Pay Day Loans - damage to your future credit rating

[maroondevo52]

Unfortunately they are reported now routinely, certainly with Call Credit and Experian but I haven't seen anything about Equifax.

 

Wonder why it's Wonga on Experian and Quickbridge (Uk) LTD on Noodle (Call Credit ) Not that it makes any odds.

[citizenB]

Ok I'll let them know. I've got lots of leave over Christmas, do you reckon I can request an extension until 23rd? It's currently the 9th.

 

I can see no reason why not.

 

Just say something like, you are rejecting the decision by the adjudicator and wish to escalate your complaint to the ombudsman. However, you will be unable to fully respond with your reasons for the rejection until.... XYZ.

[orfoster]

Brief update:

FOS have said they will write to me with the next steps for referral to an Ombudsman (6 month wait).

 

I have until;

Wonga - 20 December to supply further evidence

PayDay UK - no date given therefore accept 23 December will be ok.

 

I'm gonna crack on with this later on!

[citizenB]

[sillygirl1]

Just had a 'Fraud Pack' from MEM Finance about a loan at my old address (I've been here 4 years and not had a PDL here - any others were repaid) and I've asked them for more details before I can reply to theirs, and sign the 'Witness Statement'

 

Just wondering if the Site Team wants a copy of the stuff they emailed me (in PDF format) so you can see they claim to have matched my name and that I may be on a CIFAS list. This is a really pathetic offering from them and does nothing for my confidence in the accuracy of their details!

[orfoster]

Just had a 'Fraud Pack' from MEM Finance about a loan at my old address (I've been here 4 years and not had a PDL here - any others were repaid) and I've asked them for more details before I can reply to theirs, and sign the 'Witness Statement'

 

Just wondering if the Site Team wants a copy of the stuff they emailed me (in PDF format) so you can see they claim to have matched my name and that I may be on a CIFAS list. This is a really pathetic offering from them and does nothing for my confidence in the accuracy of their details!

 

I would be interested to see! Currently pulling together responses for FOS complaint on them and Wonga.

[sillygirl1]

What is the best way of getting this to you, I can send the PDF to your private email if the site allows this......it has some personal info on. I've got the original emails too.

[orfoster]

I'll PM you my personal e-mail.

[ims21]

What is the best way of getting this to you, I can send the PDF to your private email if the site allows this......it has some personal info on. I've got the original emails too.

 

Is there any reason why the document cannot be cleansed and posted up on the forum?

[sillygirl1]

I could do it but not right now...busy with something else.

[orfoster]

While undertaking my research I've come across some useful bit of information on the FCA website.

 

Please see the attached Sourcebook (rules) Consumer Credit Sourcebook or (CONC) which will apply from 1 April 2014.

 

I am still understanding the detail but thought it would be useful to share, from page 46 onwards.

 

[ATTACH=CONFIG]CONC Rules[/ATTACH]

[citizenB]

Thanks for this orforster.. I have only read a few pages so far and it is very interesting

[orfoster]

I plan on using this to put towards evidencing a case against my FOS cases.

Does the CCA cover misleading advertisements? The Advertising Standards Authority say it does.

The CAB said its possibly criminal, I think maybe that's OTT but am dreaming about those Wonga dolls being taken out in cuffs! Haha

[Glenny]

Hi,

 

Just been redirected to this thread and makes for very interesting reading. I have previous entries from Payday UK (all paid and up to date, nothing ever missed) and thought having them would improve my rating. I will be using the letter at the start of this thread (with a couple of amendments) and see what I get back.

 

My other regret now is I used Payday UK and not Mr Lender who seemed to comply a lot more easily!!

[Glenny]

Just a quick update,

 

I received a letter back from MEM (Payday UK) explaining they have my letter and will look into my complaint. Let's see what happens next!!

[Tawnyowl]

Hi Glenny

Just letting you know following closely.

As you say see what happens next.

If you want to post any of your letters up for others perhaps to look at without personal details feel free.

You paid your payday loans on time and now you find really they have done your credit file no good at all.

So you want all traces them. them removed from your credit file.Because you believed taking these loans would improve your rating not affect it badly in the future when other lenders look at it.

I do not suppose you have any written info or suggestion in writing anywhere that having these would improve your credit rating do you.

Any advertising etc.

From any of them.Because if you did it would help.

It will be interesting what they say.

I see you are concerned because this could be affecting your chance of getting a mortgage.

How many people took these out believing they would improve credit ratings to now find they do the opposite.Even if you paid them back early or on time.

Has anyone declined you for a mortgage because of these or is this a worry for the future.

Good luck Tawnyowl.

Edited December 23, 2013 by tawnyowl

[orfoster]

Does anyone know where in legislation it covers consumer credit advertising?

Have you all seen this http://www.bbc.co.uk/news/uk-25098810 and yet the FOS still don't believe anything is wrong with it all.

 

I have to be totally honest, I do have two ongoing complaints with the FOS and I'm building my submission for an Ombudsman decision but I have absolutely no faith in them whatsoever to resolve my complaint....

[citizenB]

http://www.legislation.gov.uk/uksi/2010/1970/contents/made

 

 

The Consumer Credit (Advertisements) Regulations 2010 ^^^^^^

 

Is this what you want, orforster ?

 

Print off that article by the BBC and provide it to the Ombudsman !

[orfoster]

Lovely thank you! Yes that is what I want, I'll look at that fully soon.

 

Have a look here: http://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=25902

 

Its the same kinda complaint, essentially the Ombudsman doesn't find that the lender has a duty to warn of the dangers! I'm still hunting around....my real dilemma here is that if they don't uphold my complaint and I want to take the matter to court they would hold this against me. Such a recent decision I can't believe they aren't adopting the FCA's findings on PDL's....well I can and that's why I'm so apprehensive about the FOS.

[Glenny]

Hi Glenny

Just letting you know following closely.

As you say see what happens next.

If you want to post any of your letters up for others perhaps to look at without personal details feel free.

You paid your payday loans on time and now you find really they have done your credit file no good at all.

So you want all traces them. them removed from your credit file.Because you believed taking these loans would improve your rating not affect it badly in the future when other lenders look at it.

I do not suppose you have any written info or suggestion in writing anywhere that having these would improve your credit rating do you.

Any advertising etc.

From any of them.Because if you did it would help.

It will be interesting what they say.

I see you are concerned because this could be affecting your chance of getting a mortgage.

How many people took these out believing they would improve credit ratings to now find they do the opposite.Even if you paid them back early or on time.

Has anyone declined you for a mortgage because of these or is this a worry for the future.

Good luck Tawnyowl.

 

Hi,

 

Sorry for the late reply I have been enjoying Christmas and the New Year!!

 

I used the template from earlier on in this thread and just amended it to suit what I needed to say etc. We are looking at a mortgage when/if I can get this sorted and whilst this is not the main reason I was rejected, it certainly does not help. I am hoping the fact that I was a good customer who paid on time they can do me a favour. If not I suppose time is a healer in these situations. I doubt I could take it further if they flat out refuse?

[jjandbump]

I have had mortage declined from 2 lenders as I had a PDL in 2011!! they need to be forced to tell people this

[orfoster]

Ok I've heard back from the Ombudsman re Wonga & MEM - both not upheld.

 

What I'd quite like to look at now is what options there are for legal recourse, it would seem the The Consumer Credit (Advertisements) Regulations 2010 aren't of any help in this situation.

 

What other case law or legislation could be relevant? Something to do with making a misleading statement that led someone to enter into a contract........

[sillygirl1]

Focus on the ultra high interest rate argument instead, there is very little case law or legislation you can use against the PDL companies, something they have taken advantage of.

[orfoster]

Hello Silly Girl.

How do I do that? Could you point me to a thread?

Do you mean it would be easier to challenge under that argument as a strategy and deal with the issue of CRA reporting as part of a possible settlement negotiation?

[sillygirl1]

There isn't really a thread on it, you really need to 'go it on your own' and write your own letters to these people.

 

Forget about the idea of 'giving them the legal speak' as it doesn't work with PDL companies to the extent it did with the banks.

 

This needs to be tackled from a different angle.

 

I can't help with any letter as I have enough of my own issues to deal with at the moment.

 

I suggest you read through the PDL threads and see what other people have been doing. Most have focussed on paying back the loan and interest and ignoring a lot of the 'fees' they add on.