Can payday loan companies trash your credit file?

[TheAnalyst]

As title,

Has anyone ever had negitive information put on their credit files by a Payday Loan comapny?

 

If so then:

 

What Company (Wonga, PTP etc)

What Information (default, late payment mark?)

 

Cheers!

[TheAnalyst]

Anyone?

 

Had anyone had anything bad left on their credit file by not paying a payday loan?

[sillygirl1]

What might happen is they repeatedly do a credit search and leave a footprint, this will effectively lower your credit score each time a search is carried out.

 

They cannot actually trash it as such by any other method, putting a false account on there is easily sorted out and the company concerned can be closed down for that type of behaviour.

[TheAnalyst]

I'm more talking about if you default on a Payday loan agreement.

 

Had anyone actually had anything (defaults, late payments etc) applied to their credit files as a result of defaulting on a Payday loan agreement?

 

Thanks!

[TheAnalyst]

Anyone?

[DarkRain]

Anyone?

 

Well surely they can file a default notice against your credit file like any other company offering credit?

[skyblue2027]

Anaylist, i bought a copy of my credit file last month. after several PD loans and other loans, no PD loan or DCA was registered.

[DarkRain]

Anaylist, i bought a copy of my credit file last month. after several PD loans and other loans, no PD loan or DCA was registered.

 

Did that include Wonga? And did you receive a DN from them?

[skyblue2027]

I have a defaulted loan from Wonga which is being paid by a DCA. No DN and nothing on my file.

[DarkRain]

I have a defaulted loan from Wonga which is being paid by a DCA. No DN and nothing on my file.

 

That's interesting, thanks. Can I just ask long ago was it you defaulted with Wonga and did you just wait for it to get passed to their DCA?

[skyblue2027]

i just ignored them which at the time was a bit niave but it weas effective. the debt got passed to Gothia where i am still paying £5 per month.

[DarkRain]

i just ignored them which at the time was a bit niave but it weas effective. the debt got passed to Gothia where i am still paying £5 per month.

 

Thanks for the info.

[lord_tiger_putin]

I have 2 payday loan DN on my callcredit profile, one of them Wonga. No notices send though! Looking for info how to deal with them. Anyone that can help?

[26072004]

It would appear all a default notice has to contain is the following info.

 

* Name and addresses of both the creditor and the borrower.

* Agreement type and the agreement breach details.

* Settlement figure (Fixed sums only).

* The action required by the borrower to remedy the situation and comply with the agreement.

* Intended action of the creditor should the borrower fail to comply with the agreement

 

This would appear to cover most arrears letters or emails sent out by lending companies.

 

Ask for a copy of this letter but do this by post and send the letter recorded.

 

If they do not respond in 7 days write to call credit enclose a copy of your letter and proof of postage/reciept at wonga and ask them to remove it as the correct legal procedures have not been met by wonga and they have not replied to your request for a copy of the default letter.

 

Dont know how long this will take (or even if it will work) but its worth a try

[lord_tiger_putin]

I am familiar with the format for a default to be valid, what I am not sure is whether these types of loans fall under the CCA.

 

I do not think writing to them is sufficient, I will make a SAR to both, they haven't send anything and should they also be covered by CCA, they will be doomed!

[26072004]

I have a copy of a wonga agreement here and they are regulated by the CCA.

 

should it turn out they are not adhering to the CCA regulations maybe they could have their license withdrawn.

 

I live in hope.

[cornetgirl]

I received a default notice from Wages Today this week so that may appear. As my credit rating is shafted anyway I'm not overly worried

[lord_tiger_putin]

Thanks 26072004, this extremely helpful!!

 

They cannot post a Default on your credit file without first issuing a default notice strictly in accordance to the rules. If they do then I can sue them for damages, they can also cannot issue the notice AFTER registering it in the appered on the credit file.

 

I am going to send a SAR, then they will get the letter before action, the complaint will go of to the ICO and the CRA will get the complaint as well!

 

Could be fun!