Have they forgotten to take my loan repayment??

MJ123456789

I have a personal loan from a supermarket lender. I’ve been making monthly repayments for 2 years. I called up 3 months ago and asked them to change which day of the month they withdraw funds. They haven’t taken any payments since then! I’m hoping they have accidentally deleted me from their system

Anyone know where I stand legally if I don’t alert them to this and what might be the implications if it takes them averse more moths to realise? 

MJ123456789

Typo - *if it takes them several more months 

[Deleted User]

They have 6 years to take the payments so keep it to one side.

If it's a DD, then you should avoid any additional fees.  However, it would be safer to catch up on the arrears and put in place the required payment plan.

Check your credit files to see if missed payments or a default has been registered.

comeandgo

I wonder if your telephone call made them think you were requesting 3 months stay on your payments.  The interest will be accumulating, you will have to pay it so you either wait for them to get back to you or you call them.

Thrugelmir

MJ123456789 said:

Anyone know where I stand legally if I don’t alert them to this and what might be the implications if it takes them averse more moths to realise? 

Legally you'll continue to owe the debt which will simply become larger. Better to be pro-active. If this month 3 of your payment holiday? 

phillw

MJ123456789 said:

They haven’t taken any payments since then! I’m hoping they have accidentally deleted me from their system

Or they are about to put a load of missed payments on your credit file?

cymruchris

If you don't alert them? - they may already be recording missed payments against you on your credit files - there's obviously been some kind of mix-up, and you're better off getting in touch with them asap to say 'I rang you a few months ago to change my date - and have just been checking my accounts, and have noticed you've stopped taking payments - can you find out why?'. Hopefully you've saved the money that would have gone into the payments and not spent it? It won't have been deleted - and yes you'll still owe the money - and will continue to owe the money forever - although they only have 6 years to take action through the courts. 

[Deleted User]

MJ123456789 said:

I have a personal loan from a supermarket lender. I’ve been making monthly repayments for 2 years. I called up 3 months ago and asked them to change which day of the month they withdraw funds. They haven’t taken any payments since then! I’m hoping they have accidentally deleted me from their system

Anyone know where I stand legally if I don’t alert them to this and what might be the implications if it takes them averse more moths to realise? 

Interest on your loan is calculated daily so every missed payment means you are accruing more interest. Burying your head in the sand won't make the loan go away. You have a contract, you borrowed the money, you owe the money and there is still plenty of time (6 years) for the lender to take step to recover the money. Stop messing around and contact the lender.

sharpe106

Why would you not contact them you know you owe them the money. When you go shopping and you knew they had not scanned a item what would you do? tell them as it was a mistake or take it? the same applies here.

MJ123456789

phillw said:

MJ123456789 said:

They haven’t taken any payments since then! I’m hoping they have accidentally deleted me from their system

Or they are about to put a load of missed payments on your credit file?

Are they ‘allowed’ to do this if I have t cancelled my direct debit? The fault lies with them?

MJ123456789

sharpe106 said:

Why would you not contact them you know you owe them the money. When you go shopping and you knew they had not scanned a item what would you do? tell them as it was a mistake or take it? the same applies here.

Because I’m short on cash and they’re not.