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lender has just stopped taking payments
Harrysplan
Posts: 31 Forumite
Hi,
One of my debts is with a company called Elfin Market. It's a peer to peer lender, and I owe them around £1500. I have a direct debit set up, however I have just realised that they have not taken any payments since August. The Diredt debit it still active. I have not received a single contact from them - no emails, texts, calls. When I log to my account it just says " your direct debit of £0 will be taken on...".
Why would this happen?
One of my debts is with a company called Elfin Market. It's a peer to peer lender, and I owe them around £1500. I have a direct debit set up, however I have just realised that they have not taken any payments since August. The Diredt debit it still active. I have not received a single contact from them - no emails, texts, calls. When I log to my account it just says " your direct debit of £0 will be taken on...".
Why would this happen?
0
Comments
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Sounds like they think you no longer owe them any money. The company may have stopped trading or otherwise is no longer operating. I'd be tempted to cancel the DD and see what happens.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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⭐️🏅😇🏅0 -
It could be that they have sold the debt to a third party.
As above, cancel the d/d and see what happens0 -
I have not revied any notification of arrears or default notice etc - would they legally have to issue that information before they could log a default etc? They are FCA regulatedfatbelly said:It could be that they have sold the debt to a third party.
As above, cancel the d/d and see what happens
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