Paying creditors late by a week or two

LoveVictor79

Morning all, quick question about making payments after their due date.

I am fortunate that I am receiving a lump sum of money in about four weeks’ time and will be able to settle all my debts. However, I am not going to be able to make September’s payments on time. If I miss these and then pay everything off with my lump sum within 30 days, will my creditors report to the credit reference agencies as a missed payment? Most of my payments are due around 22 September but I am not getting my money until 10 October.  I have never missed payments before and have a clean credit file in that respect, just very high utilisation. 

LoveVictor79

If it helps, loans are with Zopa x 2 and Creation (Curry’s). 

born_again

Going to depend on each lenders policy.
Might be better to talk to them & explain the situation.

la531983

If they do report it as late it would be a factual reading of the situation and tbh you are relying on goodwill for then not to do so.

Are you not able to at least make minimum in the coming week?

eskbanker

LoveVictor79 said:

Morning all, quick question about making payments after their due date.

I am fortunate that I am receiving a lump sum of money in about four weeks’ time and will be able to settle all my debts. However, I am not going to be able to make September’s payments on time. If I miss these and then pay everything off with my lump sum within 30 days, will my creditors report to the credit reference agencies as a missed payment? Most of my payments are due around 22 September but I am not getting my money until 10 October.  I have never missed payments before and have a clean credit file in that respect, just very high utilisation. 

Do you have access to any other sources of short term borrowing, e.g. overdraft, friends/family?  Even payday lenders, generally something of a last resort, might be worth considering if preservation of clean credit files is worth the cost....

dumpster_fire2025

LoveVictor79 said:

Morning all, quick question about making payments after their due date.

I am fortunate that I am receiving a lump sum of money in about four weeks’ time and will be able to settle all my debts. However, I am not going to be able to make September’s payments on time. If I miss these and then pay everything off with my lump sum within 30 days, will my creditors report to the credit reference agencies as a missed payment? Most of my payments are due around 22 September but I am not getting my money until 10 October.  I have never missed payments before and have a clean credit file in that respect, just very high utilisation. 

If you can't make them on time then they will be justified in giving you late payment markers.

Whether they will do that because you're 1 day late or 30 days will be a matter of policy as born_again says. And as eskbanker says if you could borrow from elsewhere to make at least the minimum payments than that would probably be a good idea.

But why can you suddenly not make payments just as you're about to receive a lump sum payment? This smacks of poor financial management and spending money you haven't yet received. I'd look at your financial discipline in this regard otherwise you'll end up in the same situation in future.