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Cashplus iadvance and credit reporting
Comments
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That's right Gardner, it was the iadvance product and not Creditbuilder. Two very different aspects of the account.
Re your own situation, I think any bank account that you have shows on your credit file. So provided it is in order, it should be helping your credit rating in a postive way.0 -
TheGardener wrote: »Thanks - but I think the OP was asking about iadvance and cashplus - not creditbuilder? The OP wanted to know if the iadvance was reported to the CRA's as a payday loan.
The website for iadvance and cashplus says "Representative example: Amount of credit £68 for 11 days, Total amount payable £79, Interest £11, Interest rate: 730% pa fixed, Representative 9,465% APR "
Sorry:o my bad
totally misread the question 
:pB&SC No. 298
Life`s Tragedy is that we get OLD too soon
and WISE too late!0 -
charlie.kelly wrote: »That's right Gardner, it was the iadvance product and not Creditbuilder. Two very different aspects of the account.
Re your own situation, I think any bank account that you have shows on your credit file. So provided it is in order, it should be helping your credit rating in a postive way.
When did you go BR?
I would not touch these type of loans with a bargepole, your credit rating means nothing whilst BR still sits on your CRA file, I have been discharged for over 3 years, I have 4 bank accounts, 2 CC, and 2 contract monthly phones. According to Noddle my credit score is still very poor even though I have all these green ticks on the report.:pB&SC No. 298
Life`s Tragedy is that we get OLD too soon
and WISE too late!0 -
Hi
Yes they report on I advance - i should know have used them( too much!!) excellent though they are - £2 per £ 100 I think they report as personal loan not PDL0 -
iAdvance is actually recorded as a CURRENT ACCOUNT OVERDRAFT albeit a short term one which you consistently need to apply for parts of up to your credit limit.
In essence it is a short term overdraft on your Cashplus Account.
They also do an overdraft facility which can be rolled over from period to period and doesn't need to be requested each time!
Creditbuilder is listed as a 12 month LOAN
No mention of PDL in sight! :-)I have numerous qualifications in Business and Finance, Accountancy, Health and Safety and am now studying Law.
Don't rely on anything I write as it may be wrong!!!0 -
Yes, just discovered this as keep getting turned down for a mortgage as they show as pay day loans - which make my credit file look like I am desperate for cash and taking out small pay day loans so this iAdvance has wrecked my credit file and made it impossible to get a mortgage for at least 3 years when they disappear from the credit file.0
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