Cannot Get Credit!!

[confused4sum]

I am unable to get credit of any description, apart from a payday loan with expensive Provident.

 

I have 3 accounts, 2 with Capital One, the other with Vanquish.

 

These 3 do show late repayments, but Capital One is showing partically settled in September 2018 and Vanquis settled in full in December 2016.

 

The main issue I had is with NewDay Ltd.

 

I notified NewDay that my disability living allowance was stopped after I had my review when I went to transfer over to PIP.

 

NewDay were sympathetic, and agreed to place my account on hold, freezing interest and payments etc etc.

 

On the 4th May 2018, I received a letter from NewDay; theyagreed that due to my financial issues, they would no longer chase me for payment.

 

Soon after, a default was issued with with credit reference agencies that the account default with a default date of 12th June 108.

 

Why then agree to not chase me for payment then issue me with a default seems to me to be grossly unfair!?

 

I did a Notice of Correction on my credit file to show lenders that my account was on hold, and they agreed not to chase me for payment.

 

Can anyone please give me some advice?

 

I have a good income of £1100 a month in benefits income, and I state on applications I am retired.

 

I am initially accepted for credit, but they then go to the CRA's, I am then declined.

 

Its frustrating I can only get a loan with Provident.

[honeybee13]

Hi. Have you tried your local credit union? I believe they lend to people on benefits. Here's some information from the CAB.

 

https://www.citizensadvice.org.uk/debt-and-money/borrowing-money/types-of-borrowing/loans/credit-union-loans/

 

HB

[confused4sum]

Don't know if I have one in my area , but will have a look.

 

Thanks xx

[honeybee13]

What part of the UK are you in? Credit unions have associations with websites that help you find your nearest one.

 

HB

[Andyorch]

Quote

Why then agree to not chase me for payment then issue me with a default seems to me to be grossly unfair!?

 

I did a Notice of Correction on my credit file to show lenders that my account was on hold, and they agreed not to chase me for payment.

 

 

Anyone irrespective that breaks an agreement and is unable to meet the minimum monthly contractual payment will receive a Default Notice....it cant be put on hold indefinitely... all creditors must record and submit correct data to the credit agencies as per the Information Commissionnaire (ICO) guidelines and directive on credit and data reporting.

 

Andy

[confused4sum]

Would like some help please.

 

My credit score with Experian is currently 384.

 

I have 1 default registered June 2018, I have a Notice of Correction explaining the circumstances of the default.

 

I have 3 accounts marked as closed and settled but have some late repayment history, Vanquis closed and settled in 2016, Capital One 2018.

 

I'm being turned down for credit left right and centre.

 

Any advice please!?

 

 

 

 

[dx100uk]

placing a notice of correction is pointless in most aspects 

the robots that do lenders credit scores and thus rate you cant read.

 

what has been your historic score over say the last few months/years always this figure?

up or down

are you on voters?

 

 

 

[dx100uk]

old and new threads asking the same question merged..

I just wasted my time when you'd already asked this before thanks

 

[confused4sum]

I get really peeved with sarcastic comments, mostly from dx100uk who seems to be full of themselves!!

 

I just want to know why I cannot get credit!!

 

Yes I'm on electrol register, etc etc!!

 

Whats the problem!!

[dx100uk]

well we volunteer our time here

a waste of it is somewhat annoying ….

 

there is a credit file guide in our credit reference forum which might help you understand your issue.

 

a defaulted date against an account as well as late payment markers within 6yrs will certainly kill your score

so will numerous applications for credit that fail.

 

and the oxymoron effect of not having any running credit to show regular payment doesn't help a score either.

 

have you considered applying/transferring to universal credit?

as if you could get your pip transferred to UC, you can get loans and advances free of interest for white goods etc etc that will be far better than any high int line of credit presently your only option/////

 

[confused4sum]

I'm not going to apply for Universal Credit.

 

I tried even with my own bank Nationwide, where I get my benefit paid into they, they prelimary accepted me for credit, but then declined after doing a credit search.

 

Clearly something on my credit file putting off lenders.

 

I'm frustrated to say the least.

 

Why should I get penalised for 1 default which was not my fault, as the creditor agreed to not chase me for payment, then still slapped the default!?

 

The creditor was aware I had lost half of my benefit when it went to review, they still defaulted me for something out of my control.

[dx100uk]

but its not just one default, it's all the other factors too mentioned above.

 

sadly a creditor has a duty to report accurate information upon how you conduct yourself financially.

the fact you p'haps unfairly lost some income, the same as someone losing say a 2nd job, is not their concern.