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Hello

 

New member here. Just spent a good few hours reading through the many PDL reclaim posts (and the PDF guide) - thanks so much for the incredibly valuable information.

 

I met a mortgage adviser last week as I planned to buy my first home in September 2019. 

I've spent the last 12 months cleaning up my credit file, cleared all outstanding debts, and have no late / missed payments or defaults within the last 12 months.

 

However, the mortgage adviser found a debt in arrears on Equifax (I only checked Experian myself).

The debt is from an outstanding PDL from Feb 2015 with PaydayUK (around 350 quid), passed to Prac Financial / BW Legal in June 2015.

 

From memory, I had only received a few standard letters and emails saying I owed the debt from BWL, not threats of court action or daily phone calls.

I foolishly assumed it might go away, and as it wasn't on my credit file (or so I thought), it wouldn't be an issue.

 

Strangely (or perhaps not?), the debt has been recorded rather oddly on Equifax (under Prac Financial)...

 

First 9 months - status 2 (2 months in arrears)

Next 1 month - status 3 (3 months in arrears)

Next 1 month - status 4 (4 months in arrears)

Next 37 months (up to Jun 2019) - status 5 (5 months in arrears)

 

This may just be due to lazy admin on the part of Prac / BWL and has no benefit to my case - I just wanted to mention in case it can help in any way.

 

The original debt with PaydayUK is also recorded similarly to the above, but ends in Jan 2015 with a status of 'DA' which I believe means sold to a debt collector.

 

My primary concern is not reclaiming money.

It is the fact I now have an account on my credit file which is showing as 5 months in arrears, even though it's 4.5 years old, right before I'm about to apply for a mortgage.

The PaydayUK account on my credit file isn't an issue, as it's over 3 years old.

 

The Prac account is the issue, and I need to attempt to remove this from my credit file ASAP, if possible at all.

I planned to buy one of the last remaining new build properties on a local development, and as such I ideally need this removing within the next month or 2 - max.

Highly ambitious I know!

 

I have a strong case for the loan being unaffordable, in that I had a string of PDLs (8 with Payday UK - 10 or so others with other lenders) over the course of 3 years, ending with the final loan mentioned above. I was also unemployed at the time and had previously missed payments on other PDLs (from other lenders).

 

However, I understand PaydayUK are part of The Money Shop - who have some sort of legal case going through which has paused all reclaims until the end of September? Add the 8 weeks on top of that to resolve the case, and another 4 weeks to update credit files, and I'll be looking at Christmas time before I can apply for a mortgage (assuming my case is upheld) and will no doubt miss out on the new build property.

 

Before I proceed down the unaffordable loan claim route, I wanted to check whether there was any other approach anyone could recommend?

 

I'm fairly confident they have all paperwork, as the BWL agent confirmed loan details, amounts, dates, etc. when I called this week to confirm the debt was with them (I just asked for information and said I'd call back at a later date). However, if I'm correct to assume they have 12 days to reply to an request of information, it's probably worth doing anyway.

 

Greatly appreciate anyone who has taken to the time to read and / or respond.

 

Thanks

 

 

 

 


 

 

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urm..some mortgage advisor

sounds like they just wanna run you with £1000's in more fees and a worse int rate IMHO

late payments on one debt shouldnt make any difference.

 

even mainstream lenders mostly accept 1 or two defaults without issue. 

 

 

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

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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I have 5 defaults from 1 - 2 years ago, so I'm having to go the adverse route. A condition of this is no arrears within the last 6 months, which I assumed to sound fair enough? 

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ah well you didn't say that..nor did I quite understand the 12mts thing..sorry

cant see why TBH if a lender is prepared to accept you with 5 defaults, why late payments within 6mts should make any real diff .

 

however. the only thing you might have is to dangle a carrot at prac and say if I pay the whole balance would you remove my account totally??

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

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

Thanks for the response DX. I actually tried that as well on my call to BW Legal. They said they could / would not amend my credit report retrospectively, even if they receive full payment. They would only update to show as settled as of the month it was paid.

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  • 8 months later...

Hello,

 

I took out a payday loan for £350 back in 2016 with Payday UK and was unable to pay it back. The debt has been with Prac Financial / BW Legal since then, but curiously showing on my credit file as '5 months in arrears' ever since (last 4 years). 

 

Today I called up BW Legal to clear the debt in full, but was told the account had been closed this month (I think he said on the 16th). He couldn't give any reason why the account had been closed.

 

Does anyone know why the account might have been closed, and should I assume it is also close with Prac Financial (the original purchaser of the debt)? It appears to have coincided with ICL (the Payday UK group) going in to MVL (members' voluntary liquidation) on 30 March 2020 - but this may be a coincidence?

 

I've tried calling Prac Financial but have been unable to get through.

 

Thanks to anyone who can help.

 

 

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old and new threads merged

 

why are you blindly ringing powerless DCA's or their dogs offering them free money anyway?

 

did you not submit an IRL complaint when advised to on your other thread?

 

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

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Thanks for merging the threads.

 

I didn't get round to submitting the IRL complaint for some reason unfortunately.

 

I called BWL to clear the debt because I need it marked as 'satisfied' or ideally removed in full from my credit file, otherwise the additional cost of mortgage will be significantly higher than the £350 owed.

 

Have you any idea why the account may have been closed / is it likely anything to do with ICL going in to MVL?

 

Thanks

 

 

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Who is wrongly advising you getting it marked as satisfied will get you a cheaper mortgage??

 

You dont owe any regardless. Esp not to a fleecing dca or their mate at the next desk nearer the bog. Who bought the debt for less that 10p=£1 and [email protected] you for the full amount.

 

Dx

 

 

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

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

Lenders have criteria based on credit history, e.g. if X defaults in last 2 years, Y rate will be provided.

 

If I have arrears on my account which have not been settled, it puts me in one of the higher cost brackets. I've seen the lending criteria documents myself from several lenders.

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wrong!

 

paying debts off doesn't remove defaults nor CCJ's, they are there for 6yrs regardless to being paid or not or being paid off or not.

 

dx

 

 

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

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

if its closed you owe nowt..

 

dx

 

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

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites
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