Loan Help!!!

Stabilo_Boss

bg100 wrote: »

Time to knock in some overtime then. Head down and save. One more thing? Can I have the payday loans deleted from file on the basis they are harming credit rather than helping it?

I'm afraid not (although you might..might..be able to do a deal with them to remove something if you settle with them but its a big might) as they reflect reality. They will be on there for 6 years...

bg100

Oh well, my credit file shot to pot then. Bloody sssslllliiiiiidddddeeerrrrssss!


Lucky I have sense of humour! Wonga wasn't my lender infact!

bg100

Just another question..sorry. I'm not for one minute trying to dodge paying money back, but I have seen in other posts about lenders that fail to provide copy of CCA. I was wondering, how does this impact your credit file? Does entry go to default, or deleted on basis that agreement is unenforceable?
Just to re-iterate. I am planning to pay back everything I borrowed.

singlehouseholder

Have you considered approaching a local credit union for a loan?

bg100

I did look into approaching credit union, however majority look for you having been saving for at least 1 or 2 months before they lend to you. I was looking for something immediate to be honest. By the time I set up deductions and join a union, I could have paid of half my payday loan debt really.

Apples2

bg100 wrote: »

Just another question..sorry. I'm not for one minute trying to dodge paying money back, but I have seen in other posts about lenders that fail to provide copy of CCA. I was wondering, how does this impact your credit file? Does entry go to default, or deleted on basis that agreement is unenforceable?
Just to re-iterate. I am planning to pay back everything I borrowed.

Wishful thinking unfortunately. Lenders are no longer required to provide a copy of "your" signed agreement, just a copy of one which was running at the time you took your loan(s) out.

The paper is neither here nor there, if you don't pay, your credit file is marked as late, then missed and eventually default.

You shouldn't be able to remove anything as it is a true record (unless there was a mistake).
Some lenders have been known to be open to bribes, e.g fall into default, pay £1 a month (for 250 years) but offer them the whole repayment on condition they remove the default. It isn't common though.

Correctly managed loans (of any type) will be of less concern as time passes (a payday loan taken 3 years ago is unlikely to stop you getting a loan) but Defaults and arrears will be disastrous for 6 years.

Each lender has their own mechanisms though, it's guesswork for us mere mortals.

Apples2

bg100 wrote: »

By the time I set up deductions and join a union, I could have paid of half my payday loan debt really.

Keep that positive attitude, you don't NEED a loan as you could clear half of it in a couple of months.....great work.

bg100

Apples2 wrote: »

Wishful thinking unfortunately. Lenders are no longer required to provide a copy of "your" signed agreement, just a copy of one which was running at the time you took your loan(s) out.

The paper is neither here nor there, if you don't pay, your credit file is marked as late, then missed and eventually default.


What is the ruling if they cannot provide even a hard copy of agreement with 12-14 days then? Any copy I mean?

[Deleted User]

It could end up being unenforceable, but it still doesn't wipe out the fact that you borrowed the money, so that remains on your credit file.

bg100

But then if the loan became unenforceable...the lender could not then report to the CRAs? And the entry on report would sit as original balance? There would be no agreement, therefore no agreement to report to? They couldn't then report it as default? I am just talking hypothetically here...would that be the case?