Lender (Provident) not updating my credit file?

Jimby509

So I have had three nasty loans from Satsuma Loans aka Provident.
I paid all loans off early, one was paid off in September of 2015 one in November 2015 and one in december 2015. (I needed to replace a car and though my credit file is improving I could not find another lender. I scrimped and saved and paid off the loan, took another loan to get me to the end of the month and paid off again).

Of the three loans the earliest one I paid off in September was updated as settled within the same month. However the other two, despite being paid off, are just updated with a '?' on my credit file and a reduced amount of the loan remaining.

The implication of this is that my credit file looks as though I still have not settled the loans and am paying an extra £550 in loan payments per month.

When a loan is paid off, am I right in thinking this should be reflected on your credit file within about a month or so?

I want to shift some cc debt to a lower interest rate loan, but no lender in their right mind will lend to me with two live Satsuma loans being listed on my credit report.

I have used noddle and call credit to get my credit file info.

Cheers for any input. J

Ginger.ice

I had precisely the same thing, although in my case they actually chased me for the amount they felt was outstanding. I made several attempts to formally complain and eventually they got around to closing the account on their system, however the credit file reflects the date they closed the account not the date I actually repaid the loan, which are 4 months apart. This usually wouldn't make a big difference, but when its a sub-prime lender like them it could be the difference of getting a good CC rate or not.


The best thing to do is raise a formal complaint, and if they don't help escalate it to the FOS. Its not unless you threaten them financially that they actually do anything about it. They are a disgraceful business.

Jimby509

Thanks ginger.

I will make a complaint to them. How did you contact them to make the complaint?

boo_star

Ginger.ice wrote: »

I had precisely the same thing, although in my case they actually chased me for the amount they felt was outstanding. I made several attempts to formally complain and eventually they got around to closing the account on their system, however the credit file reflects the date they closed the account not the date I actually repaid the loan, which are 4 months apart. This usually wouldn't make a big difference, but when its a sub-prime lender like them it could be the difference of getting a good CC rate or not.

Nobody will know for a fact that it's a subprime lender. People searching your credit file won't see who the lender is/was.

There are telltale signs that any underwriter (or remotely competent Financial Services employee) will be able to spot a mile off but they won't ever know it for a fact.

Jimby509

Thanks boo, that is good to hear. At least when they finally remove these accounts the fact they were a terrible interest rate wont count for much.

The problem I am facing is that anyone viewing my credit file would think I have to pay over £700 per month in loan payments. In reality I have £240 in monthly loan commitments.

So fustrating as I am paying high interest on my debt and can't shift the debt to a lower interest rate until my credit file is correctly updated.

I was quoted a much better interest rate on a debt consolidation loan but on reviewing my credit file the lender refused me as my monthly debt commitments mistakenly appear too high thanks to Provident's sloppy admin.

Cheers J