Payday Advance Debts & My Credit Rating **

[crm84]

Hi all,

 

What a great forum, only joined today as I see there is a lot more people in the same boat as me,

 

A while ago my partner lost her job so there was less of an income coming in

 

In total I have 3 Payday advance loans,

 

these are split as follows

 

• H&T Pawnbrokers - £600 (This is cheque based rolled over every month @ £96 Rollover)
  
• The Moneyshop - £750 (This is also cheque based and costs £120 every month to rollover
  
• The Cheque Centre - £500 (This is debit card based with £100 to rollover every month)
  

My biggest issue is that I am able to cover the renewal fees for these each month but I am not able to clear any of the debt off which is my problem,

 

The biggest problem I have is tht I have a perfect credit rating and I am scared if I try any of the repayment options suggested on the site that they will black mark me as a default or settlement, Ive have never missed a payment for anything in my life but have exhausted all other options (personal loan etc before getting these pay day loans)

 

Any suggestions would be a great help or even if anyone has any experience of these companies and what they will do take,

 

I really need to keep my credit rating good so thats the biggest aim over repaying the debt, thanks

 

Thanks

 

Craig

[jellycubes]

Hi Craig, you come to the right place for advice. Great peeps on here with a wealth of knowledge I dont know about the cheque loans, only debit card ones but someone wil be along shortly to advise

[Blossomandebony]

Hi,

 

If your credit rating is good, could you get a credit card with a 0% offer for the first 6/9/12 months and pay off the three payday advances?

 

Then you just have to concentrate on paying off the credit card as soon as possible.

 

BAE

[crm84]

Hi there, although i have good credit, I should have maybe ellaborated a bit, my credit is good as in I have never missed a payment for anything but maybe not so good in my total exposure , for example I currently have 5 cards close to their limit and a personal loan, These pay day advances are whats stopping me paying extra to credit cards. So although I have a good rating its pretty much maxed out credit wise,

[DarkRain]

So may I ask why protecting your credit rating is so important? In my experience it's unlikely you would lose any existing credit you have.

 

Remember any defaults disappear after 6 years anyway if you're thinking long term.

[crm84]

Hi there,

 

The only reason im relaly looking to protect my xcredit rating is that my mortgage would be due for renewal of its deal in 3 years and having a default would ruin me for shopping around?

 

Is the best option jsut to bite the bullet and keep paying these?

 

Thanks

 

Craig

[jellycubes]

CRM, If you have been rolling these loans over for some time, have you contacted them at all to see if they would arrange a repayment plan to pay off the debt ? 316 per month interest alone over 12 months is crazy hun x

[j203425]

In my experience it's highly unlikely that any payday loan company will mark your credit file.

 

I had to negotiate repayment plans with : uncle buck, payday express and payday UK - there is no mention of any of them on my credit file at all.

[lostinspace1000]

safeloans. got a ccj issued against me for a 100loan and its on my credit file. i will fight it as the ccj was posted out...no person to person..no signature required..no default. all a bit suspect. the issuing court was north hampshire or north hampton.

[Jamie Kingston]

it was probably northampton county court bulk centre - it sounds ligit - if no response is recieved they get judgement by default.