Lending Stream - Report to CRAs

[Deleted User]

Will Lending Stream report to CRAs?

And will it appear as a payday loan? It's a 6 month loan contract as that's what they seemed to default to on affordability (!!!). I'll repay it on payday (31st) - I'm hoping it will at least appear on my credit file as a fully satisfied agreement?

If I'm lucky without the PDL flag, but I doubt I'll be that lucky!

[Deleted User]

Yes they should all now report.


"I'm hoping it will at least appear on my credit file as a fully satisfied agreement?" you will get this yes

Earlier this year, another very similar lender reported this type of finance as:
BUDGET (REVOLVING ACCOUNT) on Experian
LOAN on Equifax

My experience has been they do report quick (it was hours when making the final payment) to all the CRA's when settled/paid so seem efficient enough in this respect though I've never tried for any new credit elsewhere since to know the effects

[Deleted User]

Thanks I'm still bankrupt so surprised they gave me anything at all. £100 over 6 months isn't exactly taxing I guess (£87 in charges though).

When I pay it back on payday it'll only be £16 odd - not much more than if my bank would have given me an overdraft (£6 a month usage fee plus interest, but they refused).

Hopefully, even if lenders do put 2 and 2 together from the short term, the fact I've paid something back since BR will help me a bit. Works out about £800 cheaper to screw myself over salary wise this month than pay my car insurance in installments!

I see you can make manual payments but only in whole pounds. I'm thinking of leaving £1 on the account after payday and letting agreement run a bit longer - presumably if I was to pay the whole lot back I'd only get the 1 months payment history.

If I leave a pound on there it would increase by 22p the next payday. If I then pay the £1 and leave the 22p on there it would increase by 5p to the next payday (unless they decide I'm taking the mick and write it off??). I'll then phone up to do a debit card payment of 25p or something if I can get away with it and drag it out some more....

[Deleted User]

Interesting that I've made 2 partial payments and the following happened - potentially a loophole for building a credit rating - cheaper than the current 'emergency' ways of getting one of those paid for cards or an interest free small 'loan' listed on the main site.

Last night - payment for £5. Updated balance to £95.80 (80p being the days interest, so it was showing as £100.80 owed as soon as it was approved). Next payment due was then worryingly not due until 28th August, with a bill of about £56odd - so they'd combined what was due in July and August and lumped it together, all because I'd made a manual 'on time' payment!!!!

I then had payment 1 marked as complete - " Paid on schedule. Great job!" 5 payments left, 1 complete, 0 late.

This morning my balance was updated again. Now to reflect a lower daily interest charge (the initial reason I paid the £5 last night), I was then charged 0.8% of the whole balance (compound interest?? Can't tell as calculated on £95 = 76p per day).

£95.80 = 76.64p per day. Either way new balance this morning showing as £96.56.

Today - Payment of £96
says again "Paid on schedule. Great job!". 4 payments left, 2 on time, 0 late. Balance remaining 56p. It seems they rounded down today, so that 56p might stay at 56p, because it's 0.448 of a penny per day from now onwards (unless they bundle a few days together and make it 1p. If they round it up I'll kick off). Will see tomorrow.

My next due date is now not until 25th September, obviously for the whole lot of 56p as it stands.

Will be interesting to see just how that is reported to CRAs, and if it is showing as a full loan then that will be very helpful (and a lot cheaper than the likes of the cashplus credit builder) - presumably more of an impact when it's settled as 2 on time monthly repayments don't add up for an account that's 1 day old - but still showing I've borrowed £100 and so far paid back £101 so only have a very small balance remaining.

If I'd have realized each small payment postpones the date by a month and shows as 'on time' I'd have paid 4 x £1s before chucking 92 quid on!

Tried to take out another (apparently due to good standing I'm approved!) but they declined me.

Very worrying that from 2 payments (potentially of just £1 each) someone's due date can be pushed back to September - and it would be essentially 3 months worth of payments due at once!

If I can find a way to get the site to accept 1p (playing with the code that's submitted through from payment screen 1 to screen 2 I imagine) I want to see if I put through 1p another 3 times and get the rest of the payments to trigger as on time, then potentially just leaving a 6th and final payment due in December (plus I'll hang on to this last few pence until end of December, free of charge IF they do round down).

Shame I can't get another loan to repeat the trick!


Anyone reading this thinking of using the trick to delay their payments, *pleaseeeeee* don't! It'll cost an absolute fortune as it's effectively a 'rollover'. And if you're going to default, it's better to do it sooner rather than later and get the interest etc frozen

[Deleted User]

Looks like 1 day = 1 month!

If you make 2 payments on 1 day it won't count.

No idea what's happened to the values next to the dates mind!

Got 1p - was easier than I thought - if you put in an amount (e.g. £11) then click off it, let it fill in the 0's (11.00) then highlight over the 2nd zero and change it to a 1, then delete the 11 (or whatever) before the decimal.

Will try making my other monthly payments on Monday, Tuesday and Wednesday!

And I tried for £50 and they told me where to go - despite the sales tactics at the top of the page! - "Limited time offer!", disgraceful. Is that even allowed under FCA rules??

http://s14.postimg.org/76gxpttwx/LS_1p.png

Transformers

What on earth are you hoping to achieve?

Why are you borrowing? Do you need the money?

I'm totally confused.

[Deleted User]

http://www.moneysavingexpert.com/credit-cards/bad-credit-credit-cards#cashplus



Just got this out of the blue. That's a shame, they written the final 55p off.... Will be interesting to see what they report to CRAs



Congratulations! We received your final payment for loan ID number and the loan is now closed.

We will send credit reference agencies this information and your credit file should be updated within 30 to 45 days.

NICHOLAS_2

So what is it you are hoping to get again?

I'm not bankrupt but have bad credit, i took out the cash plus and used the credit builder which reports monthly to cra. I then recently got a credit card with a poultry 250 limit but it all helps i guess.

I was a bit shocked because one of my debts from 4 years ago was a credit card that i never paid anything back on

[Deleted User]

The same as the Cash Plus/DDC solutions but cheaper.

Of course I needed the money when I loaded the agreement. But as I somehow got approved for two, I don't now.

Ultimately if it had been left to run the 6 months, it would've helped credit file rebuilding. Assuming it will now only report 1 payment (which is all I originally planned anyway), it won't be much use.

Going to ask why they've closed it down early and ask them to reinstate it.

NICHOLAS_2

Somerset_La_La_La wrote: »

The same as the Cash Plus/DDC solutions but cheaper.

Of course I needed the money when I loaded the agreement. But as I somehow got approved for two, I don't now.

Ultimately if it had been left to run the 6 months, it would've helped credit file rebuilding. Assuming it will now only report 1 payment (which is all I originally planned anyway), it won't be much use.

Going to ask why they've closed it down early and ask them to reinstate it.

Is cash builder at £5 a month not cheaper than payday loans then? How much have you spent so far on the loans you took out for less than one month?

If they have shut you down it is because they don't want you doing what you are trying to do, presumably....

If you managed to get a pdl then you might as well have a crack with a cc company for bad credit, just dont tell them that you are bankrupt and you might get one?

[Deleted User]

No - given that they appear to have written some of the interest off by closing it early, this cost £1.01 as the entire loan amount was paid back within 2 days.

Had it been seen through to December, it would have been a total of £1.56 for the 6 month loan agreement to show up as paid.

If I'd have taken it purely for the credit mark (e.g. £50 which is the lowest they give) it would be more like 40p over the 6 months (pay the £50 back to them the day they give it to you).

I've asked for the 55p to be reinstated. Presumably they don't want me doing it, hence why they closed it, but it's worth a try. I imagine they'll just say they've written it off out the kindness of their hearts and to go away....