Blaming the last government for not taking action on Payday loan companies seems a little rich. The payday loan industry, typified by companies like Wonga, is a recent phenomenon. Wonga was not even started until around 2006. And it takes time - several years, usually - for the effect of the practices to manifest, to collect and review the evidence,etc. I do...
mikey, going overdrawn on your current account without prior authority or having a bounced direct debit will have the same affect on a mortgage application.
I changed my current account recently and an error on my part meant I missed a payment of £3.50. Of course I paid it as soon as I realised but it is there on my credit report for 6 years - payment default.
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