Mortgage holiday- bank says cancel DD (credit rating)
Discussion
Drumroll said:
Another question is why are you concerned about your credit rating?
If you don't intend to move for a while or take out any new loans or credit cards, what difference will it make. (if it does make a difference)
Because a missed mortgage payment is one of the worst things that you can have on your credit file, if it gets reported in this way.......any it will remain for six years...........If you don't intend to move for a while or take out any new loans or credit cards, what difference will it make. (if it does make a difference)
Sarnie said:
I wouldn't cancel the DD, no matter what the employee on the phone says.....
This! Having worked in debt management for a mortgage company earlier in my career, cancelling your DD and missing payments is the worst thing you could do.
Contact them again and see if you can speak to someone with a little more sense.
IF they tell you to cancel the DD and you do the call will be recorded (always get a staff id or name if you can) IF it does impact you log a complaint as you have done as they said and they where wrong they need to correct your credit file and they can as its there error. You also have a notice of correction to say what happened while it updates for you
I don't have a mortgage as we are in social housing but my wife is self-employed so we have taken a massive hit to finances
I have a loan with Tesco bank. They emailed to point me in the right direction to fill in the appropriate forms for a 2 month break - I emailed them in and got an automated response saying just to cancel my DD and no markers will be sent to the credit ref agencies due to the exceptional circumstances at the minute. Sure most of the others will be the same
I have a loan with Tesco bank. They emailed to point me in the right direction to fill in the appropriate forms for a 2 month break - I emailed them in and got an automated response saying just to cancel my DD and no markers will be sent to the credit ref agencies due to the exceptional circumstances at the minute. Sure most of the others will be the same
CRA1G said:
Drumroll said:
Another question is why are you concerned about your credit rating?
If you don't intend to move for a while or take out any new loans or credit cards, what difference will it make. (if it does make a difference)
Sorry,but that response just make me...If you don't intend to move for a while or take out any new loans or credit cards, what difference will it make. (if it does make a difference)
Pieman68 said:
I don't have a mortgage as we are in social housing but my wife is self-employed so we have taken a massive hit to finances
I have a loan with Tesco bank. They emailed to point me in the right direction to fill in the appropriate forms for a 2 month break - I emailed them in and got an automated response saying just to cancel my DD and no markers will be sent to the credit ref agencies due to the exceptional circumstances at the minute. Sure most of the others will be the same
Your difference is that you have that instruction in writing..... I have a loan with Tesco bank. They emailed to point me in the right direction to fill in the appropriate forms for a 2 month break - I emailed them in and got an automated response saying just to cancel my DD and no markers will be sent to the credit ref agencies due to the exceptional circumstances at the minute. Sure most of the others will be the same
Kev_Mk3 said:
IF they tell you to cancel the DD and you do the call will be recorded (always get a staff id or name if you can) IF it does impact you log a complaint as you have done as they said and they where wrong they need to correct your credit file and they can as its there error. You also have a notice of correction to say what happened while it updates for you
Yeah but can you imagine that hassle of getting all that sorted out!rossub said:
Kev_Mk3 said:
IF they tell you to cancel the DD and you do the call will be recorded (always get a staff id or name if you can) IF it does impact you log a complaint as you have done as they said and they where wrong they need to correct your credit file and they can as its there error. You also have a notice of correction to say what happened while it updates for you
Yeah but can you imagine that hassle of getting all that sorted out!Sarnie said:
rossub said:
Yeah but can you imagine that hassle of getting all that sorted out!
Exactly..............just keep the DD in place.......the lender will either not call for the payment.......or refund it if it's taken incorrectly.......Gassing Station | Finance | Top of Page | What's New | My Stuff