Dispute credit report due to a payday loan - Unaffordable Lending

3
Posted 24th Jul 2020
Hi,

I was wondering if someone could help. Around 8 years ago, I got into some debt trouble, and used lots of payday loans etc.

Over the years i have either paid the debts off, or have appealed the payday loans due to unaffordable lending.

My credit rating is slowly getting better, and things are looking up.

I have just one payday loan outstanding, and it is one where the loan company are currently going into administration. I have an ongoing dispute over this loan, due to unaffordable lending, which has been ongoing for some time, I think mainly due to administration process. I have received an email to say that this process can take up to another year,

I have been monitoring my credit report for some time, and this is really the main account left on it.

Do you think I could dispute this, as the loan is currently undergoing an investigation?
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3 Comments
It would be arguably reasonable to be permitted to file a Notice of Correction prior to appeal result, although the NoC has no impact on score it simply forces a lender to manually review any subsequent credit applications.
AndyRoyd24/07/2020 13:53

It would be arguably reasonable to be permitted to file a Notice of …It would be arguably reasonable to be permitted to file a Notice of Correction prior to appeal result, although the NoC has no impact on score it simply forces a lender to manually review any subsequent credit applications.


Thank you, I have submitted a Notice of correction, so will just have to await the outcome. Thanks again
allsa00124/07/2020 14:57

Thank you, I have submitted a Notice of correction, so will just have to …Thank you, I have submitted a Notice of correction, so will just have to await the outcome. Thanks again



Bad idea as it highlights the loan and shows that you are not taking responsability for it.

Martin lawrence had a piece on it and advised never to add any notes but to contact the loan company and get them to remove or adjust the entry.

Yes they may have loaned more then you could afford but you had the money so you do owe it at the end of the day.

Best thing to do would be try to see if you could get a lower rate loan to pay of the payday one.
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