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Lendable Loans
Sly72
Posts: 209 Forumite
Anyone had experience of lendable stopped paying and my account was defaulted in May 23 according to my credit reports, but have not had any confirmation from them, aware they use email as communication.
What happens next:
1. Do they tend to sell the debt?
2. Keep it and ask someone to manage it for them?
3. Or Manage themselves?
I have Dyslexia which is a learning difficulty that primarily affects the skills involved in accurate and fluent word reading and spelling so some post may not make sense.
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Comments
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I've no experience of this company but generally you would get some correspondence from a creditor to point out that they are no longer getting payments. Might have some of the usual stuff like "are you in financial difficulty, can we help, have you talked to a debt adviser?" If they don't hear back they are likely to escalate things and perhaps sell it on to a collection agency.
If you are able to pay even a small amount (£5 a month or?) then you might want to contact them and tell them you are going to set up a standing order to do so. But if things are really bad for you I'd suggest you do need to talk to a debt adviser to help you sort things out.
There are some knowledgeable people here who will suggest you fill out a statement of accounts (see the top sticky post). This will at least help you organise your thoughts and if you post that here people will make some suggestions on how to sort your budget. If you don't want to do that then you should talk to National Debtline, StepChange, Citizen's Advice or a Community Money Adviser.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php
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Cheers for the advise, all reday doing this with most of my creditors just wanted an idea on how Lendable play Ball.Brie said:I've no experience of this company but generally you would get some correspondence from a creditor to point out that they are no longer getting payments. Might have some of the usual stuff like "are you in financial difficulty, can we help, have you talked to a debt adviser?" If they don't hear back they are likely to escalate things and perhaps sell it on to a collection agency.
If you are able to pay even a small amount (£5 a month or?) then you might want to contact them and tell them you are going to set up a standing order to do so. But if things are really bad for you I'd suggest you do need to talk to a debt adviser to help you sort things out.
There are some knowledgeable people here who will suggest you fill out a statement of accounts (see the top sticky post). This will at least help you organise your thoughts and if you post that here people will make some suggestions on how to sort your budget. If you don't want to do that then you should talk to National Debtline, StepChange, Citizen's Advice or a Community Money Adviser.I have Dyslexia which is a learning difficulty that primarily affects the skills involved in accurate and fluent word reading and spelling so some post may not make sense.1 -
I heard nothing about my loan for months and I stopped paying months ago, notice of arrears letter only in May and then this month is has been sold on. 2 different default dates both before the notice of arrears letter
Debt £7976 | Savings £350Aims: Buy first home 2026-8. £20k deposit0 -
who was it sold to?ayupmeduck said:I heard nothing about my loan for months and I stopped paying months ago, notice of arrears letter only in May and then this month is has been sold on. 2 different default dates both before the notice of arrears letterI have Dyslexia which is a learning difficulty that primarily affects the skills involved in accurate and fluent word reading and spelling so some post may not make sense.0 -
Have responded in your other thread.ayupmeduck said:I heard nothing about my loan for months and I stopped paying months ago, notice of arrears letter only in May and then this month is has been sold on. 2 different default dates both before the notice of arrears letterI’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
link to thread?sourcrates said:
Have responded in your other thread.ayupmeduck said:I heard nothing about my loan for months and I stopped paying months ago, notice of arrears letter only in May and then this month is has been sold on. 2 different default dates both before the notice of arrears letterI have Dyslexia which is a learning difficulty that primarily affects the skills involved in accurate and fluent word reading and spelling so some post may not make sense.0
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