Failed Credit Check for Payday Loan

Failed Credit Check for Payday Loan

Money
If you have recently Failed a Credit Check for a payday loan you may well be wondering why. The answer is not straight forward but in this post I will look at some of the reasons why your application may have been declined. Payday Loans are an expensive way to borrow money so you may have had a lucky escape. I know this from personal experience, payday loans are one of the few places I could go to borrow some money, even with a poor credit score. However because of what happened to me a number of years ago now, I won’t go near them again. That being said you are here to find out why you failed the credit check so let’s get on with finding out. Reasons why…
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What is a Default Notice?

What is a Default Notice?

Money
Today we will take a look at what a default notice is. A default notice is sent when the relationship with your creditor has broken down. You are normally served a notice of default after three to six months of continuous missed payments on an account. The default notice is required by law as it forms part of the processes a creditor must go through before either pursuing legal action or passing on your account to an external debt collection agency. The actual default notice itself is not a notice of legal action but is the precursor to any future action taking place. The above applies to agreements you hold that are regulated by the Consumer Credit Act 1974. What should you do if you receive a notice of default?…
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How to stop Snoring

How to stop Snoring

Health
Today we will take a look at how to stop snoring. You might have found this site after wading through a barrage of online adverts promising all sorts of solutions to your problems. Some of these stop snoring solutions may well work but let’s take a more detailed look at things. The Cause of your Snoring Whenever you try to solve a problem, you normally need to work out what is causing that problem. In this case we are trying to find out what is causing you to snore. Without knowing the cause of your snoring it is difficult to know what the solution is. As with most things in the human body, your snoring could be the result of an underlying health issue. Therefore you first stop should be a…
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What is a Credit Report?

What is a Credit Report?

Money
Your Credit Report is a history of your financial conduct with organisations who you have borrowed money from. For example if you have a credit card, mobile phone contract or a mortgage for example, the chances are that some information about your payment performance is being maintained by one or more of the Credit Reference Agencies. Which accounts might you find on a Credit Report? Your credit report contains details of the credit you have held or are still repaying. Such accounts might include: – Credit Card accounts. Bank Accounts. Mortgage Accounts. Loan Accounts. Store Card Accounts. Insurance Accounts. Utility Accounts. Mobile Phone Contracts. How can you view your Credit Report? You have a right to see the information a Credit Reference Agency is recording about you. There are three…
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StepChange Review

StepChange Review

Money
In the recent past I have used the services of StepChange. They provided me with a Free Debt Management Plan to help me tackle my debts. Today I am sharing a quick review of their service, in case anyone is looking to find out more information about them. My StepChange Review I had come across StepChange when searching through the Internet. I found their site and started taking a look around. I entered all my information online. This took about 30 minutes. I did this using their online system launched in 2006 called Debt Remedy. Once I had provided all the requested information, Debt Remedy suggested an IVA was the way forward to tackle my debts. Completely correct. I opted for a Debt Management Plan instead. In part because I…
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Setting up a repayment plan with Lending Stream

Setting up a repayment plan with Lending Stream

Money
In this post I am going to explain how to set up a repayment plan with Lending Stream. It seemed like a good idea to write a short post about my experience of setting up a repayment plan with them so others who may also be in a similar situation can know what to expect. I was surprised that they would lend to me given my terrible credit but they did. That’s a whole other story however! Step 1 – Contacting Lending Stream The first thing I did was to contact Lending Stream by email with a very brief message as follows: – Due to a change of financial circumstances I am experiencing repayment difficulties and am looking for some advice on how to proceed. Would it be possible to arrange a…
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Repaying Payday Loan Debt

Repaying Payday Loan Debt

Money
Some of my debt was for payday loans. Most of them have been paid off or in some cases written off. There are only two Payday Loans left for me to pay. One for Lending Stream and the other for a company called Satsuma. The paid off Payday Loans For the Payday Loan debts I repaid, I wrote to the companies concerned and made a Full and Final Settlement Offer. What that means is I asked if I could pay say £220 to settle a £400 debt. Given all of the charges and the interest and fees that were added on it made sense to do this. It’s important to note that all of my Payday Loan debts are with Debt Collection agencies. All the companies accepted my offers, in…
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Success with removing two Defaults

Success with removing two Defaults

Money
I received a response to a complaint I recently made to a Debt Collection Agency called PRA Group. It was all centered around two accounts they were collecting for a Payday Loan lender called QuickQuid. A long time ago I defaulted on these accounts with QuickQuid and eventually QuickQuid sold them on to the debt collection agency. These two QuickQuid debts are quite old and I got them during a period of utter financial madness. As PRA had purchased both of these accounts they took over reporting of the defaults to the Credit Reference Agencies. A bit of background Late last year I jumped on the same bandwagon a lot of other people were riding and made a complaint about my Payday Loan, in this case the complaint was to a company…
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Example Full and Final Settlement Letter for Debts

Example Full and Final Settlement Letter for Debts

Money
Here is an Example Full and Final Settlement Letter. I use this when making a Full and Final Offer towards one of my debts. It seemed like it would be a good idea to share the letter I wrote in case anyone else is looking to make a full and final settlement offer for one of their debts. The example Full and Final Settlement Letter Here is a template version of the letter that you can copy and paste into your preferred word processing application: – DigitalDumpingGround.com 123 Debt Street Debtville D3 1BT 20th December 2015 Debt Collector 12 Debt Coll Street Debtland CA1 1ME Reference: Another Debt Dear Sir or Madam, I write with regards to the above account and the balance currently outstanding. I am unable to pay…
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A Review of Moneybarn Car Finance

A Review of Moneybarn Car Finance

Money
Today I will share a review of a company called Moneybarn. They provide car finance for customers with bad credit. I am one such customer who fits that description. I was seeking Car Finance for a Vauxhall Corsa at the time and had been declined by the mainstream lenders. When you have poor credit your options for getting car finance are more limited and more expensive but it’s not impossible to get approved most of the time. The application to Moneybarn I made my application through a broker and the broker came back to advise me that Moneybarn had approved me in principal. Prior to making the application, I had already seen a Vehicle I liked through a local dealer. I provided the Registration Number to allow Moneybarn to assess…
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