Ongoing Default Saga With Lendable

happytimesahead

Good morning,

it’s been a year since I decided to start a self-managed DMP and stopped all payments waiting for defaults. 

In that time all creditors have defaulted except one, Lendable.
I continued to pay them a small amount for a few months (as they threatened doorstep collectors..) but they didn’t stop interest making the payments obsolete. So in January I stopped those reduced payments too.

I have written to them multiple times asking them to default, explaining that this will help me in the long run, and I won’t be making any payments as the interest will make it pointless and I won’t be able to reduce my debt.

They told me last month via email they were ‘reviewing my account’ to see if they could default it. When I phoned to see how this was going last week, they said there’s no such review happening. 

They told me the default process is ‘automated by their systems’, so no one can agree to put it in default, and they can’t tell me when this might happen although they have advised it usually happens when accounts are 5 months in arrears (mine is now way past that).

I have now received an email today to say they have agreed to pause interest indefinitely, and backdate this to February as that’s when the account was 6 months in arrears. I’m guessing, in hope I start an arrangement to pay. 

But still, no mention of default.

Any suggestions for what else I can do to try and expedite a default? I don’t know what to do now. They haven’t actively contacted me at all this year regarding the payment arrears - the only time they speak with me is when I contact them to ask them to default. (Even then they never ask for a payment, they’re just responding to my default query.)

I feel like I’m a bit stuck with this one. 

I would appreciate any thoughts on this! 

sourcrates

You have done all you can do, I would just ignore it now until they decide to do something with it.

Concentrate on your other debts, and let them do their thing.

Did you mark your letters "COMPLAINT" ?

As that is the way to deal with these matters, an ordinary letter will just get the brush off, wear as a complaint must be dealt with by a complaints handler, within a statutory timeframe.

lookbook

Get some advice from citizens advice bureau. 

sammyjammy

If and when they default the debt you can always complain and try and get it back dated.  I wouldn't worry about it.

happytimesahead

sourcrates said:

You have done all you can do, I would just ignore it now until they decide to do something with it.

Concentrate on your other debts, and let them do their thing.

Did you mark your letters "COMPLAINT" ?

As that is the way to deal with these matters, an ordinary letter will just get the brush off, wear as a complaint must be dealt with by a complaints handler, within a statutory timeframe.

Thanks sourcrates.

My latest correspondence was sent to their specific complaints email. I don’t think todays email, which was sent from their generic support is in response to my complaint, so I’m hoping they will still provide a formal complaint response… if not, like you say I’ve done all I can so I’ll just have to leave it for now.

If they suddenly randomly decided to default the account say in a year or so’s time, would there be an argument to get it backdated? Is that a thing? 

sourcrates

Yes of course, no matter their company policy, guidance states a default can be registered after between 3/6 missed contractual payments.