Reckless lending appeals outcomes.

ColdPizza

ayupmeduck said:

my lendable claim went to the ombudsman as Lendable weren't replying to me and they didn't reply to the ombudsman either in the time frame.

It went in my favour - all interest removed, balance reduce by how much I'd already paid and removed it completed from my credit file, a few months later they offered a 50% discount payable in instalments. My balance went from £5000 is to £1770!

Did you ask for this or did it just come out if the blue? 

ColdPizza

agentblackcat said:

This is a great result. You need to get them to confirm what you are now due them and arrange a repayment to them you can afford. 

Great point. That should be the next step. Assuming interest is already taken off and all my repayments have gone towards the principal amount of the loan it would bring my balance to just below £4K. 

ayupmeduck

ColdPizza said:

ayupmeduck said:

my lendable claim went to the ombudsman as Lendable weren't replying to me and they didn't reply to the ombudsman either in the time frame.

It went in my favour - all interest removed, balance reduce by how much I'd already paid and removed it completed from my credit file, a few months later they offered a 50% discount payable in instalments. My balance went from £5000 is to £1770!

Did you ask for this or did it just come out if the blue? 

No I didn't ask

ColdPizza

One question. I know the advice is to let debts default. But now Lendable have accepted  the loan should not have been offered, what happens? If I make an arrangement to pay will the AP marker come on and stay for for 6 years after the loan is paid off? Or will an AP not be added to my credit file? 

ColdPizza

Huge huge huge contrast between 118 and Lendable.  I missed two repayment from lendable and while they were investigating my case I didn’t receive any calls or emails for payment.  My account balance with them is now showing no interest and amount owed = total repayments minus original debt. 

118 constant calls, texts, emails. They took money out of my account once on day that was not supposed to be a repayment date. Now received 2 messages about they are going to pass it on to their collection department if I don’t pay by Monday. FOS have replied and waiting to be allocated a case handler. 

ManyWays

Have you now made an arrangement with lendable to pay a lower and affordable amount and to check that this wont impact your credit record?

Can you afford the payments to 118, if not you should stop them by cancelling the DD or CPA and let this default.  

ColdPizza

ManyWays said:

Have you now made an arrangement with lendable to pay a lower and affordable amount and to check that this wont impact your credit record?

Can you afford the payments to 118, if not you should stop them by cancelling the DD or CPA and let this default.  

The message from lendable repayment department is much different to the person from the complaints department.  Maybe they have not checked up on my case. 

To discuss repayments I had to compact a different department. The first reply asked why I could no longer afford the repayment  said “they can only offer repayment plans for up to 6 months, interest could be added, would effect my credit file etc “ 

I replied mentioning my case was deemed “unaffordable “ by their own complaints department, interest was removed and would not be added, and my credit file was put right. So by the very fact it was unaffordable reducing my payment should also not affect my credit. 

and that I was either going to self manage or go through step change. 

They replied much more friendly but didn’t  address the point about my credit file