Pay Day Loan Advice/Questions

nidO

1) The "Score" and "Rating" is purely a guess on the part of Equifax, it is meaningless in the context of what lenders see and is meant as an incredibly rough guide at best, purely for your own benefit.
Therefore there is nothing to "dispute" with anyone, as all a potential lender sees is the actual factual information on your file not your score or rating, they will determine your credit-worthiness for themselves.

2) You have recent arrears on your file as well as 2 even more recent payday loans. This is not a sign of someone currently managing credit/finances well, it will generally be seen by lenders as someone who's in the process of sinking financially, and your "rating" would appear to reflect that fairly well.

3) You can improve your "rating" by not rolling over your Wonga loan if at all possible, paying it back ASAP, and never take out another payday loan ever again. Then, give it a year or two.

WillyWonga

With regards your credit file - the information stops on your credit file for 6 years. It shows a potential lender of any problems you had in the past. So it should show the months your account was in default - so you would have been overdrawn Aug, Sept and Oct - hence 3 months. It should show as 0 now as up to date but there is no way you can appeal the info already on there. Credit reports sometimes will read something like 0000123000 shows went 3 months in arrears and back up to date now.

If its the Experian free trial then cancel it when ended - credit scores are useless as banks use different methods to assess you. Sign up to Noddle which is free. Your credit file will take a long time to recover especially if you have used payday loan firms as this shows a regular bank if you applied for a loan you struggle to handle finances.

Go onto Wonga's website and you should be able to extend it from there.

BlueGarnet

The reality of the situation is hitting home, I may need to turn to family to support me if I decide not to extend. I need to and know I can make this right, it's just hard fighting my demons. As said at least this Friday QuickQuid will be off my back. Suppose I'll live if the information stays only on my credit file for 6 years. All it shows is 1 payment late in October & 3 payments late in November, nothing for August or September.

bigadaj

BlueGarnet wrote: »

The reality of the situation is hitting home, I may need to turn to family to support me if I decide not to extend. I need to and know I can make this right, it's just hard fighting my demons. As said at least this Friday QuickQuid will be off my back. Suppose I'll live if the information stays only on my credit file for 6 years. All it shows is 1 payment late in October & 3 payments late in November, nothing for August or September.

Whilst the information will stay on your record for six years then the older the adverse history the less impact it will have. So if you manage to stay on the traitor and narrow you will be viewed as a better credit history in two or four years time, which is an incentive to stay solvent.

BlueGarnet

^ Thanks that's good to know, I was thinking more about my Wonga loan and I may contact them. My promise date is set for the 10/02/2014. The total owed is £399.47.

The most I could pay around then is close to £300.00 so obviously that would be a chuck of it, I was then going to contact Wonga to see if it's fine to pay the rest off on the 14/02/2014. IMO that sounds reasonable and I wouldn't leave it spiralling for long. How much do you guys think I would be looking at cost wise & do you think Wonga would agree with this?

BlueGarnet

Sorry to be annoying and drag this thread up once more as it would be unnecessary to start another thread.

I'm going to have to extend my Wonga loan, I have no choice now and it's all my fault. Obviously if approved I would have to pay the fees and interest accrued so far. Here's what I need explaining so the amount I borrowed was £270.00 and the total will be £399.47. Will that be knocked off with interest building again on £270.00 if that makes sense obviously with the £10.00 added extension fee.

Can somebody please help me or explain what will happen, would really appreciate it.

ViolaLass

BlueGarnet wrote: »

Sorry to be annoying and drag this thread up once more as it would be unnecessary to start another thread.

I'm going to have to extend my Wonga loan, I have no choice now and it's all my fault. Obviously if approved I would have to pay the fees and interest accrued so far. Here's what I need explaining so the amount I borrowed was £270.00 and the total will be £399.47. Will that be knocked off with interest building again on £270.00 if that makes sense obviously with the £10.00 added extension fee.

Can somebody please help me or explain what will happen, would really appreciate it.

I don't see why they would knock interest off the loan. Do you mean that you're planning to pay £130-ish to bring the amount owed back down to £270?

BlueGarnet

Sorry if my previous post wasn't clear but it says on Wonga's website that to extend if approved that interest accrued so far would have to be paid. So at that point I'm guessing I'll have to pay close to £130.00, but will this be knocked off the total or will the total owed remain the same with added interest with extra time to pay it off? I'm confusing myself.

Monkeyballs

Hi,

Don't extend your loan or roll it over, it's dead money.

Pay Quick Quid and then contact Wonga (details below) to cancel CPA and arrange a repayment plan (be nice, go cap in hand and play ball as they have in the past been very cooperative with me so there is no reason for them to not be with you).

The link for Wonga is: http://help.wonga.com/articles/What_Is_external/What-if-I-can-t-pay-my-loan-on-time/?l=en_US&c=Topics%3AManaging_your_loan%2CMarkets%3AUK%2CProducts%3AWonga&fs=Search&pn=1

Fact is that yes, your credit file is going to take a bit of a beating but it is worth it as you are not defaulting and as others above have stated in a couple of years they will be less important to anyone looking...

More important is your gambling. To do self exclusion in the bookies you need to take 2x pasport size pictures of your face to each chain (you can exclude yourself from all branches nearby in one go as they share the info) do this in all of them, including the ones you don't normally use as you will start to use them... I learned this the hard way!

Next block all of your online accounts and call Gamcare 0808 8020 133 (http://www.gamcare.org.uk/) for help and advice on getting some counselling.

I'm thinking though that if you have PDL's then you probably have other debts? You make no mention of them but... I would strongly suggest contacting a debt charity like Step Change to discuss options because if you have problem debts then they need to be dealt with and not just pushed around...

Good luck!

MB

BlueGarnet

^ Hi, thanks for understanding and being helpful. I can take some comfort from that, you read me like a book. Yes I now have other problems escalating from the last day or so, I'm confident I can take control though and something has changed within myself. I want to get myself sorted, it's true that gambling is just as bad as alcohol & drug problems. I've become withdrawn, it's like when I'm gambling I'm not even acknowledging the large sums of money I'm winning, I just like the thrill of winning and next thing you know is that it's all gone. I kick myself so much, there is been the 1 or 2 times where I have started off with £10.00 and went onto build it up to £1K before fluttering it all away. The feeling is horrible.

I know I have a serious problem if I'm spending most of my wages, turning to PD loans which really should be used for emergencies to fund my habit. My problem is more online gambling, you can hide away hence the reason I don't tend to use public bookies, I would be ashamed if people could see me spending money the way I do online. I need to start valuing money from now on, I have self excluded myself from some of the websites I have used in the past for up to 5 years and will get around to doing it on them all. A lot of the money I have spent has went on virtual horse racing as sad as it sounds, it's very addictive. I have had counselling in the past but had to cut it short because of managing to find work, it was a shame really because I was only just beginning to understand the root cause of my problem. Of course I'm going to try and get the help I need again but obviously I'm working from 9 AM to 5 PM. Isn't counselling only for in the daytime? Stupid question I know..

Say I go down the route your suggesting with Wonga, would they then consider freezing the interest & charges?

Besides my payment date is changing, I'm due to stop being paid weekly and it will become monthly as I have been made permanent from temp, just has to be authorised, only found out on Friday So I would either be paid on the 24th or 25th of Feb - 14 to 15 days after it due, that's when I could pay it all off in one chunk. That's what I could do providing the interest could be froze, surely that would be good for them too. What do you think?