Payday loans advice - help!!

lisajane12345

Hi all

My partner has a huge history of payday loans on his credit report between 2011-2014

All were repaid on time with no late payments or arrangements, however I am now worried this will prevent us getting a mortgage.

None will be taken out ever again!

Do you think there is any possibility, at all, the payday loan companies will ever remove record of these from his file?

Any tips or advice on this?!

Thanks

Gaz83

I wouldn't have thought so. They are an accurate representation of his credit history.

DCFC79

lisajane12345 wrote: »

Hi all

My partner has a huge history of payday loans on his credit report between 2011-2014

All were repaid on time with no late payments or arrangements, however I am now worried this will prevent us getting a mortgage.

None will be taken out ever again!

Do you think there is any possibility, at all, the payday loan companies will ever remove record of these from his file?

Any tips or advice on this?!

Thanks

No I can't see them removing record of the borrowing from his credit history, its a true reflection of his finances.

Cross posted with Gaz83.

Morag31

i was told that these loans stay on your file for 6 years!

lisajane12345

The only issue is, he was told at the time payday loans would increase his credit rating, but obviously it has now come to light they have not. Do you still think there is no possibility for this to be removed?

DCFC79

lisajane12345 wrote: »

The only issue is, he was told at the time payday loans would increase his credit rating, but obviously it has now come to light they have not. Do you still think there is no possibility for this to be removed?

No I don't think so

Have you tried to get a mortgage yet, disregard the credit score the credit ref agencies give.

DCFC79

morag31 wrote: »

i was told that these loans stay on your file for 6 years!

Yes that's right

lisajane12345

Before going through a mortgage app we're going to make sure all debts are repaid e.g. overdrafts and a UPL I have, will be cleared by summer 15 at which point we will be looking seriously for a mortgage. I am also going to open a nationwide help to buy savings acc at some point this week which hopefully will improve our chances by then. At the the point of application hopefully we will have 10% deposit, no debt and no defaults for 3 years and no PDL's for over 12 months.. just worried that we will never get a house of our own!

Gaz83

lisajane12345 wrote: »

The only issue is, he was told at the time payday loans would increase his credit rating, but obviously it has now come to light they have not. Do you still think there is no possibility for this to be removed?

No such thing as credit rating.

I definitely don't think you have any chance of getting them removed.

lisajane12345

Gaz83 wrote: »

No such thing as credit rating.

I definitely don't think you have any chance of getting them removed.

I have started seeing this no such thing as a credit rating comment on this site a few times since I've started using it today - is this just meaning there is no such thing as a credit rating based on the fact the credit scores are just determined by the CRA's and each lender has its own lending policies/criteria/checks etc. which technically renders the credit scores we see on noddle/experian etc irrelevant. Or is this meaning something else? Thanks

Apples2

Yes, that's right. Those companies peddling out these scores do not even know you salary or if you have any income at all.
Lenders absolutely care about these matters.

Your credit file is visible for 6 years so all accounts should be on there. Not all report though, and there are three agencies which don't necessarily match up.

You can't simply remove the things you don't like. It is a record of borrowing and the handling of your debt.

I have read some Mortgage lenders won't lend if there are PDL entries within the last 6 months so it may not be all bad.

What do you mean "no defaults in 3 years?". They will conspire against your application if you have defaults.