Payday Loan Credit file removal?

DMP1

Hi


I am going to be applying for a mortgage this year


I used payday loans on 3 occasions last year, Jan Feb and March


They were fully paid off on time. No late payments


I know that mortgage underwriters hate payday loans and it could rule out any moragage chances


I have no other debts on my credit file


Has anyone on this site been able to get Payday loan companies to remove the use of the loan from there credit files?


I have seen on the Martin Lewis show that he recommends ringing them and doing so


Has anyone got any experience of this and could they recommend how to go about it?


Many thanks

Thrugelmir

CRA's would go out of business. As their data would be worthless if they did. Absolutely no reason to remove an accurate entry.

matttye

Did he really recommend doing that? It seems odd because they're very unlikely to remove the entry.

The only time I think you might stand the slightest chance is if the PDL company somehow suggested that the loan would look good on your report.

YorkshireBoy

The 'Principles of Reciprocity' (to which all lenders/closed user groups subscribe) would prevent removal of such data.


http://www.scoronline.co.uk/principles/

DMP1

To be honest I was a bit surprised when he said it, I didn't think it was possible


Is it completely out of the question getting a mortgage having payday loans on your credit file or is it down to the underwriting policies of each mortgage company?

Tixy

It would be down to how the individual mortgage lender viewed your credit file and financial circumstances as a whole.
The most mainstream, cheapest mortgage lenders may have a blanket bank of pdls within the last couple of years but other lenders may be more relaxed if all other things are good.