Dissolved Creditor on file?

lst88

Back in 2015, I got a payday loan from WageDayAdvance. (There's some iffyness surrounding this since I never saw and never knowingly signed a credit agreement, but the money appeared in my bank account and I did use it...)

WDA are now in administration. According to the information on their website only "a proportion" of their loan book is being purchased by Shelby Finance Limited, so presumably there's a chance my debt won't be transferred and will be "written off"?

If this happens (I'm not getting my hopes up) what will happen to the entry on my credit file? Will it be removed as part of the insolvency process? Will I have to contact each credit file holder myself and inform them? Am I likely to receive any proof that my debt wasn't transferred and no longer exists?

I haven't heard from WDA lately and they only appointed an administrator on the 12th of March, according to Companies House, so I presume that the IP will make the rounds and try to collect on as many outstanding debts as possible in the near future.

Bonus question: continuing on from what I said earlier, is it possible to dispute a debt based solely on the fact I didn't see or knowingly sign a credit agreement? It sounds weaksauce to me since it's not like I gave the money back to them, but I'd like to hear thoughts on this anyway...

[Deleted User]

It will remain there for 6 years from default. If settled, or written off, it should reflect that.

It's very unlikely you didn't sign an agreement. A signature doesn't need to be given via a pen. Payday loan companies aren't known for their generosity in just handing out cash to people.

lst88

Deleted_User wrote: »

It will remain there for 6 years from default. If settled, or written off, it should reflect that.

It's very unlikely you didn't sign an agreement. A signature doesn't need to be given via a pen. Payday loan companies aren't known for their generosity in just handing out cash to people.

Thanks for the quick reply. If it's written off, am I responsible for letting credit agencies know, or will WDA (or the IPs) take care of that?

Oh I certainly would have ticked a box or something like that. I just never saw a credit agreement as I would usually. (I'm basing this on other credit applications showing pages of it and making it very clear what I'm about to sign.)

[Deleted User]

If written off, it will be marked as settled.

You don't need to do anything, but keep an eye on your three files.