Wonga on credit report affecting mortgage application!

[Ford]

i would think that they (wronga) realised after all, thats their mo ie 'desperation' as you put it.

but, yes a notice on a cred file could be useful. but, where there is a broker, the broker should be aware of things and explain things to a provider where the circs are non standard?

imo

Edited July 27, 2013 by Ford

[BRIGADIER2JCS]

Isnt this exactly what a notice of correction should be used for?

 

You could explain that you used payday loans as you wanted to build a credit history, rather than through desperation.

 

But yes, payday loans are primarily marketed for people who can't make their wages last the month - so it's no wonder people are getting declined for mortgages with these on their record. Wonga may not have realised that their loans were viewed so negatively back when they used that in their marketing.

 

It's a shame but I don't know if anything can be done besides the notice of correction.

 

Please you got the mortgage anyway

 

 

Taking a PDL and then not paying is not going to do much towards creating a credit history, unless of course you want a bad history for another 6 years.

 

 

Wonga and the people behind would not have a care as to how their 'loans' would be viewed, their disregard for the problems the individuals find themselves in is very obvious!

Edited July 28, 2013 by BRIGADIER2JCS

[matttye]

Taking a PDL and then not paying is not going to do much towards creating a credit history, unless of course you want a bad history for another 6 years.

 

The OP said he took out PDLs and paid them back early because he thought they would improve his credit history.

[BRIGADIER2JCS]

It became abundantly clear very early after these PDLCs started claiming that their loans would/could improve a credit profile was totally wrong.

 

Taking frequent very short term high interest subprime loans was bound to be seen by potential creditors as a danger signal.

 

The OP also states that they have 3 DEFAULTS ON CRA FILES, what is not clear is if these

defaults relate to PDLs.

 

SEE POST 1#

[citizenB]

http://www.consumeractiongroup.co.uk/forum/showthread.php?398164-Pay-Day-Loans-damage-to-your-future-credit-rating

 

There is a discussion in the thread above on how PDLs will almost certainly damage your future credit health !

[BRIGADIER2JCS]

http://www.consumeractiongroup.co.uk/forum/showthread.php?398164-Pay-Day-Loans-damage-to-your-future-credit-rating

 

There is a discussion in the thread above on how PDLs will almost certainly damage your future credit health !

Thank you CB.