Help newbie

Bonedaddy101

Hey,

I am 19 and new to the dangerous world of credit :mad:

I’ve been interested in improving my credit and so purchased credit Experian,


I then found I had a default on my account, it said men finical and pay day loan, after doing some investigating I found out it was payday.co.uk
I did have a loan with them at one stage and completely forgot they sent no letters or default charges letters, the date one Experian says 1/12/13 so it was only recently added to my file, if I pay off in full now can I save my credit rating in time or is it too late?


Many thanks :A

toughgreenmonkey

No too late sadly although I think you can write to them and say you never received a default notice etc in an attempt to get it removed although it's pretty unlikely

BugsyBrowne

Bonedaddy101 wrote: »

Hey,

I am 19 and new to the dangerous world of credit :mad:

I’ve been interested in improving my credit and so purchased credit Experian,


I then found I had a default on my account, it said men finical and pay day loan, after doing some investigating I found out it was payday.co.uk
I did have a loan with them at one stage and completely forgot they sent no letters or default charges letters, the date one Experian says 1/12/13 so it was only recently added to my file, if I pay off in full now can I save my credit rating in time or is it too late?


Many thanks :A

2019 is when that default will fall off your credit file 'so get used to getting turned for credit for many years.

You knew you got the loan why didn't you pay it back as you didn't forget 'you just didn't want to pay it back and you now realise what a bad mistake that was.

Bonedaddy101

I already hold a number of store card and credit cardss all up to date! so no matter what i do i wont be able to get anymore or bank overdrafts? even if i moved addrese? or kept really good payments on all my other accounts

Bonedaddy101

Also when my insurance comes for renew in a month does this mean I will no longer be able to pay monthly with them once they do another credit check

toughgreenmonkey

No to store cards and credit cards, default will stop those. You should still be fine to pay monthly for things like insurance or phone contracts etc.

Bank overdrafts are a no and it won't matter if you moved address as your credit file is linked to your name and DOB so they'll find you regardless.

Just one of life's annoying mistakes

If you can pay it in full then do so as whilst you'll still have a default it will then show as satisfied and stop people chasing you for money etc

Watch out on here, I'm new too and there are some people out they that will post some not so nice comments to you, they have done to me anyway.

Bonedaddy101

I wasent even working at the time even tho it was a payday loan can i admit i lied and get it removed? also its only £151

Wilkins

Bonedaddy101 wrote: »

I wasent even working at the time even tho it was a payday loan can i admit i lied and get it removed? also its only £151

You borrowed the money and you didn't pay it back. Now, for a while, you must take the consequences. You can mitigate potential problems by reforming your attitude. Live within your means, save up for things you want and take responsibility for your actions. In a few years you could be in a much better place, financially. Don't spoil that opportunity by drifting into the murky world of endless credit.


I am not trying to have a go at you, just trying to give you good advice.

[Deleted User]

Bonedaddy101 wrote: »

I wasent even working at the time even tho it was a payday loan can i admit i lied and get it removed? also its only £151

It wouldn't be removed, but it might be joined by a fraud marker.

toughgreenmonkey

Yeah if you lied that's fraud and fraud is far worse. You'll just have to take it and move on sadly, no getting around these things, believe me, I know!

Just goes to show how irresponsible pay day loans companies are though hey

sirwiggum

You're young, treat this as a severe lesson!

As you'll find it difficult to get finance for a few years, you can use it as the opportunity to shape how you approach finance - save up for what you want - it'll make enjoying things more satisfying than the never-never.

In 6 years time, you'll still only be 25, you still have your life ahead of you, your default will have drifted off, you can start afresh.

Good luck!