PayDay Debts - Hindsight is a wonderful thing

[SaltnVinegar]

Re: PayDay Debts - Hindsight is a wonderful thing

Alternatively, some companies may believe that they could make more money from a customer who will default on a loan or HP agreement, as they'll then ramp up their charges.

Now Cloggy thats just plain cynical. There is no evidence to suggest that some companies would operate in such a manner

On the other hand, if they are utterly unable to produce even a reconstituted "twue copy" of the agreement, then section 77 of the Consumer Credit Act 1974 should make the debt UE until/unless they did produce the copy of the agreement.

Yes as I said - that position could cause them some trouble. Unfortunately not irredeemably so, though I wouldn't want to give them any tips on what they could do to remedy the situation. I'll leave that surprise when for when NDR next crawl out the apathetic woodwork and post another letter to Monk.

[CleverClogs (RIP)]

Re: PayDay Debts - Hindsight is a wonderful thing

Because at some point I would like a mortgage.

Were you born a masochist, or has that crept up on you over the years?

[CleverClogs (RIP)]

Re: PayDay Debts - Hindsight is a wonderful thing

What strikes me is difficult to understand is how I got approved by Brighthouse, and CashGenie & TXT4Loan if I already had these defaults there?
Surely they have to make a decision based on previous defaults?

The information that's registered with the CRA's is viewed differently by different lenders and their lending criteria are different. You got approved because they have lower lending criteria. There is a possibility that no credit search was done at all, or the CRA's that they use wasn't the same as the ones that previous PDL companies used (though changes are meant to being brought in to prevent this).

Alternatively, some companies may believe that they could make more money from a customer who will default on a loan or HP agreement, as they'll then ramp up their charges.

The likes of SpeedyCredit that was passed to NDR, where do I stand with that? As SpeedyCredit went into Administration, but sold their debts, can this mean UE?

As speedycredit have gone into administration the best you can hope for here is that paperwork hasn't been handled/transferred correctly and you could cause NDR some problems if you ask for a copy of the agreement. However as far as UE is concerned if NDR have purchased all rights and duties of the debt then they can pursue the debt so it would not be this that could render the agreement UE.

On the other hand, if they are utterly unable to produce even a reconstituted "twue copy" of the agreement, then section 77 of the Consumer Credit Act 1974 should make the debt UE until/unless they did produce the copy of the agreement.

[TibetanMonk]

Re: PayDay Debts - Hindsight is a wonderful thing

Why?

Because at some point I would like a mortgage.

[CleverClogs (RIP)]

Re: PayDay Debts - Hindsight is a wonderful thing

You'll just got to Superglue your fingers together to keep taking out PDL's../taking any form of credit that's offered to you in the next 6 years...

I've fixed your post for you.

[CleverClogs (RIP)]

Re: PayDay Debts - Hindsight is a wonderful thing

I'd like to repair my credit report.

Why?

[CleverClogs (RIP)]

Re: PayDay Debts - Hindsight is a wonderful thing

I'm surprised you got more PDL's this year as the other defaulted ones would show on your credit file. Weird...

No - you are amazed, astonished, flabbergasted or "gob smacked".

Monk may yet be surprised.

[SaltnVinegar]

Re: PayDay Debts - Hindsight is a wonderful thing

What strikes me is difficult to understand is how I got approved by Brighthouse, and CashGenie & TXT4Loan if I already had these defaults there?

The information thats registered with the CRA's is viewed differently by different lenders and their lending criteria are different. You got approved because they have lower lending criteria. There is a possibility that no credit search was done at all, or the CRA's that they use wasn't the same as the ones that previous PDL companies used (though changes are meant to being brought in to prevent this).

The likes of SpeedyCredit that was passed to NDR, where do I stand with that? As SpeedyCredit went into Administration, but sold their debts, can this mean UE? :P

As speedycredit have gone into administration the best you can hope for here is that paperwork hasn't been handled/transferred correctly and you could cause NDR some problems if you ask for a copy of the agreement. However as far as UE is concerned if NDR have purchased all rights and duties of the debt then they can pursue the debt so it would not be this that could render the agreement UE.

[TibetanMonk]

Re: PayDay Debts - Hindsight is a wonderful thing

Ok so simple answer is stop applying for credit (including Brighthouse!). But there is no quick fix to this I'm afraid.

Your credit score will start to improve after a minimum of 3 years as some lenders will not look further back than that. Unfortunately you have taken 2 PDL's in the last couple of months which will cancel out the ones you took in 2011 if they have defaulted you. If they have NOT defaulted you, then you may want to consider paying them back in full. If you're unable to do this then you're going to have to accept that credit is out of the question for you until at least 2017. This is not actually a bad thing!

So into your credit score. Some lenders are going to be sneaky. For example MEM money (PDUK) will not register a default with the CRA's but instead keep recording 6 months of late payments for a looong time. You can challenge this, but getting them to actually update the CRA's correctly is a real battle.

Moving forward I would suggest putting money away now in the event one of these companies comes back and bites you in the behind. The majority of PDL debts come to nothing, but some especially if they think they will get a default judgement will go to court. So my suggestion is that you start putting money away to pay these off should that situation arise. Its very unlikely, but best to cover your bases.

Hey SnV,

Okay mate, yeah I've stopped applying now. Niddy was right, I'm an idiot if I continue to apply when I already know theres a problem.

What strikes me is difficult to understand is how I got approved by Brighthouse, and CashGenie & TXT4Loan if I already had these defaults there?

Surely they have to make a decision based on previous defaults?

The likes of SpeedyCredit that was passed to NDR, where do I stand with that? As SpeedyCredit went into Administration, but sold their debts, can this mean UE? :P

Thanks,

TM

[SaltnVinegar]

Re: PayDay Debts - Hindsight is a wonderful thing

I'd like to repair my credit report. In the easiest way possible. With hopefully the least amount of time needed. Update: Of course I understand that it will take time. But hopefully get it sorted sooner rather than later.

Ok so simple answer is stop applying for credit (including Brighthouse!). But there is no quick fix to this I'm afraid.

Your credit score will start to improve after a minimum of 3 years as some lenders will not look further back than that. Unfortunately you have taken 2 PDL's in the last couple of months which will cancel out the ones you took in 2011 if they have defaulted you. If they have NOT defaulted you, then you may want to consider paying them back in full. If you're unable to do this then you're going to have to accept that credit is out of the question for you until at least 2017. This is not actually a bad thing!

So into your credit score. Some lenders are going to be sneaky. For example MEM money (PDUK) will not register a default with the CRA's but instead keep recording 6 months of late payments for a looong time. You can challenge this, but getting them to actually update the CRA's correctly is a real battle.

Moving forward I would suggest putting money away now in the event one of these companies comes back and bites you in the behind. The majority of PDL debts come to nothing, but some especially if they think they will get a default judgement will go to court. So my suggestion is that you start putting money away to pay these off should that situation arise. Its very unlikely, but best to cover your bases.

[TibetanMonk]

Re: PayDay Debts - Hindsight is a wonderful thing

You can't. You'll have to see out a 6yr default now sadly. So you're looking for ways to build up your profile / get rid of the PDL's etc so in 6yrs you can start afresh......

Yep But obviously wasnt sure if any were UE or anything and also the best way to do it, also, some of the PDL's arent showing on my credit file?

[Inca]

Re: PayDay Debts - Hindsight is a wonderful thing

You just got to resist the temptation to keep taking out PDL's../taking any form of credit that's offered to you in the next 6 years...

[Never-In-Doubt]

Re: PayDay Debts - Hindsight is a wonderful thing

I'd like to repair my credit report. In the easiest way possible. With hopefully the least amount of time needed.

You can't. You'll have to see out a 6yr default now sadly. So you're looking for ways to build up your profile / get rid of the PDL's etc so in 6yrs you can start afresh......

[TibetanMonk]

Re: PayDay Debts - Hindsight is a wonderful thing

So what help is it you're looking for? What are you looking to achieve (i.e. make a payment arrangement, get the debts to statute barred)?

I'd like to repair my credit report. In the easiest way possible. With hopefully the least amount of time needed.

Update: Of course I understand that it will take time. But hopefully get it sorted sooner rather than later.

[SaltnVinegar]

Re: PayDay Debts - Hindsight is a wonderful thing

So what help is it you're looking for? What are you looking to achieve (i.e. make a payment arrangement, get the debts to statute barred)?