What to do…

archer2016

Also on the one they’ve defaulted due to complaint they say they won’t report to credit agencies etc but will this affect other aspects of enforcement? 

sourcrates

archer2016 said:

Also on the one they’ve defaulted due to complaint they say they won’t report to credit agencies etc but will this affect other aspects of enforcement? 

Well what have they actually said, are they still looking at you to pay the debt or are they not going to chase it?

If they say they are going to report the account to the CRA, that suggests they will not be looking to collect on it.

archer2016

Right so it says 

For them to remove the interest they will default as they aren’t able to remove interest any other way, however they will take measures to ensure credit file is not harmed. 

A demand for full payment will auto come out as they can’t stop it but to disregard it as it’s not applicable to my situation.

then that they will no longer report the loan agreement to CRA and that they will remove the loan from my credit file. This will take 30-60 days. 

Then a summary of what the balance is after the interest refund. 

Then I can create a plan with their repayments team etc for affordability. 

Thats 2 weeks ago and it shows as defaulted on my loan account, not checked credit report. Also not received letter confirming default. 

sourcrates

OK, so they have defaulted you, but now intend to remove the whole entry from your file so as not to impact you further, for that debt anyway.

Just wait until it all happens, someone will write to you eventually I guess.

archer2016

Thank you,

archer2016

Had a few emails from them today, 2 fairly standard just chasing the smaller loan they haven’t defaulted yet although say they will soon. 

Then another about the big loan, with the wrong amount on (about 3 grand too high) saying I need to set up a payment plan as the loan has defaulted and if I have some cash they may be able to offer me a discount…

I’m bit confused over best action, thye said I will get formal demand but the emails I have had aren’t that. 

Can I afford to sit tight and wait for a formal demand before doing anything? 

Grumpelstiltskin

ignore E Mails, wait till you get something through snail mail. Nothing terrible will happen.

tigergambit

archer2016 said:

Had a few emails from them today, 2 fairly standard just chasing the smaller loan they haven’t defaulted yet although say they will soon. 

Then another about the big loan, with the wrong amount on (about 3 grand too high) saying I need to set up a payment plan as the loan has defaulted and if I have some cash they may be able to offer me a discount…

I’m bit confused over best action, thye said I will get formal demand but the emails I have had aren’t that. 

Can I afford to sit tight and wait for a formal demand before doing anything? 

Yes, you can sit tight on the smaller loan. 

I think you should query the amount on the larger loan if you believe it is wrong. If it has now defaulted you can set up a payment plan but you can't do that if the amount is wrong. Make sure that when you set up the payment that you allow for all the other payments you may have to make. Pick a low amount you can easily afford and just tell them that's how much you're paying. 

ManyWays

with the wrong amount on (about 3 grand too high) 
Who is the lender,  have they just added on all the interest to the end of the loan? If they have, then one option is to look at an affordability complaint, winning that will get all the interest removed from the start.

archer2016

Thanks all. 

I’ve won an affordability complaint, they’ve confirmed what I owe on letter and on online account, now getting emails with a higher amount.