forgot to change my address

matttye

joeltm wrote: »

thanks for all the advice - I only every used them for the odd £50 here and there so that I didnt dip in to my savings (building for a mortgage deposit) you see with being told that borrowing and paying back actually helped my credit rating I (naively) saw it as a good thing!

Lie I say, I dont have any debt, overdrafts, credit cards, store cards or loans but obviously I have hurt my rating.

Im on the electoral roll at my current address and now my bank details are sorted etc im worried that any mortgage application will be affected by this. Aside from not using the loans mentioned above which I will NEVER use again, how can I rectify and build my rating back up so that I will be seen as a good borrower?

If it was the payday loan company itself that said they'd be good for your credit history, I would try to argue for the loans being removed from your credit file. You can argue that you took them out on the understanding they'd help your credit rating, when in fact they do quite the opposite.

joeltm

Thanks all - looking at the FAQ's etc ill try the capital one classic extra and go for a limit of just a few hundred -

the rules to follow - dont ever go over the limit, always pay in full and on time. aside from that im to use it when and how i see fit?

joeltm

matttye wrote: »

If it was the payday loan company itself that said they'd be good for your credit history, I would try to argue for the loans being removed from your credit file. You can argue that you took them out on the understanding they'd help your credit rating, when in fact they do quite the opposite.

surely if they will remove from my credit history,m then isnt there a bigger case her for miss representation?

surely under the SOGA its in breach??

matttye

joeltm wrote: »

Thanks all - looking at the FAQ's etc ill try the capital one classic extra and go for a limit of just a few hundred -

the rules to follow - dont ever go over the limit, always pay in full and on time. aside from that im to use it when and how i see fit?

Most people recommend not going over 50% of the limit if you can help it. Then it doesn't look like you're using credit to live.

matttye

joeltm wrote: »

surely if they will remove from my credit history,m then isnt there a bigger case her for miss representation?

surely under the SOGA its in breach??

Possibly. Do you have it in writing that they would help, or was it on their website?

It's been known for quite some time that they're bad for credit history, and some mortgage lenders apparently outright decline if they see PDL's.

joeltm

matttye wrote: »

Possibly. Do you have it in writing that they would help, or was it on their website?

It's been known for quite some time that they're bad for credit history, and some mortgage lenders apparently outright decline if they see PDL's.

just through their website - i could check their confirmation emails to see whats in there. but then how do i prove that it has been bad?

matttye

joeltm wrote: »

just through their website - i could check their confirmation emails to see whats in there. but then how do i prove that it has been bad?

It will be difficult unless you apply for credit and are specifically told the payday loans are the reason for the decline. It has been known for mortgage brokers to say this.

Although it is well documented >> http://www.dailymail.co.uk/money/mortgageshome/article-2173443/Payday-loans-Worrying-news-million-needed-fast-cash.html

joeltm

My Capital one application has gone through ok, so that's a good start. I've also just sent off a lovely email to their complaints team and CEO - I wont bore you with the details but If they don't remove any records of using them I would be highly surprised.....

matttye

joeltm wrote: »

My Capital one application has gone through ok, so that's a good start. I've also just sent off a lovely email to their complaints team and CEO - I wont bore you with the details but If they don't remove any records of using them I would be highly surprised.....

They usually say its a true history of the account etc., but stand firm and tell them the account wouldn't even exist if you had been told from the start it would be bad for your creditworthiness.

joeltm

matttye wrote: »

They usually say its a true history of the account etc., but stand firm and tell them the account wouldn't even exist if you had been told from the start it would be bad for your creditworthiness.

Will do - im a very good "complainer" - I dont complain about everything but when something isnt right I make the right people aware. Especially as a consumer where I am not at fault for their information not being correct.

Im sure mcdonalds couldnt get away with saying, eat our burgers all day every day, its good for you, so how PDL's can get away with saying what they do is beyond me!

I have spent most of my career working in and around the financial sector managing complaints teams, so I have a good nack of what to say, how to say and who to, to get the right outcome.

cant thank everyone enough for the help given though im a member of a few forums for different things and I must say, this has been one of the best responses to a newcomer ive ever had! so thankyou!! (I clicked the button too.... )