PAY DAY LOAN

dowainjones81

I took a Pay Day loan with PayDay UK in 2015. It has not been paid - which until recently was news to me (trying to get a mortgage)

anyway, I tried to get in contact with them - was re-directed to another company (the money shop).  

spoke to a lady on the phone - said my predicament, want to make it right

she said send your details to this email - which I am not doing as it could (probably is) a scam to get my details. But I am in a pickle as I dont know what to do to get rid of the debt and the missed payment off my file so I can try to improve things going forward.

Does anyone have any advice about what to do next?

thanks

Owain

ThisnotThat

Try https://www.themoneyshop.co.uk/OtherFAQs ?

You can make a payment to us by:

• Debit Card over the phone
• Bank Transfer

Agreed payments by bank transfer should be deposited to the following bank account:

Payday Express

• Account Name: Natwest
• Sort Code: 60-80-09
• Account Number: 62230581
• Reference: [REF]

The Money Shop Online

• Account Name: Natwest
• Sort Code: 60-80-09
• Account Number: 61380539
• Reference: [REF]

The Money Shop Retail

• Account Name: Natwest
• Sort Code: 60-80-09
• Account Number: 30260957
• Reference: [REF]

Payday UK

• Account Name: Natwest
• Sort Code: 60-00-01
• Account Number: 39524906
• Reference: [REF]

Please call 020 3901 7571* or email account.services@themoneyshop.co.uk with your details so we can discuss your account.

*Our opening hours are Monday to Friday 09:00 - 17:00

[Deleted User]

Send the details to the lender and arrange to make payment.  They'll need your details to get this sorted.

sassy_one

You are going to find getting a mortgage very very difficult, and almost impossible now without a specialist broker.

The reason is, even if and when you do clear this balance, the missed payments shown and the fact you have used a Pay day loan, most companies will not lend to someone with a pay day loan even settled on the credit report.

You may be best placed to wait until its cleared and 6 years are up or face mass interest rates.

sourcrates

Payday UK/Moneyshop (different trading names of the same company) have gone bust, and have since closed altogether.

There is a new loan company now trading under the money shop banner called "The money shop" that is now owned by "New Horizons Finance Limited", which is an introducer appointed representative of Flux Funding Limited.

The "old" Moneyshop, was operated by ICL (instant cash loans).


I would be wary about paying anything just yet, as its not clear if they have the legal right to claim payments from you, for loans issued by the old company.

Has anyone written to you asking for payment of this debt ?

ThisnotThat

sourcrates said:

Payday UK/Moneyshop (different trading names of the same company) have gone bust, and have since closed altogether.

There is a new loan company now trading under the money shop banner called "The money shop" that is now owned by "New Horizons Finance Limited", which is an introducer appointed representative of Flux Funding Limited.

The "old" Moneyshop, was operated by ICL (instant cash loans).


I would be wary about paying anything just yet, as its not clear if they have the legal right to claim payments from you, for loans issued by the old company.

Has anyone written to you asking for payment of this debt ?

The new Pay Day UK isn't the one taking the money, that's why they referred the OP to the Moneyshop (or what is left of it.)

sleepyjones

If the Op took the loan out in 2015 it'd be statute barred, pretty much now / soonish and drop off the credit file anyway?

Not that I would ever recommend anyone try and avoid paying their debts, of course

ldhme

The main issue here is, from what youv'e said, is that it sounds like the account was never defaulted, so still shows as open. Is that right? Because if it isn't defaulted and you've just got ongoing late payment markers, when you pay and close the account then it will still show on your credit reports for 6 years from account closure, late payments and all.

If it was defaulted in 2015 then it'll be off your reports this year and also, if you haven't paid anything towards it or acknowleged the debt in 6 years then it becomes statute barred.

For any further advice from the forum, specific to your situation, you'll nee to be a bit more detailed as to the history and current status of your account.