Satsuma Loans - Have I been stung?

T-G-C

The Continous Payment Authority with Satsuma was refused by the bank for “security reasons” which therefore caused their system to mark the loan in red - in other words make a payment now!

When I woke this morning and realised I immediately paid the full repayment amount - still on the agreed due date and even before 9am

Are they still legally allowed, despite meeting the agreed payment date, despite the bounced CPA, allowed to report a missed or late payment record to the CRA? If so, would I have any grounds to dispute it, since I didn’t actually default and made the payment on the agreed date?

Thank you!

[Deleted User]

If the payment isn't late, it won't be recorded as such.

It's possible there could be a returned payment fee, but that is a separate issue.

T-G-C

Deleted_User wrote: »

If the payment isn't late, it won't be recorded as such.

It's possible there could be a returned payment fee, but that is a separate issue.

Satsuma Loans are a fee-free company other than the interest that’s there competitive element.

Is a missed payment and a late payment mark on a credit file essentially the same thing? If it isn’t, what is the difference and would my situation be classed as a missed payment?

[Deleted User]

They are the same thing and neither will apply.

System

You won't get a late payment. I forgot to pay my Barclaycard a couple of times until a day or two afterwards, phoned them up and paid on the spot and they didn't issue one.

You paid on the date due, you're stressing yourself needlessly.

robin58

I always thought that a Pay day loan company on a credit record was a bigger dent than a late payment report.

sourcrates

Your payment was due on that particular day, a day is 24 hours, as long as a payment is made within those 24 hrs, the payment will not be late.

T-G-C

robin58 wrote: »

I always thought that a Pay day loan company on a credit record was a bigger dent than a late payment report.

robin58 wrote: »

I always thought that a Pay day loan company on a credit record was a bigger dent than a late payment report.

Satsuma Loans shows as a ‘Provident’ loan which a lender can view as doorstep lending or equivalent.

There is a difference between a short-term cash loan and a payday loan - the main difference being that a payday loan is paid back within your salary period and a short-term loan is paid over numerous instalments.

I would doubt that a late payment is viewed better than an eventual paid-in-full & on-time Provident loan.

Late Payment: You can not manage your finances correctly and are highly at risk of defaulting on debt.

Provident Loan: You are not on a higher income and therefore viewed as a higher credit risk but still demonstrate financial strength if showing OK’s every month and no defaults on record.

Mortgage providers is excluded from this - but I’m years away from that stage of my life!

Arleen

T-G-C wrote: »

Satsuma Loans shows as a !!!8216;Provident!!!8217; loan which a lender can view as doorstep lending or equivalent.

There is a difference between a short-term cash loan and a payday loan - the main difference being that a payday loan is paid back within your salary period and a short-term loan is paid over numerous instalments.

I would doubt that a late payment is viewed better than an eventual paid-in-full & on-time Provident loan.

Late Payment: You can not manage your finances correctly and are highly at risk of defaulting on debt.

Provident Loan: You are not on a higher income and therefore viewed as a higher credit risk but still demonstrate financial strength if showing OK!!!8217;s every month and no defaults on record.

Mortgage providers is excluded from this - but I!!!8217;m years away from that stage of my life!

While the specific assesments lender use are secret, the view of payday loans on files is going to have a pretty bad impact when you try to apply for high street credit. Yes, it's nice to have it as "OK" but those loans are strictly for people who either live out of their means or have nothing set aside for emergencies. Either way needing those services shows very weak grasp on your personal finances and mean that you are one accident away from spiralling out of control.

Late payment is not ideal, but having one across 6 years will have extremely little meaning.

[Deleted User]

The company who checks your credit file won't see who you have borrowed from - only the amounts. Satsuma loans are not "pay day" loans and therefore won't be viewed as anything special on your file.

A company might see high interest rates and make an assumption about your finances, though.