Look in if you had a Safeloans Payday Loan before May 2012

[Heropanda]

Safeloans have been one of the worst in my experience at leaving a footprint on credit files, after much tooing and froing i've received confirmation that all loans were made on a 'running' contract basis up to May 2012 when they apparently switched to a fixed sum loan agreement.

 

What this means in practice is that if they left multiple entries on your credit file pre-May 2012 you can rightfully ask them to consolidate it into one entry.

 

I believe that as i had a single account number and a credit limit for applications that all loans were essentially a revolving credit agreement as they didn't do any further credit checks so i'll be pushing for the post May-12 entries to be consolidated too but thought just having that first part at the moment would be helpful to some...

[citizenB]

http://www.consumeractiongroup.co.uk/forum/showthread.php?398164-Pay-Day-Loans-damage-to-your-future-credit-rating/page10

 

There is a thread regarding PDLs and the damage they can do to your credit ratings - link above. I have left a link on there to this thread

[acid53]

hi,I've just contacted safeloans re the multiple entries on my credit file asking them if each loan was an individual credit agreement or a revolving credit agreeement and received a bizarre meaningless response from them stating:"Please note that it does state we will up date the account accordantly. Which we have done.Regards Safe Loans"Heropanda, any chance of sending the text of your letter? I dont believe the word "accordantly" is in the english language unless it is a legal term?

[sillygirl1]

The main reason this lot like to go to court is that their office is a short walk from Croydon County Court - so it costs them zilch in travelling time to file a claim.

 

They will NOT remove any markers on your account and they will put bad markers on every month - something I think should be looked at within the OFT examination of the payday loan market (along with the speed which this lot take people to court).

 

I don't know how many people are employed full time by this firm - they also operate under N Bolton Finance (a local loan shark type firm who put cards in newsagents windows - I can get a pic of one if people are interested) but they have a room in a building in George Street, Croydon near the tram stop and another office a short walk away in a building near Surrey Street market. It used to be run by just two brothers - don't know if they have any other 'partners' now.

[acid53]

thanks sillygirl, yup you are right, they are not giving an inch...on one hand i guess they did not put a default on my account which two other companies did (although i have since got them removed). On the other hand, the late payment markers and the dozen or so credit file entries are not doing my credit rating much goodIncidentally, i tried arguing with them that at the point I paid my final installment of my arrangement that it should be marked as up to date - they are insisting that the file is marked as satisfactory but status is 3 months late. I am going to request copies of my credit agreements from them to see where that leads