Text loan / my jar

sweets77

A number of years ago i took out a loan with text loan, which after a number of re-loans I could no longer afford.

Just recently when checking my free credit report with noddle I notice they have put an entry on my file, as at 1/3/15 they say i'm one month in arrears.

I emailed them asking what was going on, they say I took out this loan on 20/5/12 and the balance is £692.50, no payments being received. Now I actually dispute this, my recollection is that this loan was taken out much earlier, 2010 perhaps.

I emailed again asking why some 3 years later this is only appearing on my credit file now, their response is as follows;

The reason why an overdue payment has not been marked on your credit file before now, is that until 2014, MYJAR did not share data with any credit reference agencies and we were therefore unable to register overdue payments. Now that we are sharing data with Callcredit, we are obliged to show the accurate position of all accounts and the situation on your own account is that the loan of £300 that you took from us on 20 May 2012 remains unpaid.

is there anything I can do here, or are they correct in doing this?

[Deleted User]

Have you not seen this
http://www.consumeractiongroup.co.uk/forum/showthread.php?443332-MyJar-default-listed-4-years-later


afraid it seems the payday loan co's are fighting back?

sweets77

Fortunately they haven't hit me with a default yet. My query is can i challenge the entries on my credit file?

Tixy

If they obtained your permission to share data with the credit reference agencies when you took out the loan then they are allowed to add an entry now.

That entry should accurately reflect the position on the account. E.g. the account opening date should be correct, the outstanding balance should be correct etc.

PaulW922

It is unlikely you could challenge data if it is accurate. Your post implies the payment history is worse than they have recorded so it may not be in your interests to pursue this -

happy_bunny_2

The key, as said, would be whether the agreement allowed them to report to CRAs, irrespective on whether they actually did. They don't have to.

Do you still have access to the agreement?

It sounds like you defaulted on this agreement, rather than 1 month in arrears. So, it should have defaulted mid 102 according to them.

I would refer this to the FOS if this is their final response and let them deal with it.

In your FOS complaint, state that it shouldnt be there as you dont believe they are allowed to report it. They will need to prove they are allowed via the agreement. Also, it should have defaulted years ago.

You also want to challenge the loan date if you think its wrong.

you could send text loan a subject access request and a tenner and see what comes back. A copy of your agreement would be helpful.

Or, a CCA request and a quid. That would be quicker, probably.

happy_bunny_2

Check out the update on here that will likely help resolve this issue:
https://forums.moneysavingexpert.com/discussion/comment/68324228#Comment_68324228