Old payday loans coming off credit report way ahead of 6 years?

coles88

Hi, 

I'm a bit confused (but obviously happy!!) about the state of my credit reports, given some old payday loans I had. I'm very ashamed to say that between April 2013 and Jan 2018 I took out at least 50 payday loans (mostly Wonga, a couple of others like Lending Stream)... not realising what I was doing to my future credit-worthiness. 

In the past couple of years I've woken up and worked hard to pay off debt and now regularly check my credit records on the MSE credit club, Clearscore and Credit Karma. Strangely though, I've just looked at Clearscore and it says that 15 payday loans will be coming off my record in my August update. That's prompted me to look at which ones are on there still and it turns out that on Clearscore I only have the 15 (all Wonga) which will now fall off this month. The 'youngest' of those was the one in Jan 2018 so clearly it's not been 6 years which is when I was expecting them to come off my account. The oldest of the 15 was in March 2015, so even that shouldn't be coming off until next March. I also have record of 8 other loans in that period which seem to have already fallen off, and a further 5 which are even older (but not yet 6 years old) which have also gone. Weirder still, when I check via MSE CC, there are no payday loans on there at all... and with Credit Karma I can see 10 loans, all of which are in the 15 which are coming off my Clearscore report next month (I wonder if they'll drop off CK too - only I don't think they don't give you advance notice of changes!?). 

I hope to apply for a mortgage next year so clearly am delighted if they really are disappearing - but is it too good to be true?! If they're no longer showing in what I can see from each of the credit record providers - have they really gone? And if so, why would they be dropping off so early, when I've not disputed them or anything? The only other thing I can think of is that I got some money a while ago from Wonga when they reimbursed fees etc. from their irresponsible lending... could it be as part of that they're removing the loans from my credit file?

Any light that anyone can shed would be much appreciated... thanks in advance. 

JamieJ89

Yes absolutely, Wonga paid out a lot of claims following their administration to those they leant irresponsibly too - as part of this, they have removed the defaults from credit records for those loans that should not have been provided.

Good news though, happy days!

coles88

I should just clarify that these weren't defaulted, I paid them all - it's the old accounts that are dropping off my record early. 
But assuming that's why - then, yes, happy days indeed!!! 

MalMonroe

coles88 said:

I should just clarify that these weren't defaulted, I paid them all - it's the old accounts that are dropping off my record early. 
But assuming that's why - then, yes, happy days indeed!!! 

That's great news, don't question it! And also, please don't feel ashamed that you were in financial bother, it happens to so many of us. I was in terrible financial trouble a few years ago, through no fault of my own. It's so easy to blame yourself and even if it is your fault, you may possibly have made a mistake and yes you can be ashamed for five minutes - but that's it. I'm just sorry that you had no option but to get those horrible payday loans that take advantage of people who need financial help. 

Still, things are looking up now. It's great to hear a happy tale for once! 

fizzybob

Same thing has happened here - 16 Wonga loans across 2015-2018 have dropped off Equifax and Experian. They're still showing on CreditKarma, but hoping they drop off there soon too. Also trying to arrange a mortgage at the moment so this is great news!

coles88

sully1311 said:

coles88 said:

Hi, 

I'm a bit confused (but obviously happy!!) about the state of my credit reports, given some old payday loans I had. I'm very ashamed to say that between April 2013 and Jan 2018 I took out at least 50 payday loans (mostly Wonga, a couple of others like Lending Stream)... not realising what I was doing to my future credit-worthiness. 

In the past couple of years I've woken up and worked hard to pay off debt and now regularly check my credit records on the MSE credit club, Clearscore and Credit Karma. Strangely though, I've just looked at Clearscore and it says that 15 payday loans will be coming off my record in my August update. That's prompted me to look at which ones are on there still and it turns out that on Clearscore I only have the 15 (all Wonga) which will now fall off this month. The 'youngest' of those was the one in Jan 2018 so clearly it's not been 6 years which is when I was expecting them to come off my account. The oldest of the 15 was in March 2015, so even that shouldn't be coming off until next March. I also have record of 8 other loans in that period which seem to have already fallen off, and a further 5 which are even older (but not yet 6 years old) which have also gone. Weirder still, when I check via MSE CC, there are no payday loans on there at all... and with Credit Karma I can see 10 loans, all of which are in the 15 which are coming off my Clearscore report next month (I wonder if they'll drop off CK too - only I don't think they don't give you advance notice of changes!?). 

I hope to apply for a mortgage next year so clearly am delighted if they really are disappearing - but is it too good to be true?! If they're no longer showing in what I can see from each of the credit record providers - have they really gone? And if so, why would they be dropping off so early, when I've not disputed them or anything? The only other thing I can think of is that I got some money a while ago from Wonga when they reimbursed fees etc. from their irresponsible lending... could it be as part of that they're removing the loans from my credit file?

Any light that anyone can shed would be much appreciated... thanks in advance. 

I think it's an Equifax only thing as no other PDLs have dropped from my Transunion or Experian reports.

So as of next month all of mine will have disappeared from Equifax (I didn’t actually realise that Experian never included them anyway but that makes sense why they’re not showing there) - but I only have 10 showing now on Transunion where, if they were showing all PDLs I’d had over the last 6 years, there should be 28 so some seem to have disappeared from there too. 

It’s strange - but I’ll take the good news! 

Mortgageafterpdl

I would love for this to be the case with me! I again ashamedly used a few PDL's between Oct '18 and Jan '19! They all currently sit on the relevant CRA's they report to, so although my score is excellent on both Experian and Equifax (TransUnion is only fair), i know that I cannot apply for our mortgage with my partner next month!

Mortgageafterpdl

Does anyone know how you get off the ones that have now gone bust? Quick Quid, Sunny/Elavate & Wageday have all ceased trading. I attempted to contact the CRA's to request removal of these but all of them told me they wouldn't delete them regardless of the companies no longer trading!