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Payday loan removal from credit file

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  • Payday loan removal from credit file

    Hi,

    Just applied for a mortgage and have been refused based on the number of payday loans I have on my credit file.

    Has anyone had their loans removed from their credit file successfully? if so on what basis?

    I was planning on writing to PAYDAYUK and stating that my affordability at the time vs outstanding debts and the fact I was told payday loans are good for your credit rating etc.

    Thoughts and advice please?

  • #2
    Re: Payday loan removal from credit file

    i to have been turned down due to previous pdl if you get some help i would like to know i am going to write and request that they remove all information fingers crossed ill keep you updated

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    • #3
      Re: Payday loan removal from credit file

      Originally posted by rochysaz View Post
      i to have been turned down due to previous pdl if you get some help i would like to know i am going to write and request that they remove all information fingers crossed ill keep you updated
      The situation is that the loans were applied for granted and used, therefore the credit file entries are inline with the Information Commissioners Office guidance on reporting the loans to the credit reference agencies, and should remain on file for 6 years after closure.

      There has been much discussion about the " PDL 's " being good for the credit status" there was in reality no reason the start of the PDL " bonanza" to doubt the claims made, it soon became plain that many mortgage providers see (often correctly ) that multiple and frequent PDL's indicated poor personal credit management.

      If you have the evidence that the loan (s) that you took out were specifically stated to "improve your credit rating" then you can try making a formal complaint to the lender about the effect the credit file entries have had on you prospect of obtaining a mortgage,
      the formal complaint gives the lender 56 days to investigate and respond to your complaint, if the response is unsatisfactory you can complain to the FOS.

      There is no guarantee of success!

      nem
      The advice I give and draft letters provided are drawn from personal experience and career training and are given freely and without liability.

      Please make your own decisions with care and if necessary seek qualified legal advice. I will not advise by private message. If you'd like me to look at your post please tag me in your post by typing @nemesis45;.

      If you receive messages from anyone offering advice for a fee please report it to the site team.


      Animo et fide.

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      • #4
        Re: Payday loan removal from credit file

        Debts on payday loan has a huge impact on your credit score. If you are on their collections dept already, might as well sort out your payment options as they are more than willing to assist you.

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        • #5
          If you have used payday loans, the best advice for a mortgage application. wait until at least 12 months have passed after your last payday loan; always go through a good broker; a payday loan affordability complaint may help clean up your credit record.

          Comment


          • #6
            Hi, Much of the time, a momentary individual advance is a perfect answer for pay off IRS obligation. You can get cash from a private bank at a rate that is lower than the IRS enthusiasm in addition to punishment. The better your FICO rating, the more prominent your odds will be for fitting the bill for an individual credit with a low-loan fee.

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