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Loan Provider Changed Payment Structure without Permission
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Superhoopza
Posts: 604 Forumite

in Loans
I contacted Updraft and asked about what options they may have of reducing monthly payments, extending the loan, anything to discuss options. After being asked to fill out a form with my income and expenditure and waiting 6 days, I got a message to say my next monthly payment will be reduced and to ignore any messaged about missed payments. Following this we will discuss paying off the remaining balance.
I have contacted them to say that I only wanted to discuss options, not give them permission to make any changes which could leave me with a missed payment marker and then an arrangement to pay agreement on my account, which I do not agree to.
They usually take 24+ hours to respond per message and I have called four times but get told to leave a voicemail which can take 5 working days to be responded to. In the meantime, here is what I have done and would welcome any advice.
I have contacted them to say that I only wanted to discuss options, not give them permission to make any changes which could leave me with a missed payment marker and then an arrangement to pay agreement on my account, which I do not agree to.
They usually take 24+ hours to respond per message and I have called four times but get told to leave a voicemail which can take 5 working days to be responded to. In the meantime, here is what I have done and would welcome any advice.
- I have sent multiple messages on their live chat which they said is their preferred way to communicate, stating the importance of speaking to someone urgently about this.
- I have also left in one of the messages, clear communication stating I did not agree to any changes to my payment structure which contravenes my contractual agreement, in case I need to dispute any arrangement to pay markets on my credit file.
- They have said my direct debit will continue to be taken as normal so I won't change that and will check the full monthly payment was taken if this is not resolved before then.
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Comments
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Got a response back from Updraft who have said the following:
- as the missed payment would be less than one full monthly instalment, it would not be reported to credit agencies as a missed payment.
- a payment plan would then be put in place for subsequent months and recorded as an arrangement to pay
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