WILL MY POOR CREDIT SCORE BE A PROBLEM?
All current credit scores are based on your current and past financial history, so if you have missed a payment or defaulted on a loan or credit card, even as far back as 4 years ago, it will still show on your credit report and it will have a negative impact on your score.
However, if you do have a poor credit score, each lender will take your recent current financial situation into account and should be able to make a decision based on the whole picture, i.e. past, present and future anticipated finances.
WHAT HAPPENS IF I AM DECLINED BY BINGOLOANS?
If, after considering aspects of your current and past financial situation, BingoLoans or The Money Hive are unable to provide you with a loan themselves, they will automatically try and find you the best loan deal, based on your circumstances, through their panel of lenders and financial service providers.
WILL LATE REPAYMENTS AFFECT MY CREDIT SCORE?
Any late payment will affect your credit score negatively. If the loan isn’t paid then a default may be registered with a credit reference agency. This will affect your credit score and will be seen by other financial institutes when you apply for any type of credit, insurance, mobile contracts, etc.
WHAT HAPPENS IF I GET INTO FINANCIAL DIFFICULTY?
The first thing to do is not worry, each lender will be sympathetic to your circumstances and will help you to avoid the stress of your financial situation, so please contact your lender and talk to them about your situation, do not ignore it and hope it will go away because that will give you more stress.
Your lender should be able to offer you a number options to alleviate your stress and get you back on the right track without affecting your credit rating and any subsequent lending.
I’M WORKING WITH A DEBT MANAGEMENT COMPANY, SHOULD I TELL YOU?
Yes, please ask them to contact us in writing with their authorisation to act on your behalf. The email address is customercare@themoneyhive.co.uk
WHAT DOES IT MEAN IF MY ACCOUNT IS SENT FOR DEBT COLLECTION?
If an account is sent for debt collection, this means that we are engaging a 3rd professional company to collect the loan on our behalf. Using a debt collection agency is always a last resort and only usually used under the following circumstances;
- If the lender has had no contact from a customer who has not repaid their loan.
- If the lender has been informed that you have been in touch with a DMP company but you do not provide the appropriate authorisation from the DMP company in a timely manner or if you have set up a payment plan with the lender directly but do not set up the transfer of funds in a timely manner.
- If the lender feels that fraudulent activity is taking place and that they have no other course of action available.
We only use agencies that are members of the Financial Conduct Authority. This tells us that they set high professional standards.
These agents will aim to work with customers to help them set up repayment arrangements that they can afford. However, if customers do not work with the lender or their agents to pay their loans, it may leave us with no choice but to go to Court.
This is never a situation any lender wants to find themselves in, but if all other avenues have been exhausted then this option will be the only course of action left open to a lender to retrieve the money they lent you in the first place.
CAN I GET HELP WITH MY DEBTS?
Their are a number of impartial debt advisory services available to you and as a responsible lender we would point you in their direction.
Go to Money Advice Service for advice on debt, they also have a useful budget planner and many money saving tips and advice.
If you need help with a specific loan debt, always talk to your lender, they should help you come to an arrangement to pay of the loan at your pace and reduce your stress
WHAT IS A DEFAULT NOTICE?
Each lender has a responsibility to record, when a loan is or hasn’t been paid back on time or at all, and send this information to a credit reference agency.
There are many negative references that can appear on your credit report as a consequence of not paying back a loan, these include delinquency, sustained delinquency, default, etc. these references appear when a missed payment or payments is reported by the lender to the credit reference agency. A default specifically is when a loan is not paid back on time
CAN I GET HELP TO CREATE A PERSONAL BUDGET PLAN?
Go to Money Advice Service for advice on debt, they also have a useful budget planner and many money saving tips and advice.