A family faced a heartbreaking situation as they were forced to sell their cherished home due to a three-day payment delay with Metro Bank. Dr. Brian McDonough and his wife, Jessie, found themselves in a dire financial predicament after missing a mortgage payment deadline, leading Metro Bank to downgrade their credit score. The couple, parents to two young children, struggled to cope with the exorbitant interest rates on their credit cards, a consequence of the missed payment two years prior.
Dr. McDonough, a university lecturer from Andover in Hampshire, expressed shock at the turn of events, highlighting his impeccable track record of never missing a payment in two decades. The missed payment occurred inadvertently when Jessie changed jobs in February 2022, resulting in a delayed payment that went unnoticed by the couple. Despite rectifying the payment within 20 minutes of being notified by Metro Bank, the damage to their credit score had been done.
The family’s financial woes were compounded by the fact that they could neither downsize nor rent a new property due to failing credit checks resulting from the credit score downgrade by Metro Bank. Although they had sufficient equity in their home to consolidate debts, the bank’s refusal to extend further credit left them in a precarious situation. Metro Bank cited their policy of conducting necessary credit checks before lending to customers, offering some discussions on mortgage payment assistance that Dr. McDonough declined at the time.
Dr. McDonough voiced his frustration at the lack of viable solutions from Metro Bank, emphasising the crippling impact of soaring interest rates on their existing debts. Despite the bank acknowledging the initial credit marker as a mistake and subsequently removing it, the family still struggled with escalating credit card interest rates, rendering them unable to consolidate debts effectively. The automated credit checker employed by Metro Bank continued to hinder their chances of financial recovery, leaving them in a state of impending homelessness.
Efforts by local MP Kit Malthouse to intervene on the family’s behalf with Metro Bank proved futile, with the bank’s reluctance to offer substantial support or reconsider their stance. Faced with the heartbreaking prospect of selling their family home in Andover and relocating to Liverpool to live with Dr. McDonough’s parents, the family’s future hangs in the balance. Dr. McDonough lamented the impending loss of their beloved home, which holds precious memories of their children.
Amidst the devastating repercussions of a three-day payment delay, the McDonough family’s plight serves as a poignant reminder of the profound impact of financial institutions’ decisions on individuals and families. As they navigate uncertain times ahead, their story echoes the broader challenges faced by many grappling with financial setbacks and bureaucratic hurdles in an increasingly unforgiving economic landscape.