Refusing to default/not defaulting

TwentyStar

Hi,

I have loan that I am desperately trying to default as the interest payments building is crazy, I want to start making payments back but not until this has defaulted - the interest is more than the payments I will be able to afford!

Is there a way of formally 'asking' the company to default the loan?  I have now missed 4 payments with the hope of it defaulting.

I asked the company when will it default.

The response was '

Thank you for your email.

Unfortunately we are unable to give you a specific date the loan will be defaulted, the account will go through the collections process before this happens.

You may wish to get more advice from your debt management company about this.'


Any help would be appreciated! hoping I can get a payment plan sorted asap!

fatbelly

The guidance says they should issue a default after 3-6 missed payments so just hang on and keep saving a lump sum

sourcrates

Can take longer with some companies.

Saving up a lump sum, will help further down the line, when your account is sold, the new owner will have bought it at a large discount, so should be able to offer you a similar deal, offsetting the interest the current lender is now adding.

So just wait, see what happens, best to wait until its defaulted and sold on.