Missed Flex payment

Help
1

I owed £8 on a flex payment. I usually shove flex money into a flex pot… I forgot to do this.

The payment wasn’t taken. I woke up to a notification that said this would leave a negative mark on my credit file…

I paid the £8 immediately. Indeed, I just paid my entire flex debt off.

As I paid the flex on the same day the money was due - will this honestly affect my credit file? Less than a few hours had passed between it failing and being paid.

I’m especially paranoid about this as many years ago my circumstances were such I was going to be two days late paying my mortgage.

I informed the bank (not Monzo) a week before the payment was due - they said no problem, and this would not affect my file. I paid the mortgage a day late, and it left a massive mark on my file which took forever to clear.

2

You’ve 7 days to catch up with a missed payment.

3 Likes
3

Great! So no negative marks on file as long as you pay within 7 days?

Thanks :slightly_smiling_face: The notification did not make this clear.

4 Likes
4

If you search the in-app help for “missed Flex payment” you’ll find a help article that explains everything. Here’s a screenshot of the first paragraph:

Screenshot_20230201-080601
Screenshot_20230201-080601863×526 98.8 KB

2 Likes
7

You should know by now, many people won’t go look at the full text :joy:

But yes I agree, always go to help and search for then read the full article.

3 Likes
8

There’ll be no impact on your credit file if you paid on the same day.

You actually have 2 weeks before we’ll report it as a missed payment on your credit file - but it’s still best to catch up as soon as possible (if you can) since it can still have an impact on our internal credit decisioning before this. There’ll have been no impact for you though since you caught up the same day :slight_smile:

We’ll look at the wording in the initial message to try make it clearer.

13 Likes
9

I can only go off what I read on here, I’m not going to go and look at the full article, I’ll delete my original post since it doesn’t help anyone who may wish to find this answer in the future

1 Like
10

Thanks - that’s reassuring.

11

Hello there. Thanks for this. I have similar issue as this. So my payment was due on 28th January which fell on a Sunday. As I had standing orders due on that day but left my account on Monday, I made my payment on 29th (which is within the 7 day catch up period) I’m now been told that, that will be reported to the credit reporting agency :face_holding_back_tears::sob::cry:. Tbh, this is really not what I envisioned will be as I made a conscious effort to avoid missed payments. This seems rather punitive considering Monzo has put in place the 7 day catch up period.

My question is, does the 7 day catch up period allow people that have not had money in their accounts room to pay off their balance and to set right with Monzo? Cos really and truly, I do not understand.

13

It’s not reported if you’re within the 7 day window of a missed payment.

14

Thanks Michael. What I am yet to understand is whether the “missed” payment is recorded as such within Monzo’s internal systems or the record that internally as well as to the credit agencies at the same time of missed payment.

Cos if the latter is the case, that’s a bit much. Considering Monzo has given the 7 day catch up to make payments (overpay (not sure if it’s to pay the whole balance remaining or just the one I owe for the month) or minimum payment).

15

Neither, you’re fine.