Defaults from 2012

[Guest]

Hi I hope someone can help.

I'm a newbie here and I've just recently been turned down for credit and signed up to get a copy of my credit file to see why. Once of the things I noted was 3 defaults for pay day loans dating back to 2012. What are the chances that these companies will seek to obtain CCJs against me now 4+ years down the line?

[Debt Camel]

Re: Defaults from 2012

who are the companies?

[Guest]

Re: Defaults from 2012

My Jar (Who I believe was txt loan)
Motormile Finance (I don't even recognise that name so I'm guessing they were trading under a different name)
Payday UK (Instant Cash Loans Ltd)

All defaulted in 2012

[Guest]

Re: Defaults from 2012

Motormile was for Lending Stream so I'm assuming that Motormile has purchased the debt.

[Debt Camel]

Re: Defaults from 2012

OK, all three lenders are still in existence (many have gone out of business, which is why I asked who they were.)

MyJar and PaydayUK didn't usually go for CCJs, but if they sell your debt on a debt collector may.

Motormile are one of the more difficult debt collectors.

If you had more than a couple of loans from a lender, you may want to see if you could get a refund of interest you paid, which would reduce or perhaps write off your balance. See http://debtcamel.co.uk/payday-loan-refunds/ for details and template letters. But if you haven't heard from the creditor for a while, you may be worried about "waking them up". This is a difficult call to make.

[Guest]

Re: Defaults from 2012

OK, all three lenders are still in existence (many have gone out of business, which is why I asked who they were.)

MyJar and PaydayUK didn't usually go for CCJs, but if they sell your debt on a debt collector may.

Motormile are one of the more difficult debt collectors.

If you had more than a couple of loans from a lender, you may want to see if you could get a refund of interest you paid, which would reduce or perhaps write off your balance. See http://debtcamel.co.uk/payday-loan-refunds/ for details and template letters. But if you haven't heard from the creditor for a while, you may be worried about "waking them up". This is a difficult call to make.

Do you think it's likely in that case that Motormile could seek a CCJ even though there's been no agreed payment plans etc in 4 years? I wasn't sure if this was something they typically did immediately or if they let the default run for as long as possible before taking further action. It's for the value of £121.

My Jar is £600 (although the start balance was only £300)
Payday UK is £600

This was a very rough period for me personally and financially and I had pay day loans coming out of my ears. I got caught in the cycle and ended up splitting up with my partner and had to ask Dad for a bail out. I thought I had everything paid off but these were registered to my previous address. Oh the hard lessons in life we learn...

[Debt Camel]

Re: Defaults from 2012

Well if MM do go for a CCJ you can presumably pay it off as it's only £121?

If you had a lot of payday loans then it is well worth checking up my previous link about trying to get a refund of interest paid.

[Guest]

Re: Defaults from 2012

Yes - pleased it's not the £600 one!

I will have a look at that link. I did a quick check in my email inbox (I've had the same email address for around 16 years now) and I was getting a new loan or rolling it over for about a year.

[Over_The_Top]

Re: Defaults from 2012

If the loans were seen as given without without the right checks and unaffordable, then those loans might also get removed from being reported on your credit file. I know this works with the companies, but unsure about collectors.

[Peter_Rad]

In most cases, your credit file will already be affected by any missed payments or default notices issued before the CCJ. After six years, details of the CCJ will be removed from the public register and from your credit file, even if you've not yet paid it all off.

[ostell]

This is a three year old thread