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Pay Day Loans - damage to your future credit rating


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I know Wonga comes up as a Pay Day Loan :|

Any advice I give is honest and in good faith.:)

If in doubt, you should seek the opinion of a Qualified Professional.

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I have also lodged this same complaint with Wonga but went direct to the CEO. Will let you know how I fare.

 

:thumb:

Any advice I give is honest and in good faith.:)

If in doubt, you should seek the opinion of a Qualified Professional.

If you can, please donate to this site.

Help keep it up and active, helping people like you.

If you no longer require help, please do what you can to help others

RIP: Rooster-UK - MARTIN3030 - cerberusalert

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Here is a copy of a chat transcript this evening with Quick Quid;

 

QuickQuid: Thank you for contacting QuickQuid. I'd be happy to assist you with any questions you have. Before we start, can you please verify your full forename, surname and full date of birth?

Me: Hello, I am thinking of taking out a Quick Quid loan because I hear that it will improve my credit score. Is this true? Thanks

QuickQuid: I understand your concern and will gladly assist you.

QuickQuid: QuickQuid reports loan information to a UK credit bureau. If you repay your loan on time, this information will be reported and should have a positive affect on your credit. A missed and or late payment may have a negative affect on your credit. Please be advised that QuickQuid reports on the repayment of each loan that you take. If you repay multiple loans, there will be multiple entries on your credit report.

 

Here is a copy of the same with Pounds to Pocket;

 

Me: Hello there, I am not an existing customer. I am considering taking out a Pounds to Pocket loan as I've heard that it can help improve my credit file. Is that correct?

Pounds to Pocket: I am happy to assist you.

Pounds to Pocket: If you take out a loan from Pounds to Pocket and repay it on time, we will inform the credit bureau of your timely repayments, which should positively affect your credit score. However, if you do not repay on time, this could have a negative impact on your credit score.

Me: Thank you

 

I would have done a few others but they aren't online right now.....

George Loveless - “We raise the watchword, liberty. We will, we will, we will be free!"

 

My advice is only my opinion, I am not a legal expert.

 

IF YOU LIKE THE ADVICE I'M GIVING AND ARE HAPPY WITH IT, CLICK THE SCALES ON THE BOTTOM LEFT OF THIS POST AND TELL ME.

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Hmm, now if that isn't a script, what is ??

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Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Where do you get your ideas from orfoster.

I think somehow you are going to get to the bottom of this problem

I feel you will not give up till justice is done.

Good work.

Not a private eye are you.Could be.

 

Here is a copy of a chat transcript this evening with Quick Quid;

 

QuickQuid: Thank you for contacting QuickQuid. I'd be happy to assist you with any questions you have. Before we start, can you please verify your full forename, surname and full date of birth?

Me: Hello, I am thinking of taking out a Quick Quid loan because I hear that it will improve my credit score. Is this true? Thanks

QuickQuid: I understand your concern and will gladly assist you.

QuickQuid: QuickQuid reports loan information to a UK credit bureau. If you repay your loan on time, this information will be reported and should have a positive affect on your credit. A missed and or late payment may have a negative affect on your credit. Please be advised that QuickQuid reports on the repayment of each loan that you take. If you repay multiple loans, there will be multiple entries on your credit report.

 

 

Here is a copy of the same with Pounds to Pocket;

 

Me: Hello there, I am not an existing customer. I am considering taking out a Pounds to Pocket loan as I've heard that it can help improve my credit file. Is that correct?

Pounds to Pocket: I am happy to assist you.

Pounds to Pocket: If you take out a loan from Pounds to Pocket and repay it on time, we will inform the credit bureau of your timely repayments, which should positively affect your credit score. However, if you do not repay on time, this could have a negative impact on your credit score.

Me: Thank you

 

 

I would have done a few others but they aren't online right now.....

 

 

quote_icon.png Originally Posted by Ocelot0411 viewpost-right.png

I have also lodged this same complaint with Wonga but went direct to the CEO. Will let you know how I fare.

thumb.gif

 

Will be interesting to see any reply.

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Notice they both say "should" not will.

Any advice I give is honest and in good faith.:)

If in doubt, you should seek the opinion of a Qualified Professional.

If you can, please donate to this site.

Help keep it up and active, helping people like you.

If you no longer require help, please do what you can to help others

RIP: Rooster-UK - MARTIN3030 - cerberusalert

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Notice they both say "should" not will.

 

Yeah, except it never "might" "should" "could" improve anyones credit file........but of course if they disagree I look forward to receiving their detailed explanation how it might in any circumstance.

George Loveless - “We raise the watchword, liberty. We will, we will, we will be free!"

 

My advice is only my opinion, I am not a legal expert.

 

IF YOU LIKE THE ADVICE I'M GIVING AND ARE HAPPY WITH IT, CLICK THE SCALES ON THE BOTTOM LEFT OF THIS POST AND TELL ME.

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So far these are the websites which make the statement about "possibly" improving your credit file;

 

Wonga.com

PayDay UK

Quick Quid

Pounds to Pocket

Pay Day Express

Wage Day Advance – Absolutely!

Wageme

George Loveless - “We raise the watchword, liberty. We will, we will, we will be free!"

 

My advice is only my opinion, I am not a legal expert.

 

IF YOU LIKE THE ADVICE I'M GIVING AND ARE HAPPY WITH IT, CLICK THE SCALES ON THE BOTTOM LEFT OF THIS POST AND TELL ME.

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Ok, and how about the likes of provident? Or cash converters? They only seem to appear on credit files if you default!

 

Methinks a huge can of worms may be getting opened if we dig deep enough.....

"In this situation, you know what you have to do? Just keep swimming, swimming, swimming." Dory - Finding Nemo.:wink:

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Provident yes because they say it might help build credit score.

I can't see anything on cash converters site.

George Loveless - “We raise the watchword, liberty. We will, we will, we will be free!"

 

My advice is only my opinion, I am not a legal expert.

 

IF YOU LIKE THE ADVICE I'M GIVING AND ARE HAPPY WITH IT, CLICK THE SCALES ON THE BOTTOM LEFT OF THIS POST AND TELL ME.

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I'm wondering if a freedom of information request to banks asking them if an applicant has had a pdl would this affect there ability to obtain credit might answer the question

 

Only Public Owned bodies and Government Depts are covered by the FOI Act

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Ok update;

Pounds to Pocket - full removal

Quick Quid - full removal

Mr Lender - full removal

 

Still awaiting;

Wonga

PayDay UK

George Loveless - “We raise the watchword, liberty. We will, we will, we will be free!"

 

My advice is only my opinion, I am not a legal expert.

 

IF YOU LIKE THE ADVICE I'M GIVING AND ARE HAPPY WITH IT, CLICK THE SCALES ON THE BOTTOM LEFT OF THIS POST AND TELL ME.

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This is very impressive, orfoster :)

Have we helped you ...?         Please Donate button to the Consumer Action Group

Uploading documents to CAG ** Instructions **

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

BCOBS

1: How can BCOBS protect you from your Banks unfair treatment

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Ok update;

 

Pounds to Pocket - full removal

 

Quick Quid - full removal

 

Mr Lender - full removal

 

 

 

Still awaiting;

 

Wonga

 

PayDay UK

 

 

 

 

 

Can you post a copy of the letter you sent? And did you have a copy of your credit file so you can do a before and after comparison ?

 

Wonga said they cannot remove the information as they are legally bound to report credit agreements to CRAs

 

I'm pleased for you but stunned they have

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Yes, good stuff orfoster, let's hope Wonga and PayDay UK

follow suit.

Any advice I give is honest and in good faith.:)

If in doubt, you should seek the opinion of a Qualified Professional.

If you can, please donate to this site.

Help keep it up and active, helping people like you.

If you no longer require help, please do what you can to help others

RIP: Rooster-UK - MARTIN3030 - cerberusalert

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Can you post a copy of the letter you sent? And did you have a copy of your credit file so you can do a before and after comparison ?

 

Wonga said they cannot remove the information as they are legally bound to report credit agreements to CRAs

 

I'm pleased for you but stunned they have

 

The letter I sent is within the thread but I followed up because they were ignoring me:

 

Dear Sirs,

 

Further to the below complaint I have yet to receive an acknowledgement to my complaint, you are now in breach of your complaints procedure.

 

I am clear that I have been mis-sold a loan from Quick Quid on the basis outlined below, I have been advised to claim compensation in the matter, however, if the full footprint is removed from my credit file I will not pursue the matter further.

 

I require a full response to my complaint within 7 days.

 

I look forward to hearing from you before 19 August 2013.

 

Yours faithfully

George Loveless - “We raise the watchword, liberty. We will, we will, we will be free!"

 

My advice is only my opinion, I am not a legal expert.

 

IF YOU LIKE THE ADVICE I'M GIVING AND ARE HAPPY WITH IT, CLICK THE SCALES ON THE BOTTOM LEFT OF THIS POST AND TELL ME.

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I'm not sure they are legally obliged to report to CRA, I understand contractually they do though. But the fact here is that they say it will improve your credit file or it 'may' 'should' etc etc. and it won't, under any circumstance! So I'd turn it around and ask given their assertions on their website, under which circumstances will their loan improve your credit file.

George Loveless - “We raise the watchword, liberty. We will, we will, we will be free!"

 

My advice is only my opinion, I am not a legal expert.

 

IF YOU LIKE THE ADVICE I'M GIVING AND ARE HAPPY WITH IT, CLICK THE SCALES ON THE BOTTOM LEFT OF THIS POST AND TELL ME.

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What about this statement i have just found.

Slightly misleading perhaps

I am thinking of sending them a message.

Quote.

.What you may not realise is you can use this to actually improve your credit rating. Every time you miss a repayment, it shows up on your credit report. Likewise, when you make a repayment on time or even early, it gets marked on your report. To improve your credit score with a payday loan, all you have to do is pay the loan back on time. Take out a small sum of money and pay it back without any problems. This will gradually start to improve your rating and show you can be trusted.

 

Sorry orfoster,congratulations on your success:-D

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What about this statement i have just found.

Slightly misleading perhaps

I am thinking of sending them a message.

Quote.

.What you may not realise is you can use this to actually improve your credit rating. Every time you miss a repayment, it shows up on your credit report. Likewise, when you make a repayment on time or even early, it gets marked on your report. To improve your credit score with a payday loan, all you have to do is pay the loan back on time. Take out a small sum of money and pay it back without any problems. This will gradually start to improve your rating and show you can be trusted.

 

Sorry orfoster,congratulations on your success:-D

 

Is this a Wonga quote tawny ?

Any advice I give is honest and in good faith.:)

If in doubt, you should seek the opinion of a Qualified Professional.

If you can, please donate to this site.

Help keep it up and active, helping people like you.

If you no longer require help, please do what you can to help others

RIP: Rooster-UK - MARTIN3030 - cerberusalert

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I have just looked up the name on Wiki

Strange you would call yourself this

When the name seems to mean-

juice loan (plural juice loans)

 

  1. (slang, US) A loan at usurious interest rates, normally made by organised criminals.

Maybe it seems a broker but perhaps still misleading

Even if they call themselves loan juice.

Wonder what they were searching, thinking about when they set up.

What shall we call ourselves.

Makes you wonder.

Edited by tawnyowl
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Have we helped you ...?         Please Donate button to the Consumer Action Group

Uploading documents to CAG ** Instructions **

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

BCOBS

1: How can BCOBS protect you from your Banks unfair treatment

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Hi Rodgerramjet,

 

Further to your email on 8th August 2013, we can confirm that the way we report is in line with our legal and regulatory requirements. We pride ourselves on being a responsible lender, which requires us to report accurate information to the credit reference agencies. This means accurately reporting every loan application, settled loan and, in some cases, issues with an account.

 

We also pride ourselves on being a responsible and transparent lender. Our privacy policy and website describe how each loan (original loan and new loans) is subject to a credit check. Reporting will be made in respect of each loan as well.

 

We hope this has clearly set out what and how we report to the credit reference agencies.

 

As described in our complaints procedure, this will be our final response. If you’re unhappy with it, you may refer your complaint to the Financial Ombudsman Service. You need to do this within 6 months from the date of this letter. For more information, please visit

 

http://financial-ombudsman.org.uk/publications/consumer-leaflet.htm

 

The address of the Financial Ombudsman Service is:

 

South Quay Plaza

183 Marsh Wall

London E14 9SR

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