I’ve had multiple accounts with Close Brothers Premium Finance over the years and never had an issue until recently when a small admin error left my monthly bills account short and the direct debit was returned. You would think that having a perfect payment record with them, they’d have contacted me to ask if this was an oversight or if everything was ok, but no……….. They think it is acceptable to issue a DEFAULT NOTICE for ONE late payment. They sent two letters along with one page of guidance from the Financial Conduct Authority. Both letters in the same envelope contradicted each other, but to be offered the option off applying to the court for more time to pay is a bit excessive for a first and only ever LATE PAYMENT!!! Why on earth would I apply to the court for more time to pay £8.20p???The payment wasn’t missed, the payment was late and was updated when I realised the administrative error and was sorted within less than a week. I didn’t breach my terms and conditions by not making a payment as stated in the default notice letter, it was late so there is no justification for you to send threatening letters, telling me that the default notice will be on my credit file for SIX YEARS!!! The entry will not even be listed on my credit file because you’re breaking guidance and would never get away with even attempting to record the default!I lodged a complaint, but to no surprise it wasn’t upheld and apparently it is standard procedure to send a default notice for a missing or late payment. This is a complete breach of industry guidance and I will be following this up with the Financial Conduct Authority as well as the Financial Ombudsman. I certainly won’t be using this company again in the future if this is how they reward loyalty and an excellent payment history. The letters received were threatening, bullying and intimidating and Close Brothers have no reason to send a default notice for ONE late payment. Guidance clearly states that a default notice will only be issued when 3-6 payments are late or missed or if the relationship has broken down. Neither of that applied to me, but they think it’s acceptable to breach guidance and threaten people to get money.I just renewed my motorbike insurance today and went with a different provider to avoid using Close Brothers and this is what I will continue to do.
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