Payday Loans and Credit Files

[Pink_Panther]

Ok so this month I am defaulting on 7 loans. I have emailed each lender and tried to setup plans, so far this is how it's gone:

 

Access Fast Money - superb, very helpful and arranged straight away

Safe Loans - also very accommodating

Speedy Cash - couple of emails but now sorted

 

Still awaiting a response:

 

247 Moneybox

Convers Money

Tower Capital

Capital Finance One (no shock here)

 

My question is this, one of the lenders above who has accepted my payment plan has said that as the balance wouldn't be clear in 91 days a default would be registered against my credit file. Now I have a checkmyfile account and I can see all 3 of my credit reports and this debt is not shown on any of them, so can I still 'default' on it? I can see a Payday UK entry on there which is fine, but no others. Also, if I enter an agreed payment plan, can they register a default on me?

 

Any advice greatly appreciated

[rebel11]

Thread moved.

[BRIGADIER2JCS]

It matters not if a payment plan is set up, the arrangement

to pay is not the repayments as scheduled in the original

agreement therefore the account is in default.

 

The CRA files must reflect the accurate management of

the account otherwise the CRA is in breach of the DPA 1998

 

Brig.

[Pink_Panther]

Ok but if the debt isn't showing on any of my credit reports, can it be reported as a default still and then show up? I've had the loan for over 1 year and never missed a payment, but there's nothing on the reports in relation to this debt so therefore no previous payment history

 

Surely they cannot just add a debt onto the account with a black D with no previous payment history on there?

 

I am just thinking that these are scare tactics from them, but need to be sure

[sillygirl1]

They have their own 'credit reference agency, see this article, apparently it can take up to 3 months for the others to update their files, IMHO none of the CRAs are 'fit for purpose' any more and should be banned.

 

http://www.credittoday.co.uk/news/news-item.cfm?news=2351

[BRIGADIER2JCS]

A debt, contract, agreement, hire contract, can be placed on to the file at

any time, there is no breach of regulations in doing so.

They have a payment history in their files and could place it

retrospectively , together with the default, again this is a true

reflection of the account.

An arrangement to pay can be registered as a default, as

you are not paying in compliance with your original contract.

There is no scare tactic involved here as this is a normal procedure.

I have a rental agreement on which a search on my files was

made but it does not show on my files, agreements say ''We May Share information regarding the conduct of

the account with '' CRA's etc. not MAY there is no compulsion to do so.