DMP

ManyWays

Here is a comment that may interest you as it is from someone who got a good result from an affordability complaint to Lendable https://forums.moneysavingexpert.com/discussion/6594851/help-needed-with-the-maths-lendable-loan-near-defaulting#latest

Beck50

I thought you ticked a box to say you could afford to make the payments but not 100% sure.
The default letter sounded more serious than what the rest had previously sent me, now most of my other debts have been sold onto debt collection agencies who I'm making small but regular payments to. Lendable started off being sympathetic in their communication but since I replied they just ignore my concerns and keep sending me this email about income and expenditure and nothing about their letter.
 Even though 11 days ago as promised I made a payment to them for £50 and they emailed me to say they'd received it.

sourcrates

Its not an LBA (letter before action) you have received is it?

A document they require you to fill in and return within 30 days to avoid a court claim????

Beck50

It just says a default notice served  under section 87(1) of consumer credit act 1974 in relation to the fixed sum loan agreement between me and Lendable plus on attachment have you been sent a default notice from FCA.

sourcrates

Beck50 said:

It just says a default notice served  under section 87(1) of consumer credit act 1974 in relation to the fixed sum loan agreement between me and Lendable plus on attachment have you been sent a default notice from FCA.

Ah, that`s OK then, just a standard default notice, just let the process complete, once its defaulted, they will pass the account to a debt collector, or sell it on.

You don`t need to do anything, you will be written too again at some point.

Beck50

Thanks for the info, so it's just the wording that's intended to try and get a reaction.
It was just compared to the others I received, that it sounded more of an ultimatum/ deadline.

Grumpelstiltskin

It's just the way they have to word the letter and yes they hope you will react and pay them something but don't let it bother you..

sourcrates

Beck50 said:

Thanks for the info, so it's just the wording that's intended to try and get a reaction.
It was just compared to the others I received, that it sounded more of an ultimatum/ deadline.

Defaulting you is all they can do, they can`t take legal action on a non defaulted debt, it has to default first.

Not that they will take action through the courts, usually they either sell the debt or just assign a collector to manage it, but there is no other deadline or ultimatum, only the road to a default.

SPM87

Beck, forget paying lendable, you are defaulting in other areas so just wait it out now until it is sold on. my partner has a lendable loan she defaulted on, they don't even contact her and have not even sent a chasing letter. 

for context, I have setup 5 DMPs with 3 different DCAs - 2 kept on about I&E.. I said ill pay 50p until you agree the amount I can afford, one was through email and other live chat. After a couple of requests of asking for information and me telling them to get lost.. they agreed each one. PRA was easiest.. you can do it online for as little as £5 per month direct debit and it is agreed.

You are in control of your money, not them. Just tell them you have worked out your affordability with one of the debt charities and tell them to agree the x amount per month.. you tell them... not ask. You keep on telling them and they will agree. It is not a case of you being forced into a form they have no legal right to have.

Beck50

Good advice SPM87 I'm paying my current creditors between £15 & £25, Lendable are getting twice the amount so may be I was OTT in paying that considering April price hikes.