Penalised for late payment when payment was made within the same month!

jAMESgAUBERT

Hi There, I am after some advice if someone can please help me. My car payment with Oodle Finance for last month was paid on the 30th January, not the 3rd January which is when the money should have been paid. I was paid late from work and called them to tell them that I would pay before the end of the month, I wanted to check that this would be ok and wouldn't effect my credit rating. The lady on customer service told me this would be fine.

I made the payment on the 30th January as previously promised and within the month.

I have just checked my credit report and they have marked me down as missing a payment, this has reduced my credit rating by 99 points and is the only blip I have on my report for the past 4 years! I am clearly very upset about this, I contacted Oodle who told me that there is nothing they can do as the time between my payment and my missed payment was too long!

Is this right and can anyone pls offer me some help or advice on what to do? Thank you so so much, James

[Deleted User]

Just don't make any more missed or late payments. One missed payment isn't a big issue on an otherwise well managed file.

But look to build some savings so you can weather things like this.

Don't worry about your 99 points - they weren't ever real in the first place. 

eskbanker

Firstly, ignore your made-up credit score.

A missed payment marker sounds accurate here (four weeks late is much the same thing), so I don't see any scope for challenge, although if you were definitely assured that they wouldn't apply this then that could be a cause for complaint....

P.S. Don't be under any illusion that monthly payment means that payment the same month is in any way acceptable (both for your debt repayment and for your employer for that matter)

RogerBareford

jAMESgAUBERT said:

Hi There, I am after some advice if someone can please help me. My car payment with Oodle Finance for last month was paid on the 30th January, not the 3rd January which is when the money should have been paid. I was paid late from work and called them to tell them that I would pay before the end of the month, I wanted to check that this would be ok and wouldn't effect my credit rating. The lady on customer service told me this would be fine.

I made the payment on the 30th January as previously promised and within the month.

I have just checked my credit report and they have marked me down as missing a payment, this has reduced my credit rating by 99 points and is the only blip I have on my report for the past 4 years! I am clearly very upset about this, I contacted Oodle who told me that there is nothing they can do as the time between my payment and my missed payment was too long!

Is this right and can anyone pls offer me some help or advice on what to do? Thank you so so much, James

In future just pay it right away from your savings and then repay your savings when you get paid. Delaying payments like this just because your paid late makes it look like your running your finances right to the wire and that's why things like this need to be marked on your credit file show potential lenders know your a higher risk.

Thrugelmir

Contractually you are due to pay on the agreed payment date. There's no flexibility. Late is late. 27 days isn't an oversight. 

bengal-stripe

The next payment would have been due last week on February 3rd. If you haven't paid that on time, you might get another late payment marker.