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  • FIRST POST
    • T-G-C
    • By T-G-C 5th Feb 18, 9:02 AM
    • 129Posts
    • 57Thanks
    T-G-C
    Satsuma Loans - Have I been stung?
    • #1
    • 5th Feb 18, 9:02 AM
    Satsuma Loans - Have I been stung? 5th Feb 18 at 9:02 AM
    The Continous Payment Authority with Satsuma was refused by the bank for ďsecurity reasonsĒ which therefore caused their system to mark the loan in red - in other words make a payment now!

    When I woke this morning and realised I immediately paid the full repayment amount - still on the agreed due date and even before 9am

    Are they still legally allowed, despite meeting the agreed payment date, despite the bounced CPA, allowed to report a missed or late payment record to the CRA? If so, would I have any grounds to dispute it, since I didnít actually default and made the payment on the agreed date?

    Thank you!
    All advice provided is intended for guidance purposes only. For specialized debt advice, please contact either National Debtline or StepChange.
Page 1
    • zx81
    • By zx81 5th Feb 18, 9:03 AM
    • 16,406 Posts
    • 17,451 Thanks
    zx81
    • #2
    • 5th Feb 18, 9:03 AM
    • #2
    • 5th Feb 18, 9:03 AM
    If the payment isn't late, it won't be recorded as such.

    It's possible there could be a returned payment fee, but that is a separate issue.
    • T-G-C
    • By T-G-C 5th Feb 18, 9:05 AM
    • 129 Posts
    • 57 Thanks
    T-G-C
    • #3
    • 5th Feb 18, 9:05 AM
    • #3
    • 5th Feb 18, 9:05 AM
    If the payment isn't late, it won't be recorded as such.

    It's possible there could be a returned payment fee, but that is a separate issue.
    Originally posted by zx81
    Satsuma Loans are a fee-free company other than the interest thatís there competitive element.

    Is a missed payment and a late payment mark on a credit file essentially the same thing? If it isnít, what is the difference and would my situation be classed as a missed payment?
    All advice provided is intended for guidance purposes only. For specialized debt advice, please contact either National Debtline or StepChange.
    • zx81
    • By zx81 5th Feb 18, 9:06 AM
    • 16,406 Posts
    • 17,451 Thanks
    zx81
    • #4
    • 5th Feb 18, 9:06 AM
    • #4
    • 5th Feb 18, 9:06 AM
    They are the same thing and neither will apply.
    • Tarambor
    • By Tarambor 5th Feb 18, 1:13 PM
    • 2,687 Posts
    • 1,930 Thanks
    Tarambor
    • #5
    • 5th Feb 18, 1:13 PM
    • #5
    • 5th Feb 18, 1:13 PM
    You won't get a late payment. I forgot to pay my Barclaycard a couple of times until a day or two afterwards, phoned them up and paid on the spot and they didn't issue one.

    You paid on the date due, you're stressing yourself needlessly.
    • robin58
    • By robin58 5th Feb 18, 2:38 PM
    • 2,248 Posts
    • 2,498 Thanks
    robin58
    • #6
    • 5th Feb 18, 2:38 PM
    • #6
    • 5th Feb 18, 2:38 PM
    I always thought that a Pay day loan company on a credit record was a bigger dent than a late payment report.
    The more I live, the more I learn.
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    The more I grow, the more I see.
    The more I see, the more I know.
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    How little I know.!!
    • sourcrates
    • By sourcrates 5th Feb 18, 3:14 PM
    • 13,744 Posts
    • 13,070 Thanks
    sourcrates
    • #7
    • 5th Feb 18, 3:14 PM
    • #7
    • 5th Feb 18, 3:14 PM
    Your payment was due on that particular day, a day is 24 hours, as long as a payment is made within those 24 hrs, the payment will not be late.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
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    • T-G-C
    • By T-G-C 6th Feb 18, 12:18 AM
    • 129 Posts
    • 57 Thanks
    T-G-C
    • #8
    • 6th Feb 18, 12:18 AM
    • #8
    • 6th Feb 18, 12:18 AM
    I always thought that a Pay day loan company on a credit record was a bigger dent than a late payment report.
    Originally posted by robin58
    I always thought that a Pay day loan company on a credit record was a bigger dent than a late payment report.
    Originally posted by robin58
    Satsuma Loans shows as a ĎProvidentí loan which a lender can view as doorstep lending or equivalent.

    There is a difference between a short-term cash loan and a payday loan - the main difference being that a payday loan is paid back within your salary period and a short-term loan is paid over numerous instalments.

    I would doubt that a late payment is viewed better than an eventual paid-in-full & on-time Provident loan.

    Late Payment: You can not manage your finances correctly and are highly at risk of defaulting on debt.

    Provident Loan: You are not on a higher income and therefore viewed as a higher credit risk but still demonstrate financial strength if showing OKís every month and no defaults on record.

    Mortgage providers is excluded from this - but Iím years away from that stage of my life!
    All advice provided is intended for guidance purposes only. For specialized debt advice, please contact either National Debtline or StepChange.
    • Arleen
    • By Arleen 6th Feb 18, 2:07 AM
    • 1,150 Posts
    • 863 Thanks
    Arleen
    • #9
    • 6th Feb 18, 2:07 AM
    • #9
    • 6th Feb 18, 2:07 AM
    Satsuma Loans shows as a !!!8216;Provident!!!8217; loan which a lender can view as doorstep lending or equivalent.

    There is a difference between a short-term cash loan and a payday loan - the main difference being that a payday loan is paid back within your salary period and a short-term loan is paid over numerous instalments.

    I would doubt that a late payment is viewed better than an eventual paid-in-full & on-time Provident loan.

    Late Payment: You can not manage your finances correctly and are highly at risk of defaulting on debt.

    Provident Loan: You are not on a higher income and therefore viewed as a higher credit risk but still demonstrate financial strength if showing OK!!!8217;s every month and no defaults on record.

    Mortgage providers is excluded from this - but I!!!8217;m years away from that stage of my life!
    Originally posted by T-G-C
    While the specific assesments lender use are secret, the view of payday loans on files is going to have a pretty bad impact when you try to apply for high street credit. Yes, it's nice to have it as "OK" but those loans are strictly for people who either live out of their means or have nothing set aside for emergencies. Either way needing those services shows very weak grasp on your personal finances and mean that you are one accident away from spiralling out of control.

    Late payment is not ideal, but having one across 6 years will have extremely little meaning.
    • camelot1971
    • By camelot1971 6th Feb 18, 10:04 AM
    • 683 Posts
    • 1,064 Thanks
    camelot1971
    The company who checks your credit file won't see who you have borrowed from - only the amounts. Satsuma loans are not "pay day" loans and therefore won't be viewed as anything special on your file.

    A company might see high interest rates and make an assumption about your finances, though.
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