PayDay Debts - Hindsight is a wonderful thing

[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

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.

[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

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.

[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?

[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

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

Not even Shytehouse, who'll cheerfully snatch back HP goods even when that isn't lawfully permitted by the Consumer Credit Act 1974?

[TibetanMonk]

Re: PayDay Debts - Hindsight is a wonderful thing

Hi All!

So, just looked at my credit report (Experian)

Total debt showing on there is £3,661.

If I get rid of this, I'll be debt free! But one catch, where the bloody hell is the rest? Because I cant see it, and it seems to be never reported. Likes of CashGenie/TXT4Loan etc.

Of course, not debt free, but my credit report will show debt free, does that mean that I can rebuild, or do I still have to wait for SB and defaults to fall off? In 6 years?

Thanks,

Jordan (TM)

[TibetanMonk]

Re: PayDay Debts - Hindsight is a wonderful thing

Morning all,

Attached is the CCA I recieved from 247MoneyBox, could someone have a look at it before I do anything further?

Just wanna know if its all above board :P

- TM

[SaltnVinegar]

Re: PayDay Debts - Hindsight is a wonderful thing

Morning all,

Attached is the CCA I recieved from 247MoneyBox, could someone have a look at it before I do anything further?

Just wanna know if its all above board :P

- TM

Hi TM

I have deleted the attachment with this post - you had left the loan reference number in a couple of places....

[TibetanMonk]

Re: PayDay Debts - Hindsight is a wonderful thing

1369069_(1).pdf

Hi TM

I have deleted the attachment with this post - you had left the loan reference number in a couple of places....

Thanks SnV :P I've removed the loan ref's now :P

[TibetanMonk]

Re: PayDay Debts - Hindsight is a wonderful thing

Hi, I've heard on the grapevine that MiniCredit are closing? Is this true? What happens to debts owned by them?

[cymruambyth]

Re: PayDay Debts - Hindsight is a wonderful thing

Probably sold to the lowest bidder.

[TibetanMonk]

Re: PayDay Debts - Hindsight is a wonderful thing

Probably sold to the lowest bidder.

Ugh, thought I could get out of paying them :P Got a £100 loan and the balance is now £1150. Bloody rediculous charges.

[SaltnVinegar]

Re: PayDay Debts - Hindsight is a wonderful thing

Ugh, thought I could get out of paying them :P Got a £100 loan and the balance is now £1150. Bloody rediculous charges.

Well the charges are another story - that on its own I would consider could be challenged.

But as for Minicredit closing - as said they will be sold on to the highest bidder. Where this may work for you is that the purchaser may write off the part of the loan book that is arrears, or, alternatively, Minicredits IT systems will be poor and the new purchaser may not get things like agreements (or have difficulty in doing so).

But that is a lot of 'mays'