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On a similar theme to the sticky about pdl's & affecting future credit applications i would like some clarification on this matter.

 

I had a Cashplus creditbuilder pre pay credit card where they loan you £50 and you pay £4.95 a month for the card. This is/was sold as a way of rebuilding your credit file hence my taking of said item. As i am now reviewing my credit profile i am concerned that 2 of the 3 entries for APS (cashplus) are termed payday loan.

 

http://www.mycashplus.co.uk/cashplus-extras/creditbuilder.aspx

 

 

"I feel sorry for people who don't drink. When they wake up in the morning, that's as good as they're going to feel all day.”

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You might need to check that with CashPlus themselves - it is very worrying if they are recording this as a Pay Day Loan ?

 

It is my understanding that all these Credit Builder cards are just as detrimental to your credit history as are the PDLs..

 

Vanquis, etc

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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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The creditbuilder product actually is reported as a loan, however I had 2x whats called iadvances from them which were for £50 a time and these are recorded as payday loans even though there referred on there website as a loan. I thought at the time that taking these and paying off on time in full along with the creditbuilder product would help how wrong I was.Have you ever needed money in a real hurry, perhaps for urgent repairs to your boiler or your car? Or maybe you’ve been hit by an unexpectedly high utility bill. An iAdvance is a loan that can be added to your Cashplus Account, subject to you meeting and continuing to meet APS’ lending criteria

 

 

"I feel sorry for people who don't drink. When they wake up in the morning, that's as good as they're going to feel all day.”

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Contact CashPlus and let them know that reporting these iadvances as PayDay Loans are causing damage to your credit history rather than aiding credit score building.

 

Do not be fobbed off by them trying to say that the very fact that these loans are repaid on time and in accordance with contract terms aid credit building, they don't as many caggers have reported.

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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APS - CASHPLUS Pay Day loans Closed £0 14/07/2013 is how it shows on Experian however it is classed as short term loan on Equifax.

 

 

"I feel sorry for people who don't drink. When they wake up in the morning, that's as good as they're going to feel all day.”

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