Default Loan

adam8clark

Hi,

It might be a silly question as I'm sure it'll be as straight forward as getting in touch with the company but I don't know how to start it all...

Any way, I have recently got hold of my credit report and I have a loan that I defaulted on. Totally my fault as it was an immature situation where I "forgot" about the loan when I went travelling and since returning it as always been at the back of my mind. I had the loan through Alliance and Leicester who have since been bought by Santander and this is who I have defaulted loan with now. It is with an old rental property so I have yet to receive any threatening letters but I obviously want rectify this as soon as possible. I am saving up to pay the default balance in full and expect to be able to do this in a couple of months but do I need to tread carefully or call them and ask to pay off the balance in full, should I expect interest on the defaulted balance? Any advice/tips would be welcomed.

Thanks.

Tixy

Hi

Have you only just got your credit file for the first time at your current address? if so then you might find debt collectors get in touch in the next couple of weeks (by getting your file you have linked the addresses and they will be able to see your new address - but don't panic).

How long ago did you stop paying? How old is the default date on your file?

They may well have added on some interest & charges. You may well be able to agree a reduced full & final settlement with them (you'll need to make any such offer in writing and get confirmation from them in writing and follow certain criteria so you can't be chased at a later stage).