Financial Ombudsmen Service... how long?

Firefarie71

I hope this is the right place to post this.

I want to get a mortgage but have a late payment showing on my credit file. This account was with Argos Card Services and should have had a default put on back in 2018 when I entered a DMP, which would mean it wouldn't be on my credit file now. 

However, the account was settled June 2020, which means the late payment shows until June 2026, meaning it'll affect mortgage offers. 

I referred this to FOS April 2024 stating that Argos decision to not default is causing detriment to me and the adjudicator ruled in my favour June 2024. Argos didn't agree and want the Ombudsmen to look at it. 

I wanted to ask if anyone has had any similar experiences? The FOS cannot give me a time frame. I want to start looking for a home March next year. 

Thank you in advance for your help 

MattMattMattUK

Firefarie71 said:

I hope this is the right place to post this.

I want to get a mortgage but have a late payment showing on my credit file. This account was with Argos Card Services and should have had a default put on back in 2018 when I entered a DMP, which would mean it wouldn't be on my credit file now. 

However, the account was settled June 2020, which means the late payment shows until June 2026, meaning it'll affect mortgage offers. 

I referred this to FOS April 2024 stating that Argos decision to not default is causing detriment to me and the adjudicator ruled in my favour June 2024. Argos didn't agree and want the Ombudsmen to look at it. 

I wanted to ask if anyone has had any similar experiences? The FOS cannot give me a time frame. I want to start looking for a home March next year. 

Thank you in advance for your help 

Current reports seem to be 6-24 months depending on the nature of the case. 

The reality is that a late payment from 4-5 years ago is going to have negligible if any impact on what mortgage you were offered. 

DullGreyGuy

Firefarie71 said:

I hope this is the right place to post this.

I want to get a mortgage but have a late payment showing on my credit file. This account was with Argos Card Services and should have had a default put on back in 2018 when I entered a DMP, which would mean it wouldn't be on my credit file now. 

However, the account was settled June 2020, which means the late payment shows until June 2026, meaning it'll affect mortgage offers. 

I referred this to FOS April 2024 stating that Argos decision to not default is causing detriment to me and the adjudicator ruled in my favour June 2024. Argos didn't agree and want the Ombudsmen to look at it. 

I wanted to ask if anyone has had any similar experiences? The FOS cannot give me a time frame. I want to start looking for a home March next year. 

It's exceptionally variable depending on how niche the Ombudsman needs to be, how many they have in that specialty and how many cases there are. The best I had was about 3 months for the Ombudsman to be appointed and the worst was over 12 months. The actual decision after appointment was equally variable. 

dunstonh

I referred this to FOS April 2024 stating that Argos decision to not default is causing detriment to me and the adjudicator ruled in my favour June 2024. Argos didn't agree and want the Ombudsmen to look at it. 

To be honest, a default from that long ago is not going to be a problem getting a mortgage unless you are pushing limits in a number of other areas.

ACG

This will be a problem, as will the fact you were in a DMP as that will still need reporting where asked. 
But neither of them should be deal breakers. 

If you wanted a 95% mortgage, you could find your looking at higher rates through a building society rather than a high street lender, but at 85% I reckon it should be normal rates. 

You can put the complaint in, but as others have stated you could be waiting a while. 

Firefarie71

Hi all. Thanks for all the advice. Just to update, the FOS did resolve this. They told Argos Card Services that they should have defaulted the account back in 2017 and instructed them to remove their details from my credit file. They also told them to reimburse interest they charged. My mortgage has also been approved  

BikingBud

Firefarie71 said:

I hope this is the right place to post this.

I want to get a mortgage but have a late payment showing on my credit file. This account was with Argos Card Services and should have had a default put on back in 2018 when I entered a DMP, which would mean it wouldn't be on my credit file now. 

However, the account was settled June 2020, which means the late payment shows until June 2026, meaning it'll affect mortgage offers. 

I referred this to FOS April 2024 stating that Argos decision to not default is causing detriment to me and the adjudicator ruled in my favour June 2024. Argos didn't agree and want the Ombudsmen to look at it. 

I wanted to ask if anyone has had any similar experiences? The FOS cannot give me a time frame. I want to start looking for a home March next year. 

Thank you in advance for your help 

But aren't Argos bound by the decision?

Firefarie71

BikingBud said:

Firefarie71 said:

I hope this is the right place to post this.

I want to get a mortgage but have a late payment showing on my credit file. This account was with Argos Card Services and should have had a default put on back in 2018 when I entered a DMP, which would mean it wouldn't be on my credit file now. 

However, the account was settled June 2020, which means the late payment shows until June 2026, meaning it'll affect mortgage offers. 

I referred this to FOS April 2024 stating that Argos decision to not default is causing detriment to me and the adjudicator ruled in my favour June 2024. Argos didn't agree and want the Ombudsmen to look at it. 

I wanted to ask if anyone has had any similar experiences? The FOS cannot give me a time frame. I want to start looking for a home March next year. 

Thank you in advance for your help 

But aren't Argos bound by the decision?

@bikingbud They are only bound by the Ombudsmen decision, not the initial investigators decision. The initial investigation didn't tell Argos to reimburse interest, but the Ombudsmen did. So Argos effectively lost money by pushing for the Ombudsmen decision. I'm just glad it's all sorted now. The FOS were great.