yes these are the due dates of a weekly direct debit i had set up, so it would coincide with my salary being paid in, but when my company had trouble with the banking system payments were late, still on the same day but late which prevented the d/d being processed correctly.

hanes:

Well if there are grounds due to failure elsewhere in the banking system you could always try, however I note from the post of your credit report you had a similar indicator 4 months previously. So a very good story required.

Is there perhaps a way i could write to hsbc and ask them to remove it from my report, im sure after an investigation they would notice that my salary was paid on the exact same day only a few hours later than the direct debit being taken (due to some mishap that RBS had awhile ago)

Hopefully it wont affect my chances of getting car finance next month, but anything that will give me an edge im all for as this current climate is not really for borrowers

So if anyone knows of any big words and clauses i can use to make them stand up and listen im all ears.

Thanks for your help.

hanes:

OK, if you look at the key for the payment indicators you will see the following....

"cheques, direct debits and standing orders may have been bounced to keep the account in order"

so basically true - unfortunately - and it will be there for 6 years.

Nevertheless, it's not a default and it ended settled on a green so could be worse. The challenge now is not to let the same happen with your Co-op account. Eventually the missed indicators should carry less weight but I can't say what effect they will have now on your hp plans.

hanes:

i have read that a settled account still means the same thing as a default,

That's definately not true. A settled account indicates account closed with no arrears and is a good indicator.

hanes:

it shows as a current account even though it was not such,

First of all a basic bank account is considerd to be a current account on your report. Actually that is probably a good thing (normally). Still don't have the answer to the indicators. On the face of it it seems unfair.

My suggestion would be to write to HSBC at the address given in the report asking them to explain clearly the legal grounds for this. I expect a predicatable response but you will at least have their response to go on. Woe betide them if they tell you something in writing which later proves not to be true.

Oh ok i see, maybe its a case of me panicking as im thinking about applying for hp on a car next month and have tried to get myself a decent score before i do and i have read that a settled account still means the same thing as a default, but i do not understand the point of it staying on file for 6yrs when its wasnt a credit account of any nature just a basic bank acccount.

Im now banking with co-op they are much more helpful not had a problem with them at all.

thanks for the help

Looking at this you only have missed payments, which isn't good, but you haven't got a default.

As in my prior post I would do a credit hceck and just apply for a new account.

There is no harm in trying to speak to HSBC and explain to them your situation and reasoning for failed DD. But I wouldn't get my hopes up. Sorry.

Sweetz

Hi,

A status of settled does not mean that there is a default on the account. It simply means the account is closed. The only thing that would put off lenders is that the account was not open for a long period of time and the missed payments (in yoru case, returned DD).

How many missed paymenst do you have? If it's 8 it is a default, see below from what I got from creditexpert.

Explanation of status history

0 Payment are up to date.

1 Payments are up to one month late.

2 Payments are up to two months late.

3 Payments are up to three months late.

4 payments are up to four months late.

5 Payments are up to five months late.

6 Payments are up to six months late.

8 The account is in 'default'. You failed to keep to your credit agreement and have not responded satisfactorily to requests to bring your payments up to date, so the credit agreement has ended.

U The lender cannot give the account a status code for this month. This may be at the start of the credit agreement when the lender is allowing time for the account to be set up, when you are waiting for goods to be delivered, when you have received the goods but payment is not due to start immediately; when there is a dispute over the payments due or the goods received, or when the account is not being used.

D The account is not being used and nothing is owed.

? The lender has not been able to provide information on the payment history for this month.

Do you have any other statuses apart from the S? If it is a default it will say so on your file.

I would do a credit check and apply for a new simple bank account.

Sweetz

[IMG]http://img11.imageshack.us/img11/6189/57886548.th.jpg[/IMG]

hopefully you can see the image above, this is the information i noticed, it shows as a current account even though it was not such, and the payments that were bounced back count as missed payments even though they were returned and not actually paid so i dont see how they can do this.

hanes:

The default i mentioned is on my credit file from experian, its not showing as a default only a settled account with missed payments showing.

I need to research whether that is right or not. Maybe somebody else here knows.

Yes this is what i thought, they returned the payments thus making no debt, and the money went in the same/next day to cover the direct debit so a human would of seen this was an error not down to me, but systems dont react in that way i guess.

The default i mentioned is on my credit file from experian, its not showing as a default only a settled account with missed payments showing.

Sorry if im not too clear, had a hard morning :)

hanes:

This has been the case, i now have a settled account showing on my report, but this is much like a default as it has the same effect towards lenders that will see it

You will need to be more precise. OK, it's settled which is good. Where does the default come in? The payments were never made so its impossible for there to be a debt.

Jalexa:

I don't think a closed and settled HSBC basic bank account will be a stain on your credit file.

This has been the case, i now have a settled account showing on my report, but this is much like a default as it has the same effect towards lenders that will see it, i cant believe they did this after having three direct debits returned, (to which i tried to rectify) now i have a stain on my report that will last for 6 yrs after trying for the last three years to improve it so i can purchase a house.

Is there anyway i can get them to take the default off, as this was not a credit account, no overdraft etc only a basic account, it was my works fault for payments being late into my account thus making the direct debits bounce back

im really hoping someone can help because i'd hate this to faulter me after trying hard to put things right.

thanks

I have one with natwest, its great. It reports to the agency but not in the same way a current account does. I have been offered up grades by my bank for years but after all these days who uses cheques ? My point no need to upgrade.