A family in Andover, Hampshire, has been left devastated as they claim they are being compelled to sell their cherished home after missing a mortgage payment by just three days. Dr Brian McDonough and his wife Jessie state that their home is now up for sale after Metro Bank lowered their credit score following the late payment. The couple, who have two young children, express that they can hardly afford the exorbitant interest rate imposed on their credit cards following a missed mortgage payment two years ago.
Dr McDonough, an academic, asserts that he has never missed a payment in his 20 years of financial history. He explains that the missed payment occurred unknowingly when his wife’s payday changed due to a new job in February 2022. Despite paying the missed installment within 20 minutes of being informed by Metro Bank, they claim that the bank still marked their credit files without prior notice. Dr McDonough criticises the bank’s actions as he believes they should have contacted them before affecting their credit score.
The McDonoughs are currently unable to downsize or rent a property due to the negative impact of the credit score marker imposed by Metro Bank. Although they have equity in their home that could help consolidate their debts, the bank is reportedly denying them further borrowing due to the marker. Metro Bank, in response, expresses sympathy for the family’s situation but states that they must adhere to credit-checking policies.
Dr McDonough reveals that despite apologies and acknowledgements of mistakes regarding the credit marker from Metro Bank, the bank’s actions have resulted in significant consequences for the family. He criticises the reliance on automated credit checks that disqualify them from financial assistance, leaving them in a precarious situation with mounting debts and no options for consolidation.
Efforts by their local MP to intervene on their behalf have been unsuccessful, and the family has been left with no choice but to sell their home in Andover. They plan to temporarily move in with Dr McDonough’s parents in Liverpool until they can stabilise their financial situation. The McDonoughs’ story reflects the challenges faced by families caught in financial distress due to unforeseen circumstances and the consequences of rigid credit-checking processes on individuals and their homes.