FO Upheld Complaint But What Now Regarding Default?

Genie10

Hi everyone,

Good news that the FO upheld my affordability complaint!

However they have suggested I set up an affordable payment plan with Plend. This isn't ideal because the FO has said Plend should remove any adverse markers once the debt is cleared which will likely be a long way off as owe £10,000. I was hoping for a default soon & then in 6 years all adverse markers would be removed.

My account has not yet defaulted but has been passed to ArcEurope who say "Our client, Plend, has instructed us to reach out to you as they haven’t received your repayments"

Any thoughts on what I could do here?!

Below is what the FO has said;

To put things right, Plend Limited should:

• refund any overpayments Mrs M paid towards the agreements, in excess of the total capital she borrowed. Plend Limited should add 8% simple interest per year from the date of each overpayment to the date of settlement; and

• remove any adverse markers from her credit file, if any, regarding the agreements.

• If any capital balance remains outstanding, Plend Limited should arrange an affordable and suitable payment plan with Mrs M, removing any adverse markers once the debt is cleared. If any capital balance outstanding has been passed to a debt recovery agent, Plend Limited should arrange to transfer any debt back to themselves or liaise with the agent to ensure the redress I’ve set out above is carried out promptly.

Many thanks 😊

fatbelly

The way I read that is that they cannot add any marks to your file, now or later

So the suggestion of an affordable repayment plan on the remaining balance is a sensible one. Have Plend worked out how much you owe now, and do you agree with it?

Genie10

https://forums.moneysavingexpert.com/discussion/comment/81945565#Comment_81945565

I haven't heard from Plend as yet.

i'm happy for them to set up an affordable plan I just want to make sure that no marks will be on my file as they say "if any capital balance remains outstanding, Plend Limited should arrange an affordable and suitable payment plan with Mrs M, removing any adverse markers once the debt is cleared"