Settled WONGA loan on credit report

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Comments

  • Enfieldian
    Enfieldian Posts: 2,893 Forumite
    First Anniversary Combo Breaker
    I am surprised that they told you this information instead of mumbling some standard spiel about "Data Protection"

    What right does a prospective lender have to see who your SETTLED accounts are with, other than them, anyway? Current, maybe....
  • rartherinv
    rartherinv Posts: 158 Forumite
    First Anniversary Combo Breaker Debt-free and Proud!
    Does anyone have experience of these showing on experian or equifax or do they only report to call credit? My noddle report is showing loads of payday stink to my name, whereas the main 2 are not showing anything?
  • Tixy
    Tixy Posts: 31,455 Forumite
    rartherinv wrote: »
    Does anyone have experience of these showing on experian or equifax or do they only report to call credit? My noddle report is showing loads of payday stink to my name, whereas the main 2 are not showing anything?

    Are you referring specifically to wonga or payday loans in general?

    I am fairly sure past posters have said wonga have reported to their experian credit file.
    A smile enriches those who receive without making poorer those who give
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  • rartherinv
    rartherinv Posts: 158 Forumite
    First Anniversary Combo Breaker Debt-free and Proud!
    I went through a phase last year and there are 4 different payday lenders listed under Closed Accounts (Quickbridge (Uk) LTD aka Wonga, Pounds to Pocket, Quickquid & Uncle Buck) and as for my previous credit searches (!!!)... Speed-E-Loans.Com, Cash On Go, Gb Group Plc, Cim Technologies Limited, Mem Consumer Finance, Uncle Buck, Wonga.Com, Pdl Finance, Casheuronet Uk are listed in a chronicle of chrap.

    Whereas my experian and equifax reports have no trace of any searches or account history from any of these companies, just the regular mainstream stuff normal people have on their reports like current account, phone, credit card. As a result, on experian/equifax i am looking prime whereas callcredit i am looking like the bottom 0.01% of the market.

    I was just wondering if this is universal that they only report to call credit? If this is indeed the case I really need to carefully pick which lenders to apply to in the next 6 years :eek:
  • Apples2
    Apples2 Posts: 6,442 Forumite
    rartherinv wrote: »
    I was just wondering if this is universal that they only report to call credit? If this is indeed the case I really need to carefully pick which lenders to apply to in the next 6 years :eek:
    Better still, try not to apply to any lenders. You can see the effect that little short term fix has and how long it has that effect for.

    Open a Credit Union Savings account right now and keep putting anything you can into it, even a pound or two. Hopefully you will have enough to avoid PDL in future.
  • rartherinv
    rartherinv Posts: 158 Forumite
    First Anniversary Combo Breaker Debt-free and Proud!
    Apples2 wrote: »
    Better still, try not to apply to any lenders. You can see the effect that little short term fix has and how long it has that effect for.

    Open a Credit Union Savings account right now and keep putting anything you can into it, even a pound or two. Hopefully you will have enough to avoid PDL in future.

    PDLs are in the past, but stained forever on my callcredit report it would seem. Looking to get a mortgage next year, eek! :o Good thing no one uses callcredit except companies too cheap to buy reporting contracts with proper CRAs :rotfl:
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Name Dropper First Post First Anniversary
    rartherinv wrote: »
    PDLs are in the past, but stained forever on my callcredit report it would seem. Looking to get a mortgage next year, eek! :o Good thing no one uses callcredit except companies too cheap to buy reporting contracts with proper CRAs :rotfl:
    ...........Such as Lloyds TSB Halifax Cheltenham and Gloucester, Birmigham midshires etc yeah right nobody of any significance.;)
  • RichHamilton
    RichHamilton Posts: 1 Newbie
    It can stop you from getting a mortgage too.
    Nationwide refused me because of a Wonga loan from 2 years ago and also for using a credit card to take cash from a cash machine.
  • andyuk01
    andyuk01 Posts: 150 Forumite
    First Anniversary First Post Combo Breaker
    edited 10 September 2014 at 9:33PM
    I've got a lot of settled wonga loans from 2010/2011 - about 10 all fully settled

    Firstly people who search your file don't know it's wonga, just a payday loan

    Secondly, the impact seems to vary

    Halifax - Mortgage, clarity card (£8k limit) current account (£5k OD), 3 loans (£8k, £14k & £24k) all at the lowest offered APR dont seem to mind, neither do Santander (2 CC £7k each) Barclaycard (2 CC £15k between them) or nationwide (2 loans, 1 cc) or HSBC

    MBNA on the other hand wont touch me, neither will Natwest

    Edit - Tesco were okay as well

    Can't say it's really impacted me that much, there is 1 MBNA card i would like but cant get other than that i have my annual salary available in CC limits and no issues getting a loan if i need one
  • boo_star
    boo_star Posts: 3,202 Forumite
    First Post First Anniversary
    andyuk01 wrote: »
    I've got a lot of settled wonga loans from 2010/2011 - about 10 all fully settled

    Firstly people who search your file don't know it's wonga, just a payday loan

    Secondly, the impact seems to vary

    Halifax - Mortgage, clarity card (£8k limit) current account (£5k OD), 3 loans (£8k, £14k & £24k) all at the lowest offered APR dont seem to mind, neither do Santander (2 CC £7k each) Barclaycard (2 CC £15k between them) or nationwide (2 loans, 1 cc) or HSBC

    MBNA on the other hand wont touch me, neither will Natwest

    Edit - Tesco were okay as well

    Can't say it's really impacted me that much, there is 1 MBNA card i would like but cant get other than that i have my annual salary available in CC limits and no issues getting a loan if i need one

    It isn't the fact that it's Wonga, it's the fact that it's a PDL. Many prime lenders will auto-decline if there's any hint of PDLs on your file, some may be fine with it, some will be OK if there's enough distance between you using them and your recent application.

    I would still say that, overall, a PDL should be seen as a last resort rather than approaching family for help.
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