Lendable Debt Payment

matchroom

Hi All, 

I currently owe £3400ish to Lendable. I probably made quite a few mistakes with my approach with them. 

The original agreement was £110 but due to circumstances I wasn't able to maintain that past the first few months. I've been paying them £36.66 per month for the past 4 or so years with no interest as agreed by then. Each month it has shown up as a missed payment on my credit score, although I have maintained the £36.66. The debt also hasn't been defaulted by them. 

I'm now in a position now where I can pay the £3400 in it's entirety. But is it possible to achieve a discount on this amount in some way? Are they likely to default and sell the debt if I stop paying? Should I get in touch with them and ask for a discount?

Grumpelstiltskin

Yes your mistake was to keep paying them when it hadn't defaulted.

Stop paying them now and wait for it to default - better late than never.

sourcrates

With no default on the account, the original terms and conditions still apply, so discount would be zero, as you are still currently liable for the full contractual amount.

They may make a salutary concession say of 10%, but nothing more than that.

Depends what the plan is, if you want a quick ending, ask them for a settlement figure and have done with it, if on the other hand you want to play the long game, wait for the default and the eventual sale and try again in say a year`s time.

fatbelly

Is this your only debt?

matchroom

Thanks for the advice so far, wish I found this site earlier, I really played it wrong. I think I have nothing to lose if i wait it out for a default at this stage. @fatbelly yes this is my only date.

fatbelly

Paying it off now gives you a clean credit file.

Holding out may save you a few quid but will give you a default on file for 6 years

ManyWays

I agree with @fatbelly.
And also look at making an affordability complaint againt Lendable, this is a complaint that the credit was unaffordable at the time they gave the you loan as it sounds like it was. The fact you can now pay it is irrelevant, it wasnt affordable for a long while. If you win this, the missed payments will be removed from your record. 

NorthernPlantation

I have a similar issue after four years on a DMP. They have never registered a default (like all other lenders did), and so every month is a 'missed payment'. They are a disgusting company actually! Any attempts I have made to contact them have been met with trite responses. They know exactly what they are doing and the Ombudsman seems to take their side when it comes to backdating defaults etc. I would settle and just ride out the next six years.