Payday Loans on credit file

kmacx

Hi All

After some advice and guidance to get clear of debt.

I had a bit of an issue a few years ago and got myself into some debt. No with a very serious job and good income coming in I, as all are, are keen to see my credit file nice and clean. However, I have found a couple of Payday Loan debts on there that I can't recall and wanted some a dive as to the best way to close them off.

They are listed below as who, loan amount, and current balance.

CFO Lending £512, £512 This one i think is a 3 month repay plan with them.

Micro Credit £150, £568 ( I know i was shocked too)

24/7 MoneyBox £80, £256

Payday Express £254, £345

What i am hoping to find out is if I am able to offer the amount originally loaned to close off account? Do you think that a business would accept this?

Any advice appreciated, and before anyone mentions it YES I know i was a silly boy, but these things are behind me and i am trying to get it sorted

Thanks

KMACX

Tixy

You can try offering a reduced figure in full & final settlement of these debts.
This factsheet may be useful https://www.nationaldebtline.org/EW/factsheets/Pages/24%20EW%20Full%20and%20final%20settlement%20offers/Default.aspx

If you haven't paid anything to these debts for a while it probably increases the chance of them accepting a reduced lump sum.

If they do accept a reduced figure it would usually be marked as such on your file, that said it probably won't make your file look worse than it does with unpaid payday loans already on it.

kmacx

Thank you.

The full value of the loans is just under £1k but i only want to repay what was borrowed not their exorbitant fees is this a reasonable offer?

If so would someone have a letter/email template I should use to present them?

Thanks

marliepanda

kmacx wrote: »

Thank you.

The full value of the loans is just under £1k but i only want to repay what was borrowed not their exorbitant fees is this a reasonable offer?

If so would someone have a letter/email template I should use to present them?

Thanks

You can offer it, but as you accepted the fees when you signed up (and they are a business at the end of the day, whether you agree with their terms or not... and you did) They are there to make money, they are not a free ending service so you probably will have to pay some of their fees.