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  • FIRST POST
    • sethrollins
    • By sethrollins 14th May 18, 9:26 AM
    • 5Posts
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    sethrollins
    Payday Loans - Peachy Credit check
    • #1
    • 14th May 18, 9:26 AM
    Payday Loans - Peachy Credit check 14th May 18 at 9:26 AM
    Hello All, just after a bit of advice on this company.

    i took out a loan with them and their website has a page for responsible lending where they say they do a search on your credit file.....fair enough as expected

    However i have a complaint in against them for irresponsible lending (which i am going to address in a new thread) and this morning i was chatting with them and they say they use callcredit for checking, so today i checked my search history on credit report and on the date i took the loan there is no record of Peachy or Cash on Go doing a search (it does appear now in my account information as an active loan.

    Can they get away with this?

    thanks in advance.
Page 1
    • zx81
    • By zx81 14th May 18, 10:00 AM
    • 19,338 Posts
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    zx81
    • #2
    • 14th May 18, 10:00 AM
    • #2
    • 14th May 18, 10:00 AM
    Yes, although it's high risk for them.
    • sethrollins
    • By sethrollins 14th May 18, 10:05 AM
    • 5 Posts
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    sethrollins
    • #3
    • 14th May 18, 10:05 AM
    • #3
    • 14th May 18, 10:05 AM
    i find it amazing they say they did any credit check to be honest when they approved my loan and funded it in 10 minutes after being passed to loan department, a busy PDL company cannot do a thorough credit check.

    Its clear now they didnt do any check unless they trade under a different name now!
    • forgotmyname
    • By forgotmyname 14th May 18, 10:21 AM
    • 27,966 Posts
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    forgotmyname
    • #4
    • 14th May 18, 10:21 AM
    • #4
    • 14th May 18, 10:21 AM
    A credit check wont tell them that you earn more or less than you spend.

    It wont even tell them if your employed.
    Punctuation, Spelling and Grammar will be used sparingly. Due to rising costs of inflation.

    My contribution to MSE. Other contributions will only be used if they cost me nothing.

    Due to me being a tight git.
    • dealer wins
    • By dealer wins 14th May 18, 10:21 AM
    • 6,073 Posts
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    dealer wins
    • #5
    • 14th May 18, 10:21 AM
    • #5
    • 14th May 18, 10:21 AM
    i find it amazing they say they did any credit check to be honest when they approved my loan and funded it in 10 minutes after being passed to loan department, a busy PDL company cannot do a thorough credit check.

    Its clear now they didnt do any check unless they trade under a different name now!
    Originally posted by sethrollins
    They are under no obligation to do a credit check. They can make a decision to lend or not based solely on your financial situation, purely from the application form you submitted if they want to.
    Choose life
    • Tarambor
    • By Tarambor 14th May 18, 12:28 PM
    • 3,775 Posts
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    Tarambor
    • #6
    • 14th May 18, 12:28 PM
    • #6
    • 14th May 18, 12:28 PM
    However i have a complaint in against them for irresponsible lending (which i am going to address in a new thread)
    Originally posted by sethrollins
    My suggestion is that if you're one of those people who don't like being told stuff you don't want to hear that you don't bother because that's exactly what you will be told. Far too many people are trying to use that old tosh to get out of paying back money they borrowed willingly knowing fully what they were going to have to repay once they actually sat down and thought about it. It is not a procedure to use just because you realised you screwed up and are now lumbered with a stupidly high interest rate paying back way more than you borrowed.
    • keepcalmandstayoutofdebt
    • By keepcalmandstayoutofdebt 14th May 18, 11:38 PM
    • 3,407 Posts
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    keepcalmandstayoutofdebt
    • #7
    • 14th May 18, 11:38 PM
    • #7
    • 14th May 18, 11:38 PM

    Can they get away with this?

    thanks in advance.
    Originally posted by sethrollins
    Could depend on their license, I may be barking but I'm sure a lot of these small loan providers are in with the big guys, a bit hazy and whilst moot now it was 2015 I applied to Peachy and it was actually QQ that ended up showing on my report, after I received a decline, no surprise as I ended up in a repayment plan with them 4 years earlier.

    To be honest in 2017 I never thought I'd hear one of these types of companies recommend another loan from another company is taken out to solve a problem with the first. Not if there is real time data going on. . .nor was I willing to test out the advise.

    Anyway the biggest laugh so far, has been only two months from my 6 year DRO completing has been for me to receive no fewer than 2 paper forms so far for the exact credit card that went into the order (we're not talking sub prime lender either so it's all rather bizzare and crazed)
    "If you are caught in a rainstorm, once you accept that you'll receive a soaking, the only thing left to do is enjoy the walk"
    • sethrollins
    • By sethrollins 20th May 18, 1:27 PM
    • 5 Posts
    • 1 Thanks
    sethrollins
    • #8
    • 20th May 18, 1:27 PM
    • #8
    • 20th May 18, 1:27 PM
    My suggestion is that if you're one of those people who don't like being told stuff you don't want to hear that you don't bother because that's exactly what you will be told. Far too many people are trying to use that old tosh to get out of paying back money they borrowed willingly knowing fully what they were going to have to repay once they actually sat down and thought about it. It is not a procedure to use just because you realised you screwed up and are now lumbered with a stupidly high interest rate paying back way more than you borrowed.
    Originally posted by Tarambor
    i came on here for advice not to be judged when no one knows what my personal situation is. Why is it when a simple question is asked there is always one that likes to attack to the person?

    i did screw up yes..im a recovering gambling addict something if which you were or have been through you wouldnt understand how difficult it is to break just like any addiction, so i know there is responsibility on my part however there is responsibility on the lenders part as well to throughly vet an application to make sure a loan is affordable by checking a persons credit history something clearly some companies are not doing and letting people have easy access to money they know they cant pay back.

    its pointless talking to people like yourself about this....im sure you never made a mistake or been through a tough period in your life, probablies one of those people that loves to criticise others but cant take it when its given back.
    • sethrollins
    • By sethrollins 20th May 18, 1:30 PM
    • 5 Posts
    • 1 Thanks
    sethrollins
    • #9
    • 20th May 18, 1:30 PM
    • #9
    • 20th May 18, 1:30 PM
    Could depend on their license, I may be barking but I'm sure a lot of these small loan providers are in with the big guys, a bit hazy and whilst moot now it was 2015 I applied to Peachy and it was actually QQ that ended up showing on my report, after I received a decline, no surprise as I ended up in a repayment plan with them 4 years earlier.

    To be honest in 2017 I never thought I'd hear one of these types of companies recommend another loan from another company is taken out to solve a problem with the first. Not if there is real time data going on. . .nor was I willing to test out the advise.

    Anyway the biggest laugh so far, has been only two months from my 6 year DRO completing has been for me to receive no fewer than 2 paper forms so far for the exact credit card that went into the order (we're not talking sub prime lender either so it's all rather bizzare and crazed)
    Originally posted by keepcalmandstayoutofdebt
    well PDL companies mostly use call credit because it provides real time data to what other loans you have, Peachy say on their website they do credit checks but clearly have not followed up on that...as i said on another post im a recovering gambling addict so just on the road to clearing up the financial mess so if these companies say they do checks they should not be lending to people with a poor credit history
    • sourcrates
    • By sourcrates 20th May 18, 1:41 PM
    • 15,701 Posts
    • 14,771 Thanks
    sourcrates
    i came on here for advice not to be judged when no one knows what my personal situation is. Why is it when a simple question is asked there is always one that likes to attack to the person?

    i did screw up yes..im a recovering gambling addict something if which you were or have been through you wouldnt understand how difficult it is to break just like any addiction, so i know there is responsibility on my part however there is responsibility on the lenders part as well to throughly vet an application to make sure a loan is affordable by checking a persons credit history something clearly some companies are not doing and letting people have easy access to money they know they cant pay back.

    its pointless talking to people like yourself about this....im sure you never made a mistake or been through a tough period in your life, probablies one of those people that loves to criticise others but cant take it when its given back.
    Originally posted by sethrollins

    Normally these companies do perform a credit check, but there is no provision within the consumer credit act that says they MUST perform one, that is there entire business strategy, lending to people no other mainstream lender will, hence the high rates of interest.


    Its a risky strategy, and can be a double edged sword, yes its true they lent to people who could not afford the repayments, and i am fine with these people, such as yourself, reclaiming interest and charges back from these lenders, the downside to this, is that it is now even harder for people with bad credit to find a loan, and if they are desperate enough, will turn back to loan sharks and the like to fund there addictions, so we have come full circle if you like.
    Last edited by sourcrates; 20-05-2018 at 1:47 PM.
    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.
    For Free Legal advice see : http://legalbeagles.info/
    • camelot1971
    • By camelot1971 20th May 18, 3:28 PM
    • 913 Posts
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    camelot1971
    Maybe they will raise a complaint against you for irresponsible borrowing.
    • Lioness Twinkletoes
    • By Lioness Twinkletoes 20th May 18, 3:58 PM
    • 1,381 Posts
    • 4,866 Thanks
    Lioness Twinkletoes
    Every single person on this forum that is looking to take action for irresponsible lending is a gambler/ex gambling addict. It's always "Yeah, I borrowed the money, but it's not my fault cos I have a gambling addiction - they should never have lent me it". Why does having an addiction mean that people can no longer take responsibility for this actions? Seriously, I've not seen a single post where someone has admitted that they simply cannot handle credit.
    Last edited by Lioness Twinkletoes; 20-05-2018 at 4:02 PM.
    • sourcrates
    • By sourcrates 20th May 18, 5:14 PM
    • 15,701 Posts
    • 14,771 Thanks
    sourcrates
    Every single person on this forum that is looking to take action for irresponsible lending is a gambler/ex gambling addict. It's always "Yeah, I borrowed the money, but it's not my fault cos I have a gambling addiction - they should never have lent me it". Why does having an addiction mean that people can no longer take responsibility for this actions? Seriously, I've not seen a single post where someone has admitted that they simply cannot handle credit.
    Originally posted by Lioness Twinkletoes

    To try to be impartial here, its not always people who have gambling addictions that use payday lenders, and people default on their loans for any number of reasons.

    People make mistakes, fact, sometimes they drive recklessly, sometimes they borrow recklessly, we have all done stupid things, the difference between a responsible lender, and an irresponsible lender is whats key to this.

    Lots of payday lenders were out to make as much money as possible, and they did not care how this was done, or what laws were broken in the process, or who suffered along the way, it was purely driven by greed at any cost.
    This has not just happened to a handful of folk, its happened to millions.


    Lenders have a code of conduct to follow, its called the lending code, most failed to do so, they did not follow due diligence when they should of done, the result was lots of people were given loans they could never afford to pay back, and these were people who would roll over there loan, month after month, or take out new borrowing to repay existing borrowing.

    A responsible lender would recognize this behavior, and stop all further borrowing, the payday lenders did not, in fact they increased the amount they lent, in order to make as much money as possible from fines/interest etc for as long as the sun shined, this is the point where it turned sour, and why many of those lenders are now out of business, they pocketed the money and did a runner to places like Malta.

    There is a whole lot more to this than just than irresponsible lending, it was fraud on a massive scale, the lenders broke every rule in the book where collection was concerned from emptying peoples bank accounts by creating false direct debts, calling debtors places of work telling their bosses they were responsible for paying the debts, threatening to use bailiffs before a debt had been to court, the list goes on.

    A lot of those reclaiming have been victims in all of this, these things are never as clear cut as some like to make out, it was not simply a case of the odd loan slipping through the net, it was company policy to sell as many loans to whoever wanted them, as many times as possible, in order to make those people default, so they could rack up the fee`s and interest against them, that is the point the FCA made when introducing new regulation.


    A typical loan of 200 would rocket to over 2000 on occasions, as there was no cap on the interest and charges that could be added, some people resorted to suicide when faced with bills like this, they were evil, nasty people running these companies, most were just one step up from a loan shark.


    I`d like to see their directors put away personally, they deserve all they get.
    Last edited by sourcrates; 20-05-2018 at 7:49 PM.
    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.
    For Free Legal advice see : http://legalbeagles.info/
    • Tarambor
    • By Tarambor 21st May 18, 12:27 PM
    • 3,775 Posts
    • 2,811 Thanks
    Tarambor
    To try to be impartial here,

    I`d like to see their directors put away personally, they deserve all they get.
    Originally posted by sourcrates
    Yeah really impartial. These people willingly borrowed money without a gun being put to their heads, they knew what their income was, they knew what their outgoings were, they knew what the monthly payment was, the interest rate and the amount payable. The only reason that we have this whole irresponsible lending rubbish is because we apparently now seem to exist in a society where your personal responsibility is now someone else's job to exercise for you on your behalf.

    If anything needs to be done it needs to be a big red flag put on the borrowers credit file for irresponsible borrowing. They should have a CIFAS marker put on their file for fraudulently applying for a loan knowing they couldn't afford it and ticking the box to say they could.
    • sourcrates
    • By sourcrates 21st May 18, 12:35 PM
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    • 14,771 Thanks
    sourcrates
    Yeah really impartial. These people willingly borrowed money without a gun being put to their heads, they knew what their income was, they knew what their outgoings were, they knew what the monthly payment was, the interest rate and the amount payable. The only reason that we have this whole irresponsible lending rubbish is because we apparently now seem to exist in a society where your personal responsibility is now someone else's job to exercise for you on your behalf.

    If anything needs to be done it needs to be a big red flag put on the borrowers credit file for irresponsible borrowing. They should have a CIFAS marker put on their file for fraudulently applying for a loan knowing they couldn't afford it and ticking the box to say they could.
    Originally posted by Tarambor

    It was the blatant disregard of the rules by deliberately continuing to lend to people who could not afford it, in order to pocket interest and fee`s from them, that is fraud in my book, and was committed on a massive scale.
    Last edited by sourcrates; 21-05-2018 at 12:39 PM.
    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.
    For Free Legal advice see : http://legalbeagles.info/
    • John_Jones
    • By John_Jones 21st May 18, 12:58 PM
    • 142 Posts
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    John_Jones
    however there is responsibility on the lenders part as well to throughly vet an application to make sure a loan is affordable by checking a persons credit history
    Originally posted by sethrollins
    No, there is not.

    I am not sure who told you this, but they were misinformed, or pulling your leg.
    • John_Jones
    • By John_Jones 21st May 18, 1:01 PM
    • 142 Posts
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    John_Jones
    To try to be impartial here, its not always people who have gambling addictions that use payday lenders, and people default on their loans for any number of reasons.
    .
    Originally posted by sourcrates
    That is not really true. If you read the statements of affairs it is generally because they lived below their means and refused to cut back on luxuries.

    Most have mobile phones, Sky television, and money for entertainment, things that you should only have once you have an emergency fund built up.
    • John_Jones
    • By John_Jones 21st May 18, 1:04 PM
    • 142 Posts
    • 361 Thanks
    John_Jones
    It was the blatant disregard of the rules by deliberately continuing to lend to people who could not afford it, in order to pocket interest and fee`s from them, that is fraud in my book, and was committed on a massive scale.
    Originally posted by sourcrates
    That makes no sense at all. If you lend to someone who can not afford it you do not make money from it, you lost the interest and the principal.

    And I think that you do not understand what fraud is. If the terms are all set out clearly and then stuck to it cannot be fraud.
    • sourcrates
    • By sourcrates 21st May 18, 1:22 PM
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    sourcrates
    That makes no sense at all. If you lend to someone who can not afford it you do not make money from it, you lost the interest and the principal.

    And I think that you do not understand what fraud is. If the terms are all set out clearly and then stuck to it cannot be fraud.
    Originally posted by John_Jones

    Oh they made lots of money, because people were scared to default, they borrowed elsewhere to repay the loans they already had.


    People who usually side with lenders often have a vested interest in doing so, i suspect a few of you may work for payday lenders, or have done in the past.



    Anyway, this is all irrelevant, as the FCA (thankfully) took a more liberal minded view, and closed down the worst offenders, fined the ones who intended to stay in the business, and introduced better regulation for all concerned.
    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.
    For Free Legal advice see : http://legalbeagles.info/
    • sourcrates
    • By sourcrates 21st May 18, 1:24 PM
    • 15,701 Posts
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    sourcrates
    That is not really true. If you read the statements of affairs it is generally because they lived below their means and refused to cut back on luxuries.
    Originally posted by John_Jones

    Think you mean "lived above their means".


    If they lived below them, it kinda proves my point.
    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.
    For Free Legal advice see : http://legalbeagles.info/
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