Payday Loans & Credit File Information

sourcrates

anitaparrott78 wrote: »

So question 1 is that if they were written off due to un-affordability then the entries should be removed from your file?

Question 2 is as these are under closed accounts do they affect my "credit score"?

Question 3 is is it worth trying to get them removed and does anyone have any experience of this?

Thanks in advance

Anita

(1) Only if default removal is included as part of the redress offered to you, most of the time it is, but not in every case.


(2) Credit scores are used as a way to sell you credit improvement products, so has no real bearing on anything.


(3) Can`t hurt to try can it, the complaints process is there for all to use.

dizzyexponent

anitaparrott78 wrote: »

Thank you cymruchris, yes it is about buying a house, possbily next year so I'm looking ahead. Other credit I have been successful in getting, credit card and car loan, so I know some of it hasn't mattered to those lenders however getting a mortgage could be more challenging I'm thinking because of all the subprime problems around 2008.

For what it is worth I have 14 payday loans showing on my credit from 2017 (all closed) and on Thursday I was accepted for a mortgage with Nationwide without any questions whatsoever

anitaparrott78

dizzyexponent wrote: »

For what it is worth I have 14 payday loans showing on my credit from 2017 (all closed) and on Thursday I was accepted for a mortgage with Nationwide without any questions whatsoever

Which is great news! I'm with Nationwide for my bank account so fingers crossed they might be able to help me too when the time comes

anitaparrott78

MEM62 wrote: »

There is no judgement in that response at all. Just an answer to your questions.



Is it possible that fear is making you over sensitive?

If you post on an open forum you will get a range of responses, not all are correct as people (me included) often think they know things and they don't and, in addition, some replies are sugar coated and some are blunt. You will get the full range but most are genuinely trying to be helpful.

There is no judgement in that response from Gary and he has answered all the questions that you asked.

Perhaps if you'd carried on reading you'd have seen the judgement comment that Gary made that I was referring to. Gary was incorrect on one of his answers as I have since found the answer myself through much research...... and No, No, No wasn't really helpful was it, there was little explanation behind his answers, particularly the one regarding credit score? Yes I appreciate its an open forum, and its people's opinion and experiences (but that is why I posted for people's experiences), but in my first post I was quite specific regarding judgement etc because I've read a lot of posts on here about Payday Loans and the responses some people have received were along the lines of "you shouldn't have borrowed it" etc etc..... People in debt to multiple Payday Loans feel bad enough about the situation already (well I know I do) and they don't need people judging them when they are reaching out for advice and support. Being in debt can be a cause of suicide so perhaps a little bit of thought needs to be put in to posts and how it makes the OP feel, we are all human at the end of the day but perhaps being behind a screen and keyboard makes some forget that.

anitaparrott78

anitaparrott78 wrote: »

Perhaps if you'd carried on reading you'd have seen the judgement comment that Gary made that I was referring to. Gary was incorrect on one of his answers as I have since found the answer myself through much research...... and No, No, No wasn't really helpful was it, there was little explanation behind his answers, particularly the one regarding credit score? Yes I appreciate its an open forum, and its people's opinion and experiences (but that is why I posted for people's experiences), but in my first post I was quite specific regarding judgement etc because I've read a lot of posts on here about Payday Loans and the responses some people have received were along the lines of "you shouldn't have borrowed it" etc etc..... People in debt to multiple Payday Loans feel bad enough about the situation already (well I know I do) and they don't need people judging them when they are reaching out for advice and support. Being in debt can be a cause of suicide so perhaps a little bit of thought needs to be put in to posts and how it makes the OP feel, we are all human at the end of the day but perhaps being behind a screen and keyboard makes some forget that.

Apologies it would seem the original judgement post I refer to regarding people wanting things on a golden platter by Gary has been removed.....!

[Deleted User]

Sorry for the home truths.

What information regarding the "credit score" do you feel misinformed about?

Where did any of the posts above state "you shouldn't have taken the loans etc etc"?

Which answer was I also "incorrect" on?

dizzyexponent

!!! wrote: »

Sorry for the home truths.

What information regarding the "credit score" do you feel misinformed about?

Where did any of the posts above state "you shouldn't have taken the loans etc etc"?

Which answer was I also "incorrect" on?

You was incorrect on 2 of the points.

If you have an affordability complaint upheld in your favour they WILL remove all adverse entries from your credit file, that is a fact and one I have experienced many times. So you answer was incorrect on that point.

That leads on the question #3, yes if you feel they were unaffordable then please make a complaint with the lender. Myself and many other people have had success getting defaults removed from our credit files. So again, incorrect on this point too.

I am curious, do you actually have first hand experience of this? Or do you just post information based on what you have read? No need to be so blunt, people come here for help not to be patronised.

[Deleted User]

Lenders are NOT obliged to remove the adverse markers or the account as a whole.

If the loan was unaffordable then it shouldn’t have been taken out in the first place.