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The Money Shop
justwantahouse
Posts: 1 Newbie
in Loans
Hi,
I took an initial loan from the money shop in April 2016 for £400 and paid this off, I could just afford to pay this off and it was used to pay off other loans. Then In May 2016 i was offered a loan of £1800 with total repayment of £3600, which appears on my credit report showing 29 months of payments up to date, I have not made any but two of the first payments as I have not been in financial situation to do so.
They have not chased me for payment.
I understand that they had made refunds to people who they had given loans to that were un affordable. Which may be why they have not chased for any payment.
If i don't get in contact with them and eventually the 6 year limit since last payment occurs then technically will this leave my credit report and will the loans be uncollectable?
Want to know your thoughts on this situation.
I took an initial loan from the money shop in April 2016 for £400 and paid this off, I could just afford to pay this off and it was used to pay off other loans. Then In May 2016 i was offered a loan of £1800 with total repayment of £3600, which appears on my credit report showing 29 months of payments up to date, I have not made any but two of the first payments as I have not been in financial situation to do so.
They have not chased me for payment.
I understand that they had made refunds to people who they had given loans to that were un affordable. Which may be why they have not chased for any payment.
If i don't get in contact with them and eventually the 6 year limit since last payment occurs then technically will this leave my credit report and will the loans be uncollectable?
Want to know your thoughts on this situation.
0
Comments
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The account will leave your credit files 6 years after default.
It will become unenforceable after 6 years without acknowledgement.
They're not necessarily the same thing. If they gain a CCJ before it becomes unforceable, that will stay on your files for a further 6 years and will not become statute barred.0 -
From what you say there is no default showing on your credit report. and you are not intending to settle. The entry will be there for a long time to come.0
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I assume you got the loan online as I can't imagine a branch manager failing to notice your missed payments. There's obviously an error somewhere on the system...you may be lucky and get away with it, or they may start chasing you later...0
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