Hello

I got a £100 with my jar in 2014. Looks like I never paid it back, and the balance currently sits at £258 on my credit file.

However since then they have only been marking my account as a 1 – as in payment is late, there is no default shown on my credit file.

What can I do about this?

oh just to add i sent them an irrespondible lending complaint, which they rejected

Did you inform them of the reasons why you couldn't afford to pay them back?

Have you informed them that you are in financial difficulty?

Are they still adding interest?

Have they sent you a default notice?

doubtful i probably just ignored it.

i doubt i ever informed them as this was back in 2014

no its been £258 owed to them since 2014.

Unsure its possible they could have posted one but i had so much debt at the time it all just merged into one. it's just not showing as a default on any credit files.

actually just checked my emails and i did inform them i was struggling financially

What do you want to achieve?

How many PDL's did you have at the time you took this one out?

I’m not really sure to be honest. I’m just looking for advice.

Do I have any rights as they haven’t issued a default as they should have done. So it can never drop off my credit file.

What’s the best thing to do here to benefit my credit file – just pay it off?

I had multiple pay day loans rolling over etc some of them have agreed to write off etc some have rejected.

have you fwded the rejection on to the FOS?

you can get the no default registered bit sorted later yes.

Hi what should i be saying to the fos then. What specifically am i writing to them for?

IRL complaint stuff

read our guide

Hello,

If an account is listed in the MODA part of your credit file with an account end date.

Does that mean the account has been closed by a pay day lender.

I put in an irresponsible lending complaint with my jar which they rejected but not i have seen in this moda that it says the account is closed

threads merged....Please keep to one thread please

What is MODA?

Callcredit Information Group is pleased to announce that with effect from today (25th June 2014) it’s new near real-time data sharing service ‘MODA’ will go live.

In January Callcredit announced that it would lead the way by being the first mainstream credit reference agency in the UK to offer a more real-time data sharing capability to lenders across its portfolio of clients. Since April Callcredit has been receiving daily updates of data from a number of lenders, primarily those involved in the alternative lending sector.

Those who have already signed up to the new initiative include Wonga, Uncle Buck, Pounds to Pocket, QuickQuid, PDL Finance (Mr Lender), Cash on Go (Peachy), MYJAR, My Mate, Northway (Swift Sterling), Sunny , Trusted Cash, Trusted Quid, and MEM (Payday Express). .

Peter Mansfield, Managing Director at Callcredit Limited commented, “The alternative lending market has come under increased scrutiny from its regulator recently and the need to lend responsibly has never been greater. MODA supports responsible lending by providing lenders with an up to date view of significant events on consumers’ credit files on which they can base more accurate and responsible lending decisions”.

“MODA provides us with the capability to update our data as quickly as the data providers send it to us. At present this frequency is daily, and we have the capability to increase the regularity of data updates”

MODA will report on key changes in a consumer’s credit file. These include new account openings and significant changes to existing accounts, such as overdue payments, rectified and settled accounts, rollovers and credit extensions. This comprehensive view will offer a stronger and more up to date basis for more accurate assessments of the credit risk and affordability associated with new lending applications and provides the fastest and most detailed credit report currently available.

Peter added, “Whilst many of the largest lenders in the Alternative Finance market have already signed up to our new data sharing initiative, we are seeing interest from a variety of lenders and expect widespread participation. This new initiative will help lenders to make the best possible risk assessments and lending decisions. Short Term Loans account for only a small percentage of over-indebtedness in the UK and it’s imperative that any solution provides benefits to a wide variety of lenders and consumers alike. We are currently talking with a wide range of lenders regarding their participation within MODA over the next few months”

MODA is Callcredit's way of removing the 30 day update to report info. This is what we refer to in the guide dealing with IRL - This is why we keep saying to people that PDLs had all the info available to them to make responsible lending decisions. This means under MODA people who make multiple applications can be seen quicker.

This stops IRL but most of them ignored it in their underwriting anyway.

Ok so if there is an account close date in the MODA section of my report . Are we saying they have closed the account.

Why would they do that when they rejected my complaint and initial adjudicator has thrown it out at fcs

Dont know what MODA means

A closed account doesnt mean its settled

What does it mean?

Moda isnt a short hand...

lending-moda-brochure.pdf

Dont know what MODA means

 

A closed account doesnt mean its settled

what does a closed account mean - thats what im trying to find out?

It's closed on their books,

What does that mean then, do i owe the debt? Will it be marked as settled on my credit file?

when a debt is sold the outstanding balance is written off against/tax/insurance by the OC and the 'their' entry is closed.

does nt mean the debt is gone as the buyer will then appear against the debt and the balance will show as debt again

just to update you i contacted MYjar and they confirmed i no longer have an outstanding balance with them and they have closed my account following on from my ombudsman complaint.

Despite the ombudsman siding with them.

odd

just to update you i contacted MYjar and they confirmed i no longer have an outstanding balance with them and they have closed my account following on from my ombudsman complaint.

 

Despite the ombudsman siding with them.

 

odd

You have that in writing yes?

yep

keep it safe then

cause no doubt the ittle fleecers will sell it on