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Contact creditor or continue to wait?
MNBA and Lloyd’s credit cards reported default last year July 2024. I do have affordability complaint ongoing with the Financial Ombudsman. I haven’t heard anything from Lloyd’s and MBNA since account was defaulted in July 2025. Wondering if I should contact them to set up a payment plan or just wait for them to contact me?
Comments
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Do you have a sufficient emergency fund built up? Do you know how much you can afford to pay?
Do you have different accounts that have defaulted at different times or just the 2, one with MBNA & another with Lloyds? If it's just the ones where you are waiting on affordability complaints I would wait until they are both resolved.
Meanwhile I suggest you ensure you have a realistic statement of accounts that shows what your expenses and income is so you really know now much extra you have each month to pay someone. When you know for sure what you owe you can divvy that up, pro rata, once they have contacted you to see what you can pay. Of course at that point they may decide to offer a full and final settlement and if your emergency fund is sufficient you might consider if you want to get rid of them in one go rather than things dragging on.
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I'd just wait for them to contact you, and in the meantime save what you would be paying to build up an emergency fund and also a fund for settlement offers.
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Agreed, if you've got affordability complaints in, haven't got a response and haven't appealed to the ombudsman, stay quiet and save into your emergency fund.
If you've have not made a mistake, you've made nothing1 -
Different accounts were all defaulted at different times last year and I raised affordability and irresponsible lending against all of them. I have lost some but also won some. The ones that I lost I have set up arranged payments debt collection agency collecting on behalf the creditor. It’s only the Lloyd and MBNA complaints which are currently pending and haven’t heard anything from them.
I will just wait for those complaints to be resolved and continue to build up my emergency fund.
Many thanks.
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Did you appeal the ones you lost to the Ombudsman?
If you've have not made a mistake, you've made nothing0 -
Yes
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