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karlosg

removal of Settled Accounts that were in good standing from credit agencies

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Hi All,

I am trying to get any information possible on the removal of Settled Accounts that were in good standing

from the main credit agencies.

 

I used a well known payday loan company back in 2013 and rolled over the loan a few times and always paid early and in full. Never late and no negative info at all.

 

However fast forward 3 years , I am trying to secure a mortgage and have been refused due to having 6 entries from a specific payday loan lender. Even though they are all settled and paid and closed they underwriters see that as there were 6 entries, that I am a risk !!

I have a good credit score and this is the only negative.

 

This is causing me to have to look through other "brokered" lenders who all want to charge fees and I am looking at a higher interest rate also. It crazy that I borrowed and paid back on time and still penalised for it.

 

Can any one give me any advise on how I can persuade the payday lender to remove the settled accounts from my files??

As its causing me financial issues if I have to pay a higher interest rate because of them. Any help appreciated.

 

Thanks

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Oh dear, sadly, even if you repaid your PDL loans on time, never defaulting - your credit history will still be trashed for 6 years. Simply having borrowed from a PDL is like the kiss of death - mainstream lenders will wonder why you needed to borrow from them in the first place and not from a mainstream lender !

 

http://www.thisismoney.co.uk/money/cardsloans/article-2514436/Will-using-payday-loan-really-ruin-chances-getting-mortgage.html


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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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Wonga pretty much sold its loans on the back of improving your credit score - this is simply not true.

 

http://www.moneysavingexpert.com/news/loans/2012/11/wonga-payday-loans-do-wonders-for-your-credit-rating


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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

 

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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if I had known then what I do now I would never had gone that route !! I read somewhere that it maybe possible to use section 10 of the data protection act about if the data causes damage or distress then maybe it can be removed ?? So if I'm having to pay higher interest rates because of the data reported then maybe that's is an option ?? Anyone ever tried this ??

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no TBH section 10 is a biy of a myth and very old hat.

 

 

yo indicate you had numerous loans and rolled them?

 

 

why not try the irresponsible lending complaint route?

 

 

dx


please don't hit Quote...just type we know what we said earlier..

 

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no TBH the effects section 10 is a bit of a myth and very old hat.

 

 

yo indicate you had numerous loans and rolled them?

 

 

why not try the irresponsible lending complaint route?

 

 

dx

 

Thanks pls can you advise what that is as I have not heard of this ? Any template letters at all ?

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Thanks pls can you advise what that is as I have not heard of this ? Any template letters at all ?

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?455382-Were-you-caught-in-a-Pay-Day-Loan-Trap-You-may-be-able-to-make-a-claim

 

Have a read of the link above - there are no template letters as each situation is different - however if you would like to draft something and pop it on the forum, we can proof it for you.

 

It would appear in your case you have taken loans out on the understanding that they would improve your credit standing. This is obviously not true and as you took your borrowing seriously, repaying on time - no defaulting, you believe you have been misled and would like the PDL history removed from your credit files.

 

I think there might have been a similar situation just recently, I will have a look and see if I can find a link.


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

 

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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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

 

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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thanks cb.

 

 

dx


please don't hit Quote...just type we know what we said earlier..

 

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bare in mind that even if you do go down the irrisponsible lending route and get success with FOS they are unlikely to recommend the removal of all references with the CRA's

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That is not good to hear. Has anyone ever heard of them removing entries as a gesture of goodwill ?

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what i have found with the complaints I rasied with FOS is that they tend to request the removal of all loan refs but keep at least the first 2 or 3

bare in mind that even if you do go down the irrisponsible lending route and get success with FOS they are unlikely to recommend the removal of all references with the CRA's

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what i have found with the complaints I rasied with FOS is that they tend to request the removal of all loan refs but keep at least the first 2 or 3

 

Thanks for the advice Neil, did you go down the irresponsible lending route to get removed ??

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OH yes indeed - considering a lot of mine were just 3-4 loans, the FOS still decided to go with irrisponsible lending as the loans were pretty much running at the same time, FOS said in most cases paying the loans back on time did not show affordability

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OH yes indeed - considering a lot of mine were just 3-4 loans, the FOS still decided to go with irrisponsible lending as the loans were pretty much running at the same time, FOS said in most cases paying the loans back on time did not show affordability

 

That's great info Neil thanks. Did you go to the lender first of straight to the FOC ?? I have had only 1 reply from the lender and emailed and written lots. Think I am being ignored now.

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always the lender first - give them the 8 weeks and hen go to FOS

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sample letter;

Mr Lender

Suite 105W,

Sterling House, Langston Road,

Loughton, IG10 3TS

Formal Complaint and Notice of Action

Reply required within 31days

To whom it may concern,

NOTE – FULL ONGOING COMMUNICATION IS TO BE VIA EMAIL, I WILL NOT ACCEPT ANY OTHER FORM OF COMMUNICATION – THIS IS SO THAT REPLIES AND ONGOING CORRESPONDANCE CAN BE QUICK AND ALLOW FOR A FASTER RESOLUTION – YOU CAN EMAIL ME AT

I am writing to you with regards to the loans taken out with Mr Lender, details of the loans and dates of which are provided below

Date Taken

Lender

Loan Amount

Close Date

Account No.

 

Mr Lender

 

 

 

 

Mr Lender

 

 

 

 

Mr Lender

 

 

 

All loans where taken at my previous address,

My complaint is that Instant Mr Lender provided me with the loans even though my credit history at that time, which was available on all the major credit reference agencies, failed to ensure that due diligence was used when providing the loans. Should Mr Lender have carried out even the basic level of credit reference checks it would have been clear to Mr Lender that I not only had a very poor credit history and score but was also at the time the loans were provided, in debt with other lenders and that your checks and procedure fell well short of ensuring that by providing me with these loans that I was in a strong enough financial position to repay them without affecting any other financial commitments I had at that time.

In affect Instant Mr Lender should not have provided me with any loan.

I hereby request that you refund all interest and default charges for these loans and in addition you include an 8% pro-rata interest payment to this refund.

I have attached a file below showing my credit commitments at the time that the loans by Mr Lender were provided to me, providing a clear view as to how heavily in debt I was at that time

Furthermore as the loans should not have been provided you are to remove all entries from my credit file/s.

Should you fail to reply within the requested time then without fail a complaint will be made with the Financial Ombudsman Service.

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