Missed credit card payments due to changed address / standing order - Experian blocking car lease

Mog_X

Back in early 2017 we moved house and forwarded mail for a few months plus contacted just about everyone who needed to know our new address.

At that time we had a Tesco credit card with zero balance, we weren't using it so we forgot to change the address for this one.  However later that summer a standing order came out of this account and we knew nothing about this until December 2017 when the debt collectors contacted us, at which point we paid it off at once.

Since then I've taken out a car lease with no issues, but now this lease is coming to an end so I applied for another one with them.    They said that the finance company turned me down, so after signing up for Experian I realised this 'gone away' default was on my account.  I added a note to this issue but I'm still being turned down.

Is there any way that this can be sorted out, or am I stuck until the six years are up?

cymruchris

The difficulty you have is that the record at the credit reference agency is a true reflection of events as they occurred. It may have been an oversight, and certainly not intended, but the reality is that you didn't update it, you then owed money, and you didn't pay it back. You could try writing a very apologetic letter to Tesco outlining what happened, and asking that they consider updating the credit record to reduce the impact, but they are under no obligation to do so, and realistically probably won't - but it doesn't stop you trying. You may find as a result you can still get deals - but not the best deals, so you may have to look at more specialist options that'll cost more. 

MalMonroe

Mog_X said:

Back in early 2017 we moved house and forwarded mail for a few months plus contacted just about everyone who needed to know our new address.

At that time we had a Tesco credit card with zero balance, we weren't using it so we forgot to change the address for this one.  However later that summer a standing order came out of this account and we knew nothing about this until December 2017 when the debt collectors contacted us, at which point we paid it off at once.

Since then I've taken out a car lease with no issues, but now this lease is coming to an end so I applied for another one with them.    They said that the finance company turned me down, so after signing up for Experian I realised this 'gone away' default was on my account.  I added a note to this issue but I'm still being turned down.

Is there any way that this can be sorted out, or am I stuck until the six years are up?

It's not clear why you didn't hear anything about this until the debt collectors contacted you. If they were able to contact you, why couldn't Tesco? They would have written to you before contacting debt collectors but how were debt collectors able to contact you if Tesco couldn't?

It's also strange that having allowed you to have a car lease with no issues, the finance company have now turned you down.

You could try doing some 'soft searches' to see if you can get finance from another lender. If you keep applying for finance then lenders will be putting hard searches on your credit reports and if they see you have had a few applications, they will think you are 'credit hungry' which is not a good thing. 

FeaturelessVoid

MalMonroe said:

FeaturelessVoid said:

Mog_X said:

Back in early 2017 we moved house and forwarded mail for a few months plus contacted just about everyone who needed to know our new address.

At that time we had a Tesco credit card with zero balance, we weren't using it so we forgot to change the address for this one.  However later that summer a standing order came out of this account and we knew nothing about this until December 2017 when the debt collectors contacted us, at which point we paid it off at once.

Since then I've taken out a car lease with no issues, but now this lease is coming to an end so I applied for another one with them.    They said that the finance company turned me down, so after signing up for Experian I realised this 'gone away' default was on my account.  I added a note to this issue but I'm still being turned down.

Is there any way that this can be sorted out, or am I stuck until the six years are up?

No, stop trying to hide from your bad life decisions.

This comment is extremely judgemental and not at all helpful.

Forum rules state :   "Be respectful, polite, friendly and mindful of the impact of your posts to other community members, Board Guides and MSE staff – everyone is human here. This rule is non-negotiable."

The sooner you people stop thinking everything is an attack, the better.

The OP is taking offence at their actions being reflected on a file, and finding the concept of action having consequences unbelieveable.

I can assure you that cause and effect has been around for a very long time, and your "helpful" posts are not helpful at all, and just cause event more arguments.

FeaturelessVoid

MalMonroe said:

Mog_X said:

Back in early 2017 we moved house and forwarded mail for a few months plus contacted just about everyone who needed to know our new address.

At that time we had a Tesco credit card with zero balance, we weren't using it so we forgot to change the address for this one.  However later that summer a standing order came out of this account and we knew nothing about this until December 2017 when the debt collectors contacted us, at which point we paid it off at once.

Since then I've taken out a car lease with no issues, but now this lease is coming to an end so I applied for another one with them.    They said that the finance company turned me down, so after signing up for Experian I realised this 'gone away' default was on my account.  I added a note to this issue but I'm still being turned down.

Is there any way that this can be sorted out, or am I stuck until the six years are up?

It's not clear why you didn't hear anything about this until the debt collectors contacted you. If they were able to contact you, why couldn't Tesco? They would have written to you before contacting debt collectors but how were debt collectors able to contact you if Tesco couldn't?

It's also strange that having allowed you to have a car lease with no issues, the finance company have now turned you down.

You could try doing some 'soft searches' to see if you can get finance from another lender. If you keep applying for finance then lenders will be putting hard searches on your credit reports and if they see you have had a few applications, they will think you are 'credit hungry' which is not a good thing. 

It's very clear why they didn't hear anything about it. They moved address and didn't tell the lender.

[Deleted User]

Mog_X said:

Since then I've taken out a car lease with no issues, but now this lease is coming to an end so I applied for another one with them.    They said that the finance company turned me down, so after signing up for Experian I realised this 'gone away' default was on my account.  I added a note to this issue but I'm still being turned down.

Is there any way that this can be sorted out, or am I stuck until the six years are up?

Remove the Notice of Correction - that's not helping and preventing any chance of automatic acceptance.. You may be more successful once that's gone.

It's not Experian who are 'blocking your car lease'  - lenders are declining you because of your risk.  

The default will reduce in impact over time - it's not a question of 6 years or nothing.

[Deleted User]

MalMonroe said:

FeaturelessVoid said:

Mog_X said:

Back in early 2017 we moved house and forwarded mail for a few months plus contacted just about everyone who needed to know our new address.

At that time we had a Tesco credit card with zero balance, we weren't using it so we forgot to change the address for this one.  However later that summer a standing order came out of this account and we knew nothing about this until December 2017 when the debt collectors contacted us, at which point we paid it off at once.

Since then I've taken out a car lease with no issues, but now this lease is coming to an end so I applied for another one with them.    They said that the finance company turned me down, so after signing up for Experian I realised this 'gone away' default was on my account.  I added a note to this issue but I'm still being turned down.

Is there any way that this can be sorted out, or am I stuck until the six years are up?

No, stop trying to hide from your bad life decisions.

This comment is extremely judgemental and not at all helpful.

Forum rules state :   "Be respectful, polite, friendly and mindful of the impact of your posts to other community members, Board Guides and MSE staff – everyone is human here. This rule is non-negotiable."

Totally, totally, subjective, you're doing it again, stop inciting drama by these inflammatory posts.
I know you're trying to help but please don't do it this way 🙏

Grumpy_chap

Mog_X said:

Back in early 2017 we moved house and forwarded mail for a few months plus contacted just about everyone who needed to know our new address.

At that time we had a Tesco credit card with zero balance, we weren't using it so we forgot to change the address for this one.  However later that summer a standing order came out of this account and we knew nothing about this until December 2017 when the debt collectors contacted us, at which point we paid it off at once.

Since then I've taken out a car lease with no issues, but now this lease is coming to an end so I applied for another one with them.    They said that the finance company turned me down, so after signing up for Experian I realised this 'gone away' default was on my account.  I added a note to this issue but I'm still being turned down.

Is there any way that this can be sorted out, or am I stuck until the six years are up?

OP - it is worth checking your credit file at all the agencies in detail to see that there is nothing else logged that could be viewed detrimentally by potential lenders.  

A solitary, low value and quickly resolved default from 4 years ago should not preclude you from all finance.  It may preclude you from the very best deals, but not everything.

It is also worth considering your affordability for the finance that you seek - you may be simply continuing a car payment that you had anyway but, in the period of the ending lease, the affordability requirements of finance companies may have changed and / or your personal circumstances may have been impacted.  Either could mean you no longer fit the criteria for that lender.

Alternatively, are you able to get a cheaper car that wont require you to take finance or are you able to look at alternative vehicle options that may have different lending criteria?

Thrugelmir

What other factors could there be that have resulted in a decline?  Sometimes it's a combination rather than being black and white. 

Mog_X

Grumpy_chap said:

OP - it is worth checking your credit file at all the agencies in detail to see that there is nothing else logged that could be viewed detrimentally by potential lenders.  

A solitary, low value and quickly resolved default from 4 years ago should not preclude you from all finance.  It may preclude you from the very best deals, but not everything.

It is also worth considering your affordability for the finance that you seek - you may be simply continuing a car payment that you had anyway but, in the period of the ending lease, the affordability requirements of finance companies may have changed and / or your personal circumstances may have been impacted.  Either could mean you no longer fit the criteria for that lender.

Alternatively, are you able to get a cheaper car that wont require you to take finance or are you able to look at alternative vehicle options that may have different lending criteria?

That was the only thing that was an issue -  we've been mortgage-free since 2016 and have never even used my overdraft facility. My  previous car lease in 2019 went through with no problems, so I didn't even know this was on my score until this week.

Also FeaturelessVoid,  I wasn't trying to "hide from your bad life decisions",  this was a standing order for just £300 (AA membership), and there wasn't a facility to get online credit card statements back then, so first thing we knew about this was the letter in December.

DCFC79

 Why was a direct debit not setup ?
It would mean it wouldn't be down as a missed payment.