350 pound a month on a payday loan.....

[flicky14]

I had a payday loan back in January for 2000 needed to buy new car and sort things out in the house, I,m paying back 3500 at 350 a month for ten months. I,m coming up to my 7 month of paying and never missed although do struggle some months. do these loans get put n your credit report as I,m trying to get that in good shape to. ive got 3 and half months left and trying so hard not to miss a payment, just think its ridiculoius the amount they can charge but unfortunately some people don't have an option at the time.

[Amethyst]

Re: 350 pound a month on a payday loan.....

278% APR ouchy. But like you say, sometimes there's just no other option.

You've done well to keep up the payments, if you took the loan out on those terms and having missed one then just keep on top of it now until the 10 months is up. Be nice finishing Oct/Nov as you'll have a little more cash in your pocket for over Christmas (well unless the HMRC want it of course ) It will show on your credit file but as its a short term loan rather than a payday loan it's not toooooo bad on the file.

Who is the loan with?

[flicky14]

Re: 350 pound a month on a payday loan.....

I,m sure hmrc will want some of it lol, but willing to pay it as long as they are happy.... I don't the loan in a shop where I live hes registred to do payday loans and short term loans, worst thing is he is a family friend too so I daren't miss a payment lol.... but it feels good to know I,m nearly finished and never again will I do it

[Amethyst]

Re: 350 pound a month on a payday loan.....

Good to hear.

Could have been a whole lot worse - I was quite relieved to read your post - I had visions of a £100 wonga loan a year ago that'd gone mental and ended up in an arrangement - (trust me that's not as insane as it sounds!) so you've done really well xxx

[flicky14]

Re: 350 pound a month on a payday loan.....

hahahah well its the one thing I have actually managed to keep on top of. at the mo lol. I had really bad credit for years and spent the last 9/10 months trying to rebuild it and I think its working as I have managed to get a catalogue never missed a payment and just recently a capital one cc only 200 limit (which I have given to my mum as its for emergencys) so really don't want the cabot thing with a ccj to bugger it up. I have worked hard these last 9/10 months and proud of myself just need to sort out the two other things hahah

[Kafka]

Re: 350 pound a month on a payday loan.....

It would be a good idea for you to get a copy of your credit report from one of them like Experian. You have a statutory right to get this for £2 and you can order and pay online.

[flicky14]

Re: 350 pound a month on a payday loan.....

why do I need it kafla ? sorry being thick

[Kafka]

Re: 350 pound a month on a payday loan.....

It tells you what accounts appear and what detrimental data is being reported against you. That's what creditors see if they consider you, so it's useful to check occasionally what is being filed and to challenge anything that isn't correct.

[flicky14]

Re: 350 pound a month on a payday loan.....

oh right I see thanks ill do that

[Amethyst]

Re: 350 pound a month on a payday loan.....

You could also have a look on Noddle, then its instant and free. Experian is a good idea for in depth checking (so do that too) but for a quick peek at whats being filed about you, Noddle is quite nifty.

[Amethyst]

Re: 350 pound a month on a payday loan.....

hahahah well its the one thing I have actually managed to keep on top of. at the mo lol. I had really bad credit for years and spent the last 9/10 months trying to rebuild it and I think its working as I have managed to get a catalogue never missed a payment and just recently a capital one cc only 200 limit (which I have given to my mum as its for emergencys) so really don't want the cabot thing with a ccj to bugger it up. I have worked hard these last 9/10 months and proud of myself just need to sort out the two other things hahah

Ahhh you sound so like me. I got a Very catalogue and a Cap One credit card to help rebuild my credit rating. Just be careful with the catalogue increasing your limit.

Funnily enough I have 3 kids too.

[flicky14]

Re: 350 pound a month on a payday loan.....

hahaha how strange is that could u look at my ie today plz if u have time, wanna get it off asap thank xxx