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Motormile Defaults and other PayDay Loan woes...


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Hello all

 

In a past life, I fell into the PayDay loan trap and when push came to shove couldn't afford to repay them.

 

I was brave and went onto my credit report today and found that I have three PayDay loan related defaults, as follows:

 

Motormile Finance Uk Limited

£160

 

Account start date **/10/2010

Opening balance £ 205

Repayment frequency Monthly

Date of default **/12/2010

Default balance £ 205

 

Motormile Finance Uk Limited

£ 545

 

Account start date **/10/2010

Opening balance £ 884

Repayment frequency Monthly

Date of default **/11/2010

Default balance £ 878

 

Instant Cash Loans T/A Payday Uk

£ 361

 

Account start date **/10/2010

Opening balance £ 361

Regular payment £ £ 361

Repayment frequency Monthly

Date of default **/04/2011

Default balance £ 361

 

I notice the Motormile ones have drastically differing amounts - applied charges I assume?

 

I'd very much like to get stuff back on track in respect of my credit rating, and would appreciate advice on the best way to sort it out with the creditors.

 

Many thanks in advance

 

Mr Fish

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It looks like most of these will be removed from your credit report at the end of next year. I would do nothing unless you are going to be looking at a mortgage in the next few years.

 

If you haven't heard anything in a long time then its best to 'let sleeping debts lie' as otherwise you could be involved in a lot of paperwork.

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