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realj42

multiple Instant Cash Loan PDLs and credit file issues

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Apologies if this is a regular question

 

 

... I took out a series of PayDay loans in Apr-July 2012,

rolling over each month with the same company.

 

 

Eventually I got the bank to issue a new debit card (said I had lost old one) to break the CPA and default the loan.

 

After several difficult phone calls I got them to agree to a DMP where I paid off the loan in £10 installments per month, which I have been doing ever since.

 

Now my credit file lists these payments as against a regular loan - an 'Advance against Income' .

The loan is dated as starting the day I failed to pay my rolled over loan, with a complete (though occasionally inaccurate) list of my monthly payments.

 

Regarding the credit listing

surely this is not legit and the loan should be marked as defaulted?

 

 

I had not been concerned too much until recently when I found this is messing up my application for a mortgage (overall my circumstances are better now).

 

 

I want to get this 'loan' taken off my credit file or at least marked as a default against the original, which would be far less toxic than the current situation.

 

 

Can anyone comment on the legal situation here and can I quickly force them to mark this as defaulted (around Aug 2012).

 

 

deed can I make a complaint against the PDL over the rolled over loans, no credit checks taken ( I was in arrears on my Mortgage at the time) even though this is all before the new FCA rules, and include this demand as well?

 

Thanks in advance for any advice, I appreciate your efforts.

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there shouldn't be separate entries for each loan if they were rolled loans

they should all be under the initial account number

and that should ideally be defaulted on or around the third missed or short payment.

 

 

however, it might well be you best route is to go down the irresponsible lending route

that might be the only way to get the lot wiped, rather than a correct default which you indicate would be aug 2012 which would not remove the whole account until aug 2018


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Cheers

- strictly these were not rolled over

- rather I would pay off the loan on payday ( the amounts never exceeded my salary), then apply for a larger loan a few days later when I needed to pay bills.

 

 

This means there is a series of new loans in my credit file and in fact you can trace a series of monthly loans between August 2011 & July 2012 with just one month where I didn't need to apply for a loan due to some extra cash from a family member.

 

 

All of the loans are larger than the previous and all are made with the same company

- Instant Cash Loans.

 

 

I would not be concerned about having an outstanding old default on my file as I already have a CCJ from May 2013, though that is less toxic than the phantom PDL right now.

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Welcome to CAG. Callcredit has it normally as AAI. This is correct for a PDL :) its an Acronym for it.

Market term is PDL - AAI is more insider terms.

So nothing wrong there.

 

But you fell foul of the PDL trap. And that is something we can help you with.

Have a look at my signature on a computer and see our reclaim guide for PDLs.

 

Also aswell - Who is the company, how many times was it rolled over.


**Fko-Filee**

Receptaculum Ignis

 

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