AR on credit file?

Gemma2014_2

Please can someone help, me and my partner have saved up a mortgage deposit yet now we have come to check credit ratings it seems there is an AR mark against an old stupid payday loan. This was 6 months ago and I called asking for an extension and they offered to pay over three months, which I did, on time, not realising this AR mark on credit files even exists!

Is there anything we can do at all or is this us done for six years now? Life over if so.

Thanks I'm advance

cookyy2k

The fact it is so recent and that you have payday lending on your file will both go against you. Speak to a mortgage broker and see but I get the feeling you'll have to wait until this mark is atleat 12 month's old and preferably have no payday loans accounts in that 12 months either.

happy_bunny_2

Your only hope would be asking them to remove it on the basis you were never told it would be marked as such.

Better than a default though in this case.

Thrugelmir

If you had savings why on earth did you extend the loan?

A lender will wonder how well you manage your money. That's the real issue. The credit file reflects your actions.

kirkbyinfurnesslad_2

Well hopefully this will teach you not to use these stupid loans
Why on earth do people do this.

Chrisblue1962

kirkbyinfurnesslad wrote: »

Well hopefully this will teach you not to use these stupid loans
Why on earth do people do this.

A little less judgement and criticism would be more suitable here...

Payday loans are far from ideal but some people use them because their personal circumstances simply do not permit any other alternative.

Personally, I would consider payday loans as the financial equivalent of Dynamite - Handle With Care and to be used ONLY as the Absolute Last Resort - even consider REAL friends or family first.