Irresponsible lending help.

born_again

Readytodothis1 said:

That’s what I was asking. I reasoned that they had taken the interest off. And I’m not so many words they were admitting that it was sold irresponsibly to me. They didn’t even do a hard check on my credit report 

They will have all the data on their system they need giving you are already with them for the loan.
Rather than M&S admitting to being irresponsible, what they are doing to protecting the debt owed to them. So it is viewed that getting something back, is better than nothing. 👍
While giving you breathing space to clear your debts. Good customer service.

Readytodothis1

Yes all my income was accurate

Brie

Out of interest how much were you paying to M&S in total each month up to now?  

With the M&S monthly amount reduced would you be able to repay your other debts either with or without interest being charged?

Likely the M&S payment will be noted on your credit history as a "Arranged Payment" or similar which will tell other creditors past and future what is going on.  Just so you're aware.

[Deleted User]

Readytodothis1 said:

It’s interest free consolidation they’ve offered me a payment of £154 a month over 5 years.
i owe in loans £5680 and cc £4500

£154 over 60 months is £9240. But the loan is for £10000?

Readytodothis1

Brie said:

Out of interest how much were you paying to M&S in total each month up to now?  

With the M&S monthly amount reduced would you be able to repay your other debts either with or without interest being charged?

Likely the M&S payment will be noted on your credit history as a "Arranged Payment" or similar which will tell other creditors past and future what is going on.  Just so you're aware.

Approx £430, so yes it’s going to free up an awful lot. All debts will be cleared by the end of the month, and thankfully I won’t need credit again after this. 

DisabledDan

I think you would be better off with a 60% discount on all your debt, it would also discipline you as further credit would not be available.

I think the irresponsible lending route is flogging a dead horse, you say the debt was built up over a long period and you probably asked for it in pieces and as there are two loans they had direct evidence of you servicing your debt.

For a big discount to happen you have to trash your credit record and stop paying until they default the agreements, then when they sell them you can either do a DIY or get help from the charities.

It really depends on your assets, whether you need a good credit record and your income.  There are plenty of other posts on DMP

e.g. https://forums.moneysavingexpert.com/discussion/6510529/debt-has-finally-caught-up-with-me/p1