancy having to pay £750 to the FOS if a complaint goes that far.

It also goes to show that the oft quoted advice here that banks etc  are legally obliged to report to CRAs the true state of an account is a figment of someone's imagination
Of course they cannot tell you which law obliges this.

There may or may not be a legal requirement but they should still do it to ensure a factual representation of a person's finance is properly recorded so other lenders can make appropriate judgements based on the history. Having some leeway to waive a report if the problem is made good by the customer within a day or two is a sensible compromise.