DMP for £60k worth of debt...ready to tackle this!

bravo4_5

Hi,

There are 2 creditors that still haven’t defaulted me 11 months on..

Updraft - I recently submitted an irresponsible lending claim to them. If this is successful and interest gets wiped. If I was to start making reduced payments to them after this would this then go down as arrangement to pay?

Kroo Bank Loan - I haven’t had a single letter or default notice from them but the interest keeps going up on the loan 11 months on from missing payments. What can my course of action be here? Can I complain when they finally do result me to say they should have defaulted me 3-6 months payments in? What do I do it they never default me and the interest keeps climbing on a £10k loan with 0 payments?

Thanks

fatbelly

bravo4_5 said:

Hi,

There are 2 creditors that still haven’t defaulted me 11 months on..

Updraft - I recently submitted an irresponsible lending claim to them. If this is successful and interest gets wiped. If I was to start making reduced payments to them after this would this then go down as arrangement to pay?

Kroo Bank Loan - I haven’t had a single letter or default notice from them but the interest keeps going up on the loan 11 months on from missing payments. What can my course of action be here? Can I complain when they finally do result me to say they should have defaulted me 3-6 months payments in? What do I do it they never default me and the interest keeps climbing on a £10k loan with 0 payments?

Thanks

If it-s not defaulted then there is the likelihood of an AP marker so you need to hold out.

As for Kroo I think you should complain now and quote CONC 7.3.5

bravo4_5

Thanks for you reply.

RE Updraft: If the irresponsible lending claim is successful, usually adverse credit markers such as defaults, missed payments and interest is removed. What do I do in regards to reduced payments after this? Will they still mark these down as AP after a successful IL claim as they probably won’t default it after a successful IL claim?

Kroo - I will get on this tonight.

bravo4_5

Small win - Novuna accepted my lending complaint and will remove all charges, interest and adverse credit information.

46k including interest, down to the original 25k!

londoner2019

bravo4_5 said:

Small win - Novuna accepted my lending complaint and will remove all charges, interest and adverse credit information.

46k including interest, down to the original 25k!

Small win... that's a huge win - congrats!

tigergambit

bravo4_5 said:

Small win - Novuna accepted my lending complaint and will remove all charges, interest and adverse credit information.

46k including interest, down to the original 25k!

So in effect you have swapped a 46k debt for a 25k interest free loan (with a likelihood of a reduced settlement down the line). Hardly a small win! Well done - I hope this gives you confidence to keep fighting!

bravo4_5

Was probably saying small in the grand scheme of me still having to pay off 25k lol! But yes it is good progress. 

I don’t think there will be chance of reduced settlement as it’s still with Novuna themselves? Unless anyone can tell me otherwise?

tigergambit

bravo4_5 said:

Was probably saying small in the grand scheme of me still having to pay off 25k lol! But yes it is good progress. 

I don’t think there will be chance of reduced settlement as it’s still with Novuna themselves? Unless anyone can tell me otherwise?

My experience suggests that you will get a reduced settlement down the line if that's what you want BUT as I said above you should consider this as an interest free loan. Even over 30 years it is only going to cost you £360 and the true value of your debt will be being eaten away by inflation. If you get to a stage where you need a bigger mortgage then you may need to go down the settlement route but you can just sit tight on this one and concentrate on resolving others for a couple of years and actually gain. 

Some lenders seem to keep things in-house come what may (Tesco spring to mind) but the game is the same. I offered Tesco £2100 settlement on my £10k debt but they refused so can have £1 a month for the rest of my life, which won't be 30 years. Nobody ever said things have to make sense in debt collection.

bravo4_5

It makes a lot of sense when you put it all like that. I’ll leave this one til last then and carry on paying my £1 a month!

ayupmeduck

bravo4_5 said:

Was probably saying small in the grand scheme of me still having to pay off 25k lol! But yes it is good progress. 

I don’t think there will be chance of reduced settlement as it’s still with Novuna themselves? Unless anyone can tell me otherwise?

I got a 50% settlement from lendable after my affordability complaint, maybe Novuna will do the same.