Satsuma loans - rearrangement plan

Lioness_Twinkletoes

So no financial loss then.

Turtle87

Lioness_Twinkletoes wrote: »

So no financial loss then.

You're right, its perfectly acceptable for them to incorrectly report my credit file as several months late and make me have to work several hours over a number of months to get it put right via the FOS

Lioness_Twinkletoes

Turtle87 wrote: »

You're right, its perfectly acceptable for them to incorrectly report my credit file as several months late and make me have to work several hours over a number of months to get it put right via the FOS

Because consistently using high interest payday loans looks GREAT on your credit report :rotfl:

Turtle87

Lioness_Twinkletoes wrote: »

Because consistently using high interest payday loans looks GREAT on your credit report :rotfl:

What an unhelpful and ignorant post. You know nothing about my circumstances so please do not hijack this thread with any more of your nonsense comments. I am sure the community could do with less people like you.

[Deleted User]

Turtle87 wrote: »

What an unhelpful and ignorant post. You know nothing about my circumstances so please do not hijack this thread with any more of your nonsense comments. I am sure the community could do with less people like you.

You might want to look in the mirror before making that comment.

Turtle87

camelot1971 wrote: »

You might want to look in the mirror before making that comment.

That makes no sense. Can you elaborate?

SnowTiger

A FOS case from 2014:

117/9

When Mr S found he was struggling to make the repayments on his loan, he phoned his bank and agreed a reduced repayment plan. Mr S made his monthly payments in line with this plan - without missing a payment.

[...]

Mr S went online and checked his credit report. He found that it showed missed payments - and his account was shown as “delinquent”.

Mr S wasn’t sure what “delinquent” meant in this context - and he was sure he hadn’t missed any payments on his loan. So he phoned his bank to find out what was going on.

The bank told him that the information they had recorded on his credit report was accurate. But Mr S didn’t agree, and complained. He pointed out that he had never missed a payment on his loan - and in fact, that he had agreed a reduced payment plan with the bank precisely because he wanted to avoid missing a payment. Mr S said he accepted that the reduced payment plan should appear on his credit report - but said the account shouldn’t show as “delinquent”.

[...]

complaint not upheld

When we spoke to the bank, they agreed that Mr S hadn’t missed any payments on his reduced payment plan. So we needed to consider whether what the bank had reported to the credit reference agencies was accurate.

We asked Mr S to send us a copy of his full credit report. And we asked the bank to explain exactly what it had reported to the credit reference agencies. The bank also sent us a copy of some guidance it had received from one of the credit reference agencies on how to report information. The guidance said that, even when a customer has agreed a reduced repayment plan, any arrears that accrue on the account must still be reported.

The bank’s records showed that although Mr S hadn’t missed a payment, arrears were building up on his account because he was making less than the full payment each month. The bank reported these arrears to the credit reference agencies and, when they added up to more than one full monthly payment, it showed as a “missed payment” on Mr S’s credit file.

So we found that the bank had sent accurate information to the credit reference agencies - because they were reporting the arrears that were building up on Mr S’s account. The credit reference agency that Mr S had requested his credit report from recorded arrears as “missed payments”.

We also established that the credit reference agency recorded an account as “delinquent” when it had more than three months’ worth of arrears on it. We could understand that this had been confusing for Mr S - but it wasn’t anything to do with the way the bank had reported information about his account.

This seems similar to the OP's case.

Turtle87

SnowTiger wrote: »

This seems similar to the OP's case.

Many thanks for pointing this out. Indeed it's very similar circumstances. Interestingly it contradicts what the FOS informed me. Seems to be a grey area. I am still waiting on the "final decision" from the company.

meer53

Payday Loan, Default or AP, all red flags to have on your credit file. I would just concentrate your time on paying it off rather than trying to pass the blame.

Turtle87

meer53 wrote: »

Payday Loan, Default or AP, all red flags to have on your credit file. I would just concentrate your time on paying it off rather than trying to pass the blame.

Thanks, I am aware of the problems associated with payday loans but unfortunately had no other choice at the time. I just want it to be reported accurately hence the post.