Sunny Loans / Mr Lender

Cannock

I have had letters off both these lenders who i have a loan with, yes i know stupid me !! Both have said if i use there prefered DMA they will wipe my debts off to £0. Is this legal to do ? help im a bit of a novice with debt

Apples2

So someone has lent you money and are happy for you not to repay a penny?

I'll give you a clue, you will be scammed.

serverking

The rates of interest are fantastic! At just 1971% it's a steal (of your money)... :rotfl:

These companies are something, aren't they?

Sinhanada

Have they put anything in writing? It does sound too good to be true

Apples2

Sinhanada wrote: »

Have they put anything in writing? It does sound too good to be true

It doesn't matter what is in writing, NOBODY is going to let OP walk away without paying a penny.
It cannot even be classed as "too good to be true", it blatently isn't true.

Herzlos

It might wipe your debts with them off to £0, but it'll probably involve transferring them to their DMA (who they probably own) and/or some hefty fees.

There's no other reason for them to offer it.

Sinhanada

Apples2 wrote: »

It doesn't matter what is in writing, NOBODY is going to let OP walk away without paying a penny.
It cannot even be classed as "too good to be true", it blatently isn't true.

I understand exactly where you are coming from, but what I am trying to determine is if they have put this in writing then there may be some leverage to it. Yes, the debt will probably be sold on but again, if it is in writing (and badly worded) it will have a standing from a legal viewpoint - it all depends on how it was offered

Apples2

Sinhanada wrote: »

I understand exactly where you are coming from, but what I am trying to determine is if they have put this in writing then there may be some leverage to it. Yes, the debt will probably be sold on but again, if it is in writing (and badly worded) it will have a standing from a legal viewpoint - it all depends on how it was offered

I think we should avoid the discussion, no matter which process is followed, it will absolutely not be the answer implied.

It could give people false hope and even encourage people to jump into this pickle.

Maybe Cannock will come back with more info anyway.

Sinhanada

Actually I agree - and I should have thought of that before replying :-)

rodmummy

We have tried a repayment plan with them and they have refused being proper pain in the neck asking now for bank statements and wage slips, we have sent them in going and out going and a letter from Payplan but still wont budge, so waiting now for collection letters. We have learnt our lesson with PDL