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Do payday loans have an effect on credit rating? **


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Hello

 

I have three payday loans that are active at the moment (Txtloan - £117, payday express - £200 & Cash Genie - £229.. these figures are the loans and one months interest).

 

Trying to pay these back is proving difficult and I am thinking of changing my card details (not bank account number as thats too much hassle) and emailing the companies offering £60pm between them which would clear them in around 9 months.

 

My problems are:

1: How do I stop them adding more interest (or are they allowed to)

2: Will this have an effect on my credit rating as its just starting to get better and I dont want to do anything to ruin it again.

 

Any advise gratefully received.

 

Thanks

 

PS. I do also have loans with Wonga and QuickQuid but these are old and I have no details of amounts at the mo - I havent paid them for months :-(

[FONT=Comic Sans MS][SIZE=4][COLOR=magenta]C [COLOR=black]& [/COLOR][COLOR=blue]D :) [/COLOR][/COLOR][/SIZE][/FONT] [COLOR=black][FONT=Comic Sans MS][COLOR=mediumturquoise][B]HSBC[/B][COLOR=#000000]- Full settlement received & spent! £1,477.93 :-) [/COLOR][/COLOR][/FONT] [COLOR=mediumturquoise][FONT=Comic Sans MS][COLOR=mediumturquoise][B]HSBC claim 2![/B][/COLOR][COLOR=#000000] - Full settlement offer received 27/06 - £1,116 :) [/COLOR][/FONT] [FONT=Comic Sans MS][FONT=Comic Sans MS][COLOR=mediumturquoise][B]A&L[/B][/COLOR][COLOR=#000000] (for my Nan) - full settlement received on day of prelim hearing - approx £1500 :-)[/COLOR][/FONT] [FONT=Comic Sans MS][COLOR=mediumturquoise][B]Halifax[/B][/COLOR][COLOR=#000000] - (for a friend) - full settlement received 30/06 - £2576! :) [/COLOR][/FONT] [FONT=Comic Sans MS][COLOR=mediumturquoise][B]Barclays[/B][/COLOR][COLOR=#000000] - (for a friend) - Court forms were due to be submitted but he wants to wait for results of the court case with OFT[/COLOR][/FONT] [/FONT][/COLOR][/COLOR][FONT=Comic Sans MS][COLOR=#000000][B][COLOR=mediumturquoise]A&L[/COLOR][/B] - (for a friend) - court forms submitted - claim 'stayed' due to OFT case[/COLOR][/FONT]

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In short, yes they can have an effect on your credit rating, dependent on whether they companies report the payments. Payday UK, Mr Lender and Safe Loans all report to the credit agencies, as they show on my report. Also, be aware, they may not show up now but the payments can show up at any time! For example, Safe Loans never showed on my credit report until I defaulted and entered a payment plan, now it is on there!

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  • 3 weeks later...

Payday Express can possibly mark your credit report to

 

The adding more interest (charges) seems to be entirely at their discretion, very much depends on the lender etc

Happy to share my experience but for your own protection, please check and double check what myself and other Caggers inform

...

“Nothing in this world can take the place of persistence.”

 

:-)

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Just like Utility Companies most Payday Loan Companies do not report anything to Credit Reference Agencies other than the initial search, then when you miss a payment they trash your Credit Record, in other words, your Credit Score can only get worse and will never improve if you fall for the Payday loan trap even if you eventually get out of it.

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Nao - thanks for the comment. I am hoping to pay the three companies over three months and therefore will request that they show as 'satisfied' on my report, although this is not ideal, I have no choice as I can't afford to pay them :-(

I have an up to date copy of my report and although I thought it was getting better, it's still showing as 'very poor' so am not bothered anymore :-/

Maybe one day it will be better but by then il be too old to buy a house or anything anyway.

[FONT=Comic Sans MS][SIZE=4][COLOR=magenta]C [COLOR=black]& [/COLOR][COLOR=blue]D :) [/COLOR][/COLOR][/SIZE][/FONT] [COLOR=black][FONT=Comic Sans MS][COLOR=mediumturquoise][B]HSBC[/B][COLOR=#000000]- Full settlement received & spent! £1,477.93 :-) [/COLOR][/COLOR][/FONT] [COLOR=mediumturquoise][FONT=Comic Sans MS][COLOR=mediumturquoise][B]HSBC claim 2![/B][/COLOR][COLOR=#000000] - Full settlement offer received 27/06 - £1,116 :) [/COLOR][/FONT] [FONT=Comic Sans MS][FONT=Comic Sans MS][COLOR=mediumturquoise][B]A&L[/B][/COLOR][COLOR=#000000] (for my Nan) - full settlement received on day of prelim hearing - approx £1500 :-)[/COLOR][/FONT] [FONT=Comic Sans MS][COLOR=mediumturquoise][B]Halifax[/B][/COLOR][COLOR=#000000] - (for a friend) - full settlement received 30/06 - £2576! :) [/COLOR][/FONT] [FONT=Comic Sans MS][COLOR=mediumturquoise][B]Barclays[/B][/COLOR][COLOR=#000000] - (for a friend) - Court forms were due to be submitted but he wants to wait for results of the court case with OFT[/COLOR][/FONT] [/FONT][/COLOR][/COLOR][FONT=Comic Sans MS][COLOR=#000000][B][COLOR=mediumturquoise]A&L[/COLOR][/B] - (for a friend) - court forms submitted - claim 'stayed' due to OFT case[/COLOR][/FONT]

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  • 2 weeks later...
i am in payday loan hell i can not afford to pay them this month?? what to do??? any advice pllllllease :(
HI DEFAULT NOW .EMAIL THEM ASK THEM FOR A PAYMENT PLAN ASAP LET THEM KNOW YOUR IN A FINANCIAL MESS AND DONT IGNORE THEM BUT TRY NOT TO TALK ON THE PHONE TO THEM.CANCEL ANY DIRECT DEBITS.CANCEL YOUR BANK CARD AS LOST AND GET A NEW ONE SO NO ONE CAN RAID YOUR ACCOUNT .PLEASE READ OTHERS FORUMS WHICH MAY HELP U AND GOOD LUCK:jaw::violin:
:violin::ban::lock1::bump::clock:
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