Loan may default, what happens?

sourcrates

Maxrpg said:

Just an update and asking for advice. So my largest loan £12k+ from Shawbrook was marked as defaulted in July but I still haven't heard anything since then, is this normal?

Yep, perfectly normal, lenders have hundreds of 1000`s of accounts that default, its a time consuming process deciding what to do with them all.

They may never do anything with it, its not uncommon for a bank to just allow a debt to go delinquent, and eventually become statute barred, it happens more than you would think.

In all likelihood it will probably be sold along with hundreds of other defaulted accounts, and whoever buys it will write to you, or they may just hand it to a collector to manage, there is no way of knowing beforehand.

Some companies are quicker off the ball than others, but the vast majority go at a snails pace when it comes to collections, not what you expected huh? lol.