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ghost loans - how long till they vanish
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TiPinAnon
Posts: 1 Newbie
I have a ghost loan from RBS, basically I took the loan and then decided to pay it back within a few days. The account is now closed and all this happened mid june. Now when I apply to renew a mortgage the lenders still see it as a debt. So my credit rating is fair not good. Rather than get lots of credit enquiries trying other lenders I'm waiting for it to drop off. How long will it take and is there anything I can do to speed it up, anybody know?
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Comments
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Are you saying that your credit files still show it as an active debt - not closed?
If so, you need to raise a dispute with the various CRAs to get it updated.0 -
Hi
The loan will show on your credit file for 6 years, but it shouldn’t look like you still have the debt if it was paid off.
James
@natdebtline
We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
Surely if the loan is cancelled within the cooling off period all traces, except for the credit searches, should be removed from reports as the CCA states "are treated as if they were never entered into".National_Debtline wrote: »Hi
The loan will show on your credit file for 6 years, but it shouldn’t look like you still have the debt if it was paid off.
James
@natdebtline0 -
Surely if the loan is cancelled within the cooling off period all traces, except for the credit searches, should be removed from reports as the CCA states "are treated as if they were never entered into".
That's a good point that I overlooked Molerat.
James
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0
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