It’s time to tackle this mountain

RAS

Did you receive a demand for repayment of the whole sum at any point?

Have you checked your credit records? Do it for free through MSE.

Woodsey10

I have now checked Experian through MSE credit club. Lendable is the most behind at -5 payments missed but not yet defaulted according to their report. 

RAS

OK, just hang on in there until they actually default. One consequence of the recent encouragement for lenders to be "reasonable" is that it takes longer for them to register defaults.

CurlyTop11

Woodsey10 said:

It’s been a few months since my last post. In that time I have been waiting for defaults, budgeting and saving into my emergency fund. 

Also during this time, one of my lenders (Lendable) had instructed fieldcall to visit my home to attempt to regain communication. An agent visited on 2 occasions. I ignored the contact and they’ve passed back to the lender. 

I have also just received a letter from CreditSecurity, a debt collection agency, dated 27/09/23 instructed by Betterborrow. The following statement is at the base of the letter “It is important you are aware that our client has registered your defaulted account with the credit reference agencies and this may prevent you from obtaining further credit”. 

Is this account now officially defaulted? 

Do I start my affordable payments to them? 

Hi @Woodsey10 how did it go with fieldcall coming to your house? One of my debts is with Lendable and that's what I am dreading to be honest.

I saw somewhere else that someone wrote to them when it was threatened, but I don't know if that then means they give you an arrangement to pay and not a default?

Woodsey10

Hi @CurlyTop11 it wasn’t too bad when I look back now. I assumed they wouldn’t visit as with most letters it just outlines they could visit. 

So the first knock at the door was unexpected, I had just woken from my night shift and my wife was busy in the garden. It was a normal couple of knocks at the door followed by a letter the guy put through the door. The letter just stated they were acting on behalf of lendable to try and regain communication. If I don’t contact lendable within a couple of weeks, the agent would return. He did return in that time frame. This time it was obvious we were home, living room windows open, tv on, although blinds were almost closed as we were watching a film. Same process, with a letter, this time stating as they haven’t been able to regain the contact they would pass back to lendable. 

So all in all not a horrendous experience, just not a nice feeling knowing someone would be coming to my home and not knowing when that could be. 

Just remember, they have no powers/authority and you do not have to engage with them. 

Hope that helps. 

Woodsey10

RAS said:

OK, just hang on in there until they actually default. One consequence of the recent encouragement for lenders to be "reasonable" is that it takes longer for them to register defaults.

Ok thanks Ras. I must admit I have found the subject of defaults the most confusing 🥴

Woodsey10

I’ve been waiting for defaults and they have started to materialise. The 4 loans I had with Novuna (formally hitachi) have been bought by Lowell. I’m a little annoyed today as whilst I have just set up token payments to them they have started contacting my wife’s mobile with missed calls and a text message. The text message is addressed to me. 

Is this normal? Debts are all in my name. 

Woodsey10

Woodsey10 said:

I’ve been waiting for defaults and they have started to materialise. The 4 loans I had with Novuna (formally hitachi) have been bought by Lowell. I’m a little annoyed today as whilst I have just set up token payments to them they have started contacting my wife’s mobile with missed calls and a text message. The text message is addressed to me. 

Is this normal? Debts are all in my name. 

Bump ^^^^

anyone answer this one at all? Thanks

sourcrates

Well what do you mean by, is this normal?

They will attempt to contact you using whatever contact details were passed to them with your account, at some point you must have given the original creditor your wife`s mobile number, and yes they will use that.

If you want them to contact you in a specific way, write and tell them so, under GDPR they must comply.

Woodsey10

I can understand contacting us both over a joint debt but am surprised when the debt is solely in my name.

We are obviously linked in credit reports, we have a joint mortgage. So I can see where they may have got her number. I haven’t given them any info regarding my wife.