Debt & Defaulting. The Process...

RAS

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Genie10

Hi guys,

I am dealing with the irresponsible lending/affordability checks this week. I have used the Debt Camel letter template.
 

Should I supply bank statements for 3 months prior & 3 months after the loan start date?

Should I attach my credit report?

Also one of the loans I only took out earlier this year so there won’t be much interest on it. The letter template asks for interest & charges to be refunded so is it worth bothering with my recent loan or can I ask for a refund in some other way? 

Many thanks 

Isthisforreal99

'Castle Community Loan' - is that a credit union?

Genie10

Isthisforreal99 said:

'Castle Community Loan' - is that a credit union?

Yes unfortunately it is! 

However I have read their terms & conditions & it appears they follow the route of other lenders if I default.  I'll attach what i've read, hopefully I've understood it correctly!

ManyWays

The letter template asks for interest & charges to be refunded so is it worth bothering with my recent loan or can I ask for a refund in some other way? 
If a loan complaint is upheld by the lender or the ombudsman, all interest is removed from the debt so you only ever repay the amount you borrowed.  
This is worth doing for any loan you think was unaffordable.
Althouigh a few loan lenders "stop interest" in a DMP, many say the interest was all due at the start of the loan, so in a DMP the full amount of the loan plus interest is owed.