Lendable Loans

Sly72

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?

Brie

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.  

Sly72

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.  

Cheers for the advise, all reday doing this with most of my creditors just wanted an idea on how Lendable play Ball.

ayupmeduck

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

Sly72

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 letter

who was it sold to?

sourcrates

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 letter

Have responded in your other thread.

Sly72

sourcrates said:

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 letter

Have responded in your other thread.

link to thread?