Hey there! Sign in to join this conversationNew here? Join for free

I paid the rent late and it's gone against my friends credit rating... Watch

    • Thread Starter
    Offline

    0
    ReputationRep:
    I've had some real money issues, early this week I went and got my overdraft extended so I could pay the rent, and also had to transfer the remainder of money I had in another account. But when I tried to transfer the rent payment online it told me I needed my card reader, even though I had the rent account set up as a payee. Trouble was that I'm currently at my parent's house and my card reader is at my rented house! I rang Natwest first thing and got the money transferred, but what I didn't know is that the rent comes out 9am on the dot, so the money went in, TEN minutes late!

    The rent account is one that my friend set up for us as she works in this bank, and it's in her name. So now she has a £35 charge and it's gone against her credit rating. I feel awful, obviously I'll scrape together the £35 to give her but can't change the credit rating thing. Who should I call to argue aginst this, the bank or the letting agent who take the rent? Also will this affect our reference? I feel really awful but I genuinely struggled to scrape the money together and with all the transfers and seeing bank managers to get it.
    Offline

    13
    ReputationRep:
    Do you mean the rent has gone out of your friends bank account? Im not really sure what she can do, thats just a risk she took when she put the account in her name unfortunately.
    • Thread Starter
    Offline

    0
    ReputationRep:
    (Original post by tbm)
    Do you mean the rent has gone out of your friends bank account? Im not really sure what she can do, thats just a risk she took when she put the account in her name unfortunately.
    Yes she created an account in her name. Initially she said she had an overdraft on it but I think that this was disallowed or something. She wants me to set up a standing order but I feel the issue with this is that if I forget and don't have the money in my account when they try to take it then we'll both get charged! Had no idea that the rent comes out at exactly 9am.

    Tried calling the letting agent and they said they can't check if the rent has actually gone through now as the internet is down.

    Just feel proper ****ty and I can't really afford the £35 either, even though I know it's my fault
    Offline

    13
    ReputationRep:
    I didn't think rent counted towards credit rating?
    Offline

    3
    ReputationRep:
    (Original post by Tyraell)
    I didn't think rent counted towards credit rating?
    All money set at a previous date to transfer from your account into another persons account counts towards your credit rating.

    I know this because my mum had to get a tenant blacklisted for not paying rent, they stayed in the apartment 8 months and completely wrecked it

    Rent is just another form of previously organised payment, so it counts.
    Offline

    0
    ReputationRep:
    What is the possible argument? Rent was late, credit rating gets hammered. All debtors claim mitigating circumstances.
    • Thread Starter
    Offline

    0
    ReputationRep:
    (Original post by hypocriticaljap)
    What is the possible argument? Rent was late, credit rating gets hammered. All debtors claim mitigating circumstances.
    Yeah but it should be my credit rating, not hers. I know she has debts and stuff already, I'd rather take the hit as my credit score is perfect.
    Offline

    19
    ReputationRep:
    If she already has debts its not going to make a difference.

    There's a difference between being spotless and being spott-ed, but a small rent late payment is not going to do much damage to someone who already has a chequered credit history.

    I can't see that you can change it though in any way.
    Offline

    0
    ReputationRep:
    (Original post by MagicNMedicine)
    If she already has debts its not going to make a difference.

    There's a difference between being spotless and being spott-ed, but a small rent late payment is not going to do much damage to someone who already has a chequered credit history.

    I can't see that you can change it though in any way.

    Having debt does not automatically mean a bad credit rating.

    If you make repayments on time and don't get into arrears it won't be affected at all.
    Offline

    19
    ReputationRep:
    (Original post by Larrabee)
    Having debt does not automatically mean a bad credit rating.

    If you make repayments on time and don't get into arrears it won't be affected at all.
    Correct, I was interpreting "having debts" as meaning in arrears for something. Having some form of debt, that is being repaid on time, is better for credit rating, than no debt at all.
    Offline

    0
    ReputationRep:
    Bank charges don't go against your credit rating.
    Offline

    2
    ReputationRep:
    when you log on experian, it allows you to type "corrections" or something next to any failed payments, and creditors have to take this in to account when considering you. so get your friend to briefly explain the circumstances like this, and future creditors will know what happened.
    • PS Reviewer
    Offline

    20
    ReputationRep:
    Being late once won't actually make any real difference to your friend's credit rating - it may not even be reported. You can't argue against anything, so just let it be a lesson for you for the future.
 
 
 
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • Poll
    Did TEF Bronze Award affect your UCAS choices?
    Useful resources
    How much money do you spend a week?The ultimate guide to tax!Guide to student bank accounts

    Sponsored features:

    Web Legend

    Win a Macbook Air!

    Blog about setting up a website for a chance to win in our Web Legend competition.

    Quick link:

    Unanswered money and finance threads

    Groups associated with this forum:

    View associated groups
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

    Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

    Quick reply
    Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.