Removing Payday Loans from Credit File - Companies no longer exist

artu

Several years ago I took out a number of payday loans, which I now believe were unaffordable. I have had some success either reclaiming interest payments, or having these loans removed from my credit file (or both). I'm not that bothered about the money now, as I'm in a much better position, but I'm keen to have them removed from my credit file.

Is there any way of doing this with a company that has since got out of business (in this case 24/7 Moneybox and MyJar)? Obviously with companies that are still in business you can write a complaint directly to them, but I'm not sure what to do in this case

Thanks in advance for any help

[Deleted User]

Loans would drop off your record after 6 years, a loan showing on your file is an accurate representation of your credit history however so removing it may well not be possible? You could try the administrators but they may well not touch it so you'd have to wait for the 6 year clearance

artu

Thanks for your reply. In the event that the loan is deemed to have been given without correct checks taking place it is removed from your credit file immediately, not after 6 years. I have had this happen with loans from 3 other companies. So it's definitely possible, but maybe not now they've gone out of business? 

impoverishedtraveller

artu said:

In the event that the loan is deemed to have been given without correct checks taking place it is removed from your credit file immediately, not after 6 years.

Others may be along to correct me, but always thought this was discretionary on the part of lenders.

Historically myJar credit entries were marked as satisfied if in default - but stayed on records for the full 6yrs.

Best you can hope for us to contact the administrators of the payday companies - though they probably have little inclination to make any changes - even if they have access to the relevant systems, as Farfetch points out above.

artu

Thanks. Yes, it's discretionary, but from experience the ones still in business choose to remove them. I'll try the administrators, with low hopes of it working.

[Deleted User]

It's discretionary, not an obligation. Your credit file is supposed to be an accurate representation of your credit history which includes payday loans taken out. Them being unaffordable or not doesn't change the fact you took them out, hence why it's not an obligation

Whether you believe them to be unaffordable or not is moot, it would only be the case that they were considered unaffordable if you complained - MyJar was done via a firm called Harrisons or similar and they would be the ones for redress, albeit I think the scheme is closed 

artu

Yes, I agree that it is discrectionary, hence my previous post. However my experience having been refunded by 2 firms and having had them removed by 3 firms is that I would have a good case with any firm still in existence, You might not like it, but that's what has happened. I will report back about the out of business firms, although as previously stated I accept it seems unlikely.

[Deleted User]

I don't care about what happens, not a matter of whether I like it or not (as it happens, I do, payday lenders were legalised loan sharks, albeit a lot better than Big Nige who breaks your finger so them getting their comeuppance is good) - hence telling you who to contact about MyJar

Debt Camel has a lot of useful stuff too where you might find out about MoneyBox if they have a scheme or administrators who you could ask

123Debtfree

Hi There, I’m looking into exactly this at the moment with Sunny who have gone bust, and the administrators have since moved on! I spoke with the FO about this and they told me essentially that if they were dealing with the matter, and that it was clear that the loan had been mis-sold, and/or redress had been paid then they would advise the lender, administrator or credit agency to return you file to the state before the loan was taken out. I also looked through debtcamel before I started the slog with the FO and they confirmed that the CRA must suppress the entry on your credit file or you can make a formal complaint, and then into the FO - but noted that it usually doesn’t need to get that far. Not sure if that helps?