CreditCards Blog

Hi,

I have been managing my money well since I realised my credit rating was a little low a few years ago. I hadnt missed a payment for 2 and a half years on any of my credit accounts.
My company is struggling financially and as a result paid us a week late in november. My credit card direct devbit bounced but I realised this and managed to pay the exact amount on the same day (and they refunded the late payment charge). However I did not know that my direct debit was automatically cancelled - so as a result I missed the next payment date (presuming that I was being paid as normal by direct debit). As soon as I realised this (a few days after the date) I paid off the amount +more. I rang the bank and they told me that it would be registered as a late payment.
I have got my company to draft a letter explaining the reason for being paid late - but The bank told me that this probably wouldnt make any difference?! What can I do - it seems crazy that I am being penalised for something that was out of my control. I am now probably seen as a credit risk all because of my company. Can anyone give me some advice with this? I would really appreciate it.

Will

The fault for this situation lies squarely with your employer. I would take it up with them and request some form of compensation. However, it they are not able to pay you on time, I think you really should be looking for an alternative position before things get worse. Good Luck.

Can you not get an approved overdraft facility in place just in case this should happen again - no bounced d/d's and just a few pence in interest.