|
|
|
|
|
|
BMW Garage | BMW Meets | Register | Search | Today's Posts | Mark Forums Read |
|
BMW 3-Series (E90 E92) Forum
>
Credit Report Issue...need some advice
|
|
01-17-2013, 05:05 PM | #1 |
Captain
29
Rep 664
Posts |
Credit Report Issue...need some advice
Hi folks,
I've not really had issues getting credit but there has been the rare occasion where the computer said "NO". However by hook or crook I was able to overturn decision. BUT, recently I've had an issue with a store card that I haven't used since 1997 when I was a poor student. Basically I paid minimum every month and continued to pay this amount would you believe till 2009. It was my missus who picked up on this and worked out that I had paid £4000 for a balance of £300. Interest was phenomenal as you can see... Phoned up the CC company and cleared balance and told them to close account. Thought this was the end of it until I Oct last year when they all of a sudden started taking money out my account again and as I had cancelled dd, they eventually listed a debt collecting agency. Explained the circumstances and they agreed that it was odd why this would happen. After many calls I got confirmation that DC would not be chasing the money and account was shut...end of TILL, I went in to Audi to look at the X5 replacement and do the deal....credit refused due to a default of £77!!!! The store card had placed this against my account :/ What can I do...help really appreciated.
__________________
Last edited by TikoV; 01-17-2013 at 05:11 PM.. |
01-18-2013, 02:20 AM | #2 |
Major General
1385
Rep 8,062
Posts |
You need to write to one of the credit-rating agencies (e.g. Experian) and explain the situation and state that the record is erroneous. Assuming that it is an error (i.e. you haven't miscalculated) then they have to remove it.
However, your story is not too clear: You say you got "confirmation that DC would not be chasing the money...." What money? You said the account was clear. Are you sure that there wasn't £77 outstanding but the lender decided not to persue you for it (i.e. you had paid enough of the debt not to make it worthwhile / enforceable)? If you did leave £77 owing then it's a genuine mark-down on your credit score and there's not much you can do about it. Using those high-interest lenders does your credit rating no good even if you pay it all off. More mainstream lenders will shy away from users who use the high-risk lenders.
__________________
Ian
Current: 2021 G21 330i M-Sport Previous: 2018 A6 Avant S-Line MMI+, 2014 F31 320d M-Sport, 2013 F10 520d M-Sport, 2011 F10 530d M-Sport, 2008 320i M-Sport Coupe, 2002 325i, 2001 318i valvetronic, 1998 318i, 1996 525i, 1990 Porsche 944S2 |
Appreciate
0
|
01-18-2013, 02:37 AM | #3 |
Lieutenant General
1867
Rep 13,043
Posts
Drives: BMW M340I G20
Join Date: Aug 2007
Location: UK
|
£4k for a £300 loan. Hope you weren't doing business studies at college
|
Appreciate
0
|
01-18-2013, 02:52 AM | #4 |
Lieutenant Colonel
699
Rep 1,641
Posts |
I had a similar problem a couple of months ago with Santander, I moved banks and one DD was not setup. Cut a long story short I missed two payments, I get a call asking for the money. Now this was a 4 year DFS sofa and I had been paying it for 3 years, as soon as I knew I paid 3 months up front.
Anyway next thing they add two missed payments to my credit file which stopped me getting any credit.. I phoned them and explained the situation, they put me through to the credit team, I had to beg them to take it off even after explaining the situation. They did end up removing the two missed payments and instantly my credit was back. It's amazing that something so simple can destroy years of good credit history... I would call them and explain the situation, mention how long you have been paying etc, never missed a payment and see if they will remove it. Failing that get on credit expert (free for a month) and get them to add a note to your file. I have now paid the full balance as the people that DFS use seem to have a habit of being a bit ruthless when it comes to things like this |
Appreciate
0
|
01-18-2013, 03:30 AM | #5 |
Dieseasal
204
Rep 6,881
Posts |
Hahaha, if E90post had a like button, I'd press it.
__________________
Previously: 2003 Peugeot 206 1.6 8v | 2006 E90 320d M-Sport, 19" BBS CH, Full Ice-cold JL audio install, August 2010 Total BMW 6 page feature car. | 2003 Nissan 350Z GT Coupe 286BHP
Now:2010 E92 LCI 335d M-Sport |
Appreciate
0
|
01-18-2013, 03:40 AM | #6 |
Colonel
62
Rep 2,472
Posts |
Credit ratings. Another one of life's cons. Can't get anywhere in life without one yet any muppet can destroy it for the sake of spare change. Modern life really is rubbish.
__________________
Daily Golf R
Project Peugeot 205 1.6 GTi |
Appreciate
0
|
01-18-2013, 04:06 AM | #7 |
Captain
29
Rep 664
Posts |
Thanks for the reply Ian...The balance was cleared off completely in 2009, the £77 charged was a cumulative of 6 payments for some credit card protection scheme that I never requested.
I have made contact with Equifax and disputed this amount with the letter attached I received from the debt collecting agency.
__________________
|
Appreciate
0
|
01-18-2013, 04:19 AM | #8 |
Captain
29
Rep 664
Posts |
Nope lol...just too much disposable cash
__________________
|
Appreciate
0
|
01-19-2013, 06:50 AM | #9 |
Zummerzet Zyder Drinker!
111
Rep 5,541
Posts
Drives: '06 330D Le Mans Blue
Join Date: May 2009
Location: Somerset
|
|
Appreciate
0
|
Bookmarks |
Thread Tools | Search this Thread |
|
|