Barclays unfair (credit score from 900 to 160) - HELP!

we_mean_clean

Hey  

Hope you're all really well. 

A few years ago I got a personal loan out with Barclays. It's the only time I've ever borrowed. It was to give me a runway while I started my business, and to pay for my wedding. 

After making 18 months of repayments (always on time) I was having a really bad couple of months financially. 

I could still make the repayments but it would have really put a strain on the household so I decided to call up Barclays to see if there was an option for a 'holiday'. I was told (I have the call recordings - I always record calls nowadays) that it would be find to have 3 holiday payments within the term, and that I could take them whenever. I checked and triple checked (also something I do whenever on the phone to the bank / phone tariff / energy providers etc) and was assured that all I needed to do was miss the payments and as long as there wasn't more than 3 everything would be fine. 

It was not. 

I missed the 3 payments in a row which gave me enough time to get back on my feet and then started paying again. About 2 months after this I checked my credit score and noticed it had gone from 900 down to 160!!!! After digging a bit I found it was due to the missed payments on the loan. 

I called Barclays to book an appointment with the branch manager (something that seems to be as hard as taking the ring to Mordor!!) and after a while managed to get a face to face. 

The manager went through everything, including the call recordings and agreed that Barclays were 100% at fault. Perfect, I thought, I've wasted time here but at least I can get this sorted...

* insert noise from Family Fortunes when someone gets an answer wrong! 

They said it's down to the credit agency. About 2 months and 50+ emails/calls later after being bounced between the credit agency and Barclays I got in touch with the Financial Ombudsman. I went through that process (equally long) and they agreed it was all Barclays fault BUT I wouldn't be able to change my credit score and would have to wait 6 years for the missed payments to be wiped. 

Awesome. 

After all the wasted time I decided to call it a day and cut my losses - who needs a credit score anyway...

Fast forward to now and after using credit boosting agencies for the last 2 years I'm still on the very poor side of credit score. This wouldn't be so much of an issue but now I can't get credit for anything! Not even a sofa! It's starting to be a right pain as it is limiting a lot of my choices. 

I've since been back to Barclays and although they've been super understanding and as helpful as they can be, they still can't help!! The whole thing seems to me extremely unfair and SURELY someone can do something about it, especially as I have everything documented. I even have a signed letter from the Barclays branch manager apologising and admitting it was their screw up. 

Thanks for reading! 

Any help super appreciated! 






 

martinbainbridge1975

if Barclays have admitted they are at fault they should be correcting your credit file

also regards to the ombudsman they can tell businesses to put right any errors, I am surprised they are not doing that 

[Deleted User]

Your credit score has no impact on anything, so don't worry whether it's 160 or 1 6 million.

If there is incorrect data on your files, that needs to be corrected.

Are the missed payments still showing? On which CRAs?

kaMelo

What is it Barclays have done wrong?

longjohnjohnson

kaMelo said:

What is it Barclays have done wrong?

Presumably misadvised the OP that the way to take a payment holiday is to just not make the payments and they'll take that as some weird informal request for a payment holiday?  To be honest, I'd be asking for a second, third and fourth opinion if I was told this as well as asking for a letter to be sent to me handwritten by the CEO in their own blood before I'd be OK with it.  It's akin to taking time off work by just not turning up.  It sounds completely wrong (and it turns out it was.)

OP, if the FOS has not told them to amend your credit files (which I agree is correct, they would be essentially telling them to break the law) there is nothing you can do.  Presumably the FOS told them to pay you some compo so there's nothing to do at this point other than wait for the adverse data to drop off naturally.

sammyjammy

So three missed payments from 3 or 4 years ago?  That alone is not going to stop you getting credit from the sofa shed type DFS places.  As has been said the score means nothing but if everything was found in your favour Barclays should have updated your credit report.  Is that what actually happened?

we_mean_clean

Deleted_User said:

Your credit score has no impact on anything, so don't worry whether it's 160 or 1 6 million.

If there is incorrect data on your files, that needs to be corrected.

Are the missed payments still showing? On which CRAs?

Hey, cheers There are missing payments still showing and the Ombudsman, Barclays, and the top 3 credit agencies all say they cannot be revoked.

we_mean_clean

sammyjammy said:

So three missed payments from 3 or 4 years ago?  That alone is not going to stop you getting credit from the sofa shed type DFS places.  As has been said the score means nothing but if everything was found in your favour Barclays should have updated your credit report.  Is that what actually happened?

You'd be surprised. I've not been able to credit anything (tbh not my style to do so as I usually only buy something if I can actually afford it/have earned it). I run a business too and have been declined for a couple of business loans with these missed payments being the reason! I guess I'll have to wait till the fall off the credit report haha! Nope, Barclays cannot update the credit file, this is the issue. Cheers! 

kaMelo

I still don't understand what the problem is here. You missed three payments, Barclays correctly marked your credit file as such. What else has happened for you to complain and what did the ombudsman ruling say about it?

There are many factors that could be having an impact on your ability to get credit, having a high debt to income ratio might, being self employed probably is,  what won't be having much impact is the made up number the CRA gives you or the three missed payments from years ago.

Look at all your credit files and see what is written in all of them, there may be an error you're unaware of that's causing the problems.

dranzer01

Write a notice of correction and put everything you said on to that so other companies can see it whilst you are waiting for this whole shambles to be fixed - 

get a solicitor (paid one) and force these nonsense companies to take action -

To me, it sounds like you must have some sort of CCJ because if your credit file is blemish free and what you are saying you only have this recent missed payment as to why you cannot now get anything, doesn't really add up. But hey, could be wrong  -

/

True as above, look at all the credit reference companies and you will be shocked what each one holds on you......

[Deleted User]

dranzer01 said:

Write a notice of correction and put everything you said on to that so other companies can see it whilst you are waiting for this whole shambles to be fixed - 

Don't do that. It will further lower the OP's chances of passing credit checks.