One mark against us on Credit Report

D

Deb___

Registered User
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I would appreciate some help/advice on this. I recently applied to Tesco for a loan of 8,000 for the purpose of clearing an (expensive high interest) AIB loan of 3000 and the remainder for various house issues. I was surprised to be declined a loan. I then applied to Halifax and was also declined. So I appled for my credit report and received it today.

It shows records of 5 personal loans (3 of which are now gone), our mortgage and 2 credit cards. All bar the mortgage are showing a perfect payment history. The mortgage is showing 23 out of 24 payments made on time. The problem is the 24th payment says "1" which means we are 1 payment in arrears.

What happened was in September I missed the direct debit (which I don't make a habit of) so I posted a cheque - it took 2 weeks to get the money to send them the cheque (back to school issues plus a flooded bedroom gave us temporary cashflow problems) so Bank of Scotland received the cheque on October 1st and they say (I rang them earlier) I had accrued extra interest because it went into a new month so they gave me a black mark with the ICB. I am gutted. I can't get a loan now (which I need) and also we were planning on re-mortgaging after Christmas. Am I in dire straits? Bank of Sc are emphatic that they can not and will not remove the mark against us even though they agree that other than that we had a perfect payment record.

Is there anything else I can do? Will we be declined credit for the next few years now?

Thanks so much.
 
Deb___ said:
The problem is the 24th payment says "1" which means we are 1 payment in arrears.
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Are or were? Seems to me that you have cleared this so maybe you can get the lender/ICB to annotate your report to reflects this even if they cannot or will not remove the missed payment record?
 
ClubMan said:
Are or were? Seems to me that you have cleared this so maybe you can get the lender/ICB to annotate your report to reflects this even if they cannot or will not remove the missed payment record?
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Thanks for the reply ClubMan. Yes, it's now cleared and the account is up to date but she says there is nothing they can do about that "1" for that payment.
 
Hi Deb maybe being rejected is a good thing will give you some time to pause and look at other options open to your rather than increasing debt. You wanted to clear a loan of 3,000 by borrowing 8,000 to get house items and then to remortgage too, it might all be a bit of a strech if the unexpected happened again like september. Could you sit down and work out how you can pay more off the 3,000 (the usual shopping in lidl etc many threads on aam about the basic saver steps) and clear it quickly, even some extra work (lots of places looking for christmas staff), then save for the house things you need and avoid the remortgage. ?? just a thought pc7
 
pc7 said:
Could you sit down and work out how you can pay more off the 3,000 (the usual shopping in lidl etc many threads on aam about the basic saver steps) and clear it quickly, even some extra work (lots of places looking for christmas staff), then save for the house things you need and avoid the remortgage. ?? just a thought pc7
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Thanks a million pc. You make some great points. I agree with all of them. Fortunately I have lots of extra work for the coming weeks to help clear debts and provide for (a rather meagre) Christmas. The problem is cashflow really as my income goes from high to low all through the year. The coming 3 months it will be high and to be honest, I was going to clear that new loan by February (honestly!!). Whilst the new loan was partly for house stuff, some of it was to repay a friend for "house stuff" already bought (the flooded bedroom and accompanying new rad, new flooring, plumber fees etc). But I take your point and certainly, the good thing about being turned down for that loan was that I'm taking stock and getting very much into the nitty and gritty of our debts. Thanks again!
 
Deb___ said:
Yes, they paid out 550 which helped but our total costs to replace and repair everything came to a lot more. Thanks!!
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I'm just curious - why wasn't everything covered? Just that I once had a claim on my home insurance due to a fire and the new floors, redecorating was covered.....
 
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