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Tesco Loan - Default notice (contractual payments made)
I have been on DMP for about 18months now. At the beginning when the payments to my creditors were calculated, the payment to my Tesco Loan exceeded the contractual payment so the loan never defaulted.
last June I changed jobs and my salary dropped so my DMP was recalculated and new offers were sent to my lenders. The amount offered to Tesco was less than the contractual monthly payment so I have been making sure to make an extra payment to them so the monthly contractual payments were met as I didn’t want to default of this debt this far into my debt free journey.
Today I received a default notice from them and requested the payment of the reminding of the loan.
I called them straight away and they said that because I was on a payment arrangement for longer than 12 months, they can issue it even if the monthly contractual payments were still met.
is this correct? Have a I been milling myself to make the extra payment without a point?
Comments
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If that is their policy, and it is contained within the credit agreement you signed, then yes, they can do that.
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