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Lendable query


Good afternoon to all readers.
I stopped paying all my creditors in August 2024.
One of my creditors was Lendable with whom I had two loans. They defaulted both accounts in March 2025.
One of the loans had a balance of approximately £6000 and that was sold on to Perch.
ACI, on behalf of Perch have made contact and I have set up a S/O payment to them.
Lendable have been constantly pestering me by email asking me to ‘reinstate’ a direct debit.
I contacted them and they said it was for the ‘other loan’ which is still with them. It has not been sold on.
At the start of this process, I owed about £29,750 to nine creditors. I can afford a maximum of £400 per month to pay these debts. This is ensuring that I have an emergency fund and monies for necessities, but no luxuries. I dont drink, smoke or gamble etc.
The balance of the loan in question is £1162 which is approximately 3.9% of my overall debt.
I am using the same formula to calculate pro rata payments for all creditors, so they are being treated equally.
I told Lendable that I would make a pro rata payment in keeping
with my approach to other creditors and that their payment for the £1162 would
be £14.90 for 78 months (6½ years).
I am not in a position to clear this account at the moment.
Lendable are not happy and said they’d review it after 6 months, but my 'reduced payment cannot continue indefinitely...'
What can they do if anything?
Are they likely to go for a CCJ if I am paying something?
Thanks as always.
Comments
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Its still an option for them, but it won`t mean they get any more money, as your budget would be the same one used to calculate any debt payment that went to court, so there would be no benefit to legal action for them.
The most likely route will be what they did with the other loan, sell it on.
These companies are commercial entities, and don`t do things out of spite, its always a business decision, and sale of the debt will get them the best outcome.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it 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.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter1 -
I suggested on your previous thread that you look at an affordability complaint to Lendable about both loans. I still think that would be a good move1
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