Credit rating damaged due to Ulster bank

dave1982

I have never had problem with ulster bank payments always on time.

I paid in 55 euro through AIB banking which goes into Littlewoods bank Ulster Bank on the 26/06/12 as of today it still has not arrived on my littlewoods account.

I applied to get a bed on littlewoods which went over my credit limit already offered to me.Today it was declined reason being a missed payment for June.I explained i had contacted them last week to inform them i had paid the money in.The woman on phone said it is fine they are aware of the problems with Ulster bank.

Not a lot can be done i assume just annoyed

ejmaztec

I think there's going to be an army of lawyers ganging up on Ulster Bank in the coming months, representing customers whose reputation has been tarnished by their recent screw-ups.

jhegarty

Missed payments to Littlewoods won't effect your credit rating.

dave1982

jhegarty wrote: »

Missed payments to Littlewoods won't effect your credit rating.

Sorry credit rating with Littlewoods i meant.

drunkmonkey

It might be a good thing, see will Ulster Bank give you a loan for a bed with less interest than littlewoods. You do know littlewoods rate is 39.9% and their goods are over priced.
You'll get a lot better deal locally on the bed and a lot better interest rate.

pawrick

Littlewoods charge crazy rates alright - gf went through a bit of bother with them in closing down her account where they kept adding on fees and not updating the balance etc.

They are good for choice but just be careful not to fall in to the trap of owing them too much which is easily done of not paying up front, they are basically legalised loan sharks.

If you ever find yourself in debt with them and unable to clear it quickly try to get a lower interest rate loan (credit union etc) and pay them off to save yourself money.


from their T&C's

http://www.littlewoodsireland.ie/help/en/privacy-terms.page

The annual percentage rate (APR) for this agreement is variable and is currently 39.9%. The borrowing rate is also 39.9% variable. We may vary the interest rate at our discretion at any time, and will notify you of the variation, but will not increase it above a maximum of 43.7% APR. The current annual flat rate of interest is 34.01191%. Interest is calculated on the daily current balance and applied to the account every 28 days at the simple daily variable rate of 0.09318%.

As a representative example, if you are given a credit limit of €350, you then use your new Flexible Account to buy a single item for €200 and make the minimum payment each month of 10% (or €10 if greater), the total amount payable will be €251.06, spread over 21 payments.

dave1982

Exactly ^

I usually try to pay off before time, they are last people you want to owning and late