Wonga Loans on Credit Report

Johnny_Barnes10

Didn't realise they had a bad impact on credit rating. Took one out early last year, was due a bonus the next month and couldn't wait to snap up some bargains. Paid back on time but if I'd of known I would've just waited

Enfieldian

tonymorton wrote: »

You could try contacting them to get them removed!

You could try reading Post 6.

You do not have the power to pick and choose what appears on your credit history, good or bad.

improvingcreditreport

I need your help guys - so I had took multiple Wonga Loans - back to back for several months - all are showing as a separate record on my credit report. All of these have been settled and paid on time. However, Wonga has ruined my credit report with the age and number of these loans. They have recorded every loan as a separate entry which is looking really really bad on my credit report.

My Questions is

1) In the 'Type' Section of the credit report they has recorded these as 'Payday Loan'. When the any other lender / employer checks my credit report will they be able to see these loans as 'Payday Loan' or will see it is simply as a 'Loan'.

I was reading Martin blog and he stated that other Lenders see these as simply Loans and not as a payday loan (is this true??).

2) Can I contest the way of how Wonga records these loans. Would hiring a professional solicitor help. They claim and advertise that their loans improve credit ratings but in atuallity it doesn't - the mere fact that they record all loans as separate records means they want to really ruin your credit report.

All advise will be really appreciated.

happy_bunny_2

should really start your own thread for this

you'll find people spot it easier and offer advice.

improvingcreditreport wrote: »

I need your help guys - so I had took multiple Wonga Loans - back to back for several months - all are showing as a separate record on my credit report. All of these have been settled and paid on time. However, Wonga has ruined my credit report with the age and number of these loans. They have recorded every loan as a separate entry which is looking really really bad on my credit report.

My Questions is

1) In the 'Type' Section of the credit report they has recorded these as 'Payday Loan'. When the any other lender / employer checks my credit report will they be able to see these loans as 'Payday Loan' or will see it is simply as a 'Loan'.

I was reading Martin blog and he stated that other Lenders see these as simply Loans and not as a payday loan (is this true??).

2) Can I contest the way of how Wonga records these loans. Would hiring a professional solicitor help. They claim and advertise that their loans improve credit ratings but in atuallity it doesn't - the mere fact that they record all loans as separate records means they want to really ruin your credit report.

All advise will be really appreciated.

Apples2

improvingcreditreport wrote: »

I need your help guys - so I had took multiple Wonga Loans - back to back for several months - all are showing as a separate record on my credit report. All of these have been settled and paid on time.

Okay, with you so far, you had loads of loans and repaid them all.

improvingcreditreport wrote: »

However, Wonga has ruined my credit report with the age and number of these loans. They have recorded every loan as a separate entry which is looking really really bad on my credit report.

Errr..Is that not because you had loads of loans and repaid them all??
Why have Wonga ruined your credit file? It sounds like they have accurately recorded your money management with the CRA

improvingcreditreport wrote: »

My Questions is
1) In the 'Type' Section of the credit report they has recorded these as 'Payday Loan'. When the any other lender / employer checks my credit report will they be able to see these loans as 'Payday Loan' or will see it is simply as a 'Loan'.

I was reading Martin blog and he stated that other Lenders see these as simply Loans and not as a payday loan (is this true??).

Some Payday lenders record it as a Loan, others as a Salary Advance/Payday Loan. Depends on the individual Company.
Even if it were recorded as a LOAN, what would you think when you saw loads of loans back to back??

improvingcreditreport wrote: »

2) Can I contest the way of how Wonga records these loans.

Why? For being accurate?

improvingcreditreport wrote: »

Would hiring a professional solicitor help.

Sounds like someone has money to burn now. What on Earth could a Solicitor do apart from check each one is correct?

improvingcreditreport wrote: »

They claim and advertise that their loans improve credit ratings but in atuallity it doesn't - the mere fact that they record all loans as separate records means they want to really ruin your credit report.

I would argue it is YOU who has Royally trashed your credit file due to your inability to control your finances.
You consistently had to borrow money to bolster your income, if instead you had curbed your outgoings, you could have avoided this silly PDL trap and maintained your own Credit file.

improvingcreditreport

Thank you very much for your harsh response Apples2 - you have put the whole blame on me - very very simple. I hope you realise that I didn't take out these loans for fun - I only took out the initial loan only because I had an unavoidable expense - to contribute in a llife threatening surgery of a very dear and close one. My only fault was lack of credit - I bank with Barclays and they issued me a basic credit card with a credit limit of £1,500 as someone starting to just build credit rating. It was just that the expense was so huge that I had to resort to a pay day loan for the short-commings. I didn't take a payday loan to bolster my income - I have always lived on controlled expenses all my life and intend to do so. It is just that I had to take multiple loans just because of my salary going into this loan and end of month I was really struggling and had to take another loan. I did manage to get out of the rut but know I see I have these payday loans in my credit file

improvingcreditreport

I am really disappointed with your response on my post. You have so easily commented on my question taking such huge assumptions which I think was very very harsh. I am always looking to save money - and always looking to enter free to enter competitions (posted on the competition forum here on Money saving expert) - even my vacations are always competition winnings - anything good I win - I sell it to save more money.

Wonga Loan was not taken to bolster my income in anyway - it was taken to support someones urgent need.

[Deleted User]

Regardless of whether the money was spent for altruistic reasons or on X-Box games and a packet of Rizlas, PDLs are always used to bolster income. ie the person doesn't have enough income to meet their expenditure.

If your credit file will support it, getting a 'proper' loan will always be better than returning repeatedly to PDLs.

fracturedsun

Although payday loans don't look good on your credit file if they have been paid in full they will show as settled. Although it will take them 6 years to drop off your report so long as you don't take out any more you should look more appealing to creditors as time passes. It will look (accurately) as if you had a bad patch and have now come through it and are managing your money better. The further in the past they are the better, but as they are settled you may find that they aren't as damaging as you fear.