Ladder Loans - inventive finance

Jeff_winter

Hi all,
I took out a ladder loan last september.

In January this year I lost some hours at work so I took some advise and started a self managed DMP.
All of my other creditors have stopped interest and agreed a lower monthly payment, all bar one have marked my credit file with a default, which I don't mind as its happened early.
Ladder loans (inventive finance) are still charging the monthly interest, i have continued to pay a smaller amount however they are just carrying the difference forward as arrears. My credit file shows that I am on an arrangement.
They say that there are 6 more months of interest, what will happen when they stop to charge interest, surely they wont keep my account then? surely they will default in 6-9 months time. which means another 6 years from that dates until my credit file in clean

Does anyone have any experience with this firm?
has anyone else had success with having interest frozen?

National_Debtline

Hello there,

Do consider writing once more to request that interest and charges are frozen. If you have evidence that other creditors have done this, please send a copy of that evidence to them. If you're paying a reduced sum, the interest could cause the debt to grow quickly.

Really hope you can get it sorted,

Best wishes,

David @ National Debtline.

Jeff_winter

Thank you - i rang their collection team today and they finally agreed to stop all interest.

I had written 4 times before and requested and they had refused each time.

I thought it was always better to have written documents however sometimes a phonecall works better to put them under pressure.

It easier to bat away a letter

National_Debtline

Glad to learn that you've got a result. I don't think that there is anything wrong with discussing a situation by telephone with a creditor or DCA if they are willing to engage - and many are. It is, however, important to seek written clarification of any agreements that you make. It's always important to have a paper trail.

So pleased you got it sorted!

David.