Removing Payday Loan accounts from Credit reports

MissHG

Hi,
I’m going to begin the process of mortgage applications and other grown up stuff once my credit report is in the good bracket. I have a few queries, sorry if they’ve popped up elsewhere :embarasse

I have a single default from o2 which is due to drop off the radar in 18 months. I’m unsure of how much of an impact this has on my report as I’ve read on various threads conflicting information. Any advice is welcomed.

However, my main concern is that I’ve read on multiple mortgage advice threads, blogs and sites that payday loans whether they were taken out last week or years ago will greatly reduce the chance of getting a mortgage.
I stupidly took out more than a handful payday loans as a student. All loans paid on time and closed however populate on different account sections on credit reports.

Is it at all possible to have these removed? The threads I’ve scanned all go down missold loans or irresponsible lending, yet mine was as far as I’m aware all above board.

And just to throw in another question, my credit rating is currently poor on one reporting site and fair on another, my much better half has an incredibly great score. Would it be daft of me to assume we’d get offered mediocre mortgage rates as a couple? Or would me being “risk” ruin his report and also only offer us the steeper rates?

System

No you cannot have them removed. Nothing can be removed from a credit file unless it was placed there in error. Even if it was missold the loan still remains on your record as do the related hard searches.

As for the mortgage, find a broker that specialises in dealing with people with poor credit if you find you have problems. Depending on how long ago the payday loans were they may not have an effect at all if they're a similar age to the O2 default.

Dobbibill

I echo the advice above - your credit report has to factually reflect your history.

A good broker would be worth their weight in gold in this type of scenario.

There are a good couple of regulars on the mortgage board that would be able to tell more about your likelihood if you wanted to pop over there with more detailed info like how many PDLs and dates etc.

cjmillsnun

I personally wouldn!!!8217;t worry about PDLs if they are over 3 years old. If everything else in your history is good, a good broker should be able to place you with a high street lender.

sourcrates

Tarambor wrote: »

Even if it was missold the loan still remains on your record as do the related hard searches.

If the OP had made a mis-selling complaint to the lender, and that complaint had been upheld, a part of the redress offered would be to remove the entry altogether, from your credit report, only in those circumstances can that entry be removed.

This has happened for a fair number of people as part of the redress currently been offered by payday lenders.