lending stream PDL - Loan cancel help - now don't need it

[yesilgozlerim]

Hi,

 

If you apply for a PD loan and then decided to cancel cos a family member will help you instead...can you withdraw without interest? and what effect will it have on the credit files? will a credit account appear on the CRA's?

 

I stupidly applied for a small pd loan from lending stream but 2 hours later my mum helped me out and sent me the money so i emailed them telling them im withdrawing, and have repaid the original loan amount and thats it, as it stated in their T+c's that they waiver the interest if withdrawal is exercised and repaid with one business working day?

 

i been trying hard with cra's... i have just a 2/3 searches which will drop off by xmas ( minus this pd loan search) and a default to drop off early January.

 

Thanks.

[yesilgozlerim]

Hi,

 

Someone i knew,

 

 

well he applied for a loan from lending stream which he was successful in doing so.

 

 

He then decided the following day,literally, that he wished to cancel.

 

 

So he emailed them to tell them he was withdrawing from his loan as he is in the 14 day cooling off period they give you,

and he had fully repaid the loan back , and stupidly the 30 quid interest too.

 

Now his credit file is showing a settled account from them, dated 14th december 2014,

when its only th 6th today and this palava happened 2 weeks ago.

 

I was lead to believe that once you withdraw from a loan,

they can only leave like a search on ur credit file....what are his options?

[Bazooka Boo]

As long as it is showing settled, and there are no adverse markers showing, then I would leave it be IMO.

Or if he wishes he can contact the CRA and add a notice of correction against it.

[yesilgozlerim]

No Bazooka, ive seen it. theres no adverse markers and the balance is showing as 0. It is settled also.

 

Theres a default date there from someone else shown for early Jan 2009 and if and when it drops off next month, what happens to the credit rating, does it improve or not?

[Bazooka Boo]

Adverse markers will drop of on their 6 year anniversary regardless, paid or not, and it should improve the credit score yes.

 

But TBH I couldn't give a rats backside about credit anything, this Americanism that this country eagerly laps up, like black Friday??

is not for me, and it has never stopped me from obtaining any supposed 'credit'.