Landmark Default notice

bunnygreen

Hello, I thought I’d posted this on the DMP thread but it’s definitely not there now so hoping it’s ok here.

My husband and I have been on a DMP since 2022. All but two of the CC/loans have defaulted. The two being updraft and Landmark (we stupidly got a 125% mortgage when we were young and naive).

I’ve just had a letter to say that Landmark are going to default us if we don’t bring the account up to date and pay around £3k of arrears. The letter shows the accepted payments from stepchange that they’ve been receiving but now says it will terminate our agreement and then obviously threatens lots of horrible things if we don’t pay up.

From some brief reading here, we actually could have done with defaulting so much longer ago and it’s not a bad thing to default. I was ok with defaulting the others but for some reason I suddenly feel worried. We won’t own any property so those threats are fine (we sold our house to be able to get a three bed, so we’ve been renting for 10 years). But I am worried about the CCJ threats I guess.

Anyway, I guess im looking for some reassurance and also advice about what we should do. And whether we should also be doing something about the updraft too.

We’ve now got £47000 left after being on the DMP for 4 years so still feels a long way off.

bunnygreen

hi all. I wasn’t sure whether to start my own thread or join here so in the end decided here, hope that’s ok.
I haven’t used this forum in a long long time but I was hoping for some advice.

I’ve been on a debt management plan since 2022. Paid off approx £13k since then and have £47k remaining. That’s joint debt with my husband although my only actual debt is the landmark account which is at £19k, the rest is in my husband’s name.
Anyway, today, we received notification from Landmark that they are going to default unless we pay the arrears of just under £3k within the next few weeks. Then it goes on threatening lots of other stuff. We’ve received defaults on all but one other loan (updraft) so I kind of knew that we probably want the default and I’ve been fine with the other defaults - but for some reason the Landmark one makes me nervous.

However, I came here trying to look for some answers and in a short space of time feel like we’ve not dealt with this properly at all and the fact we’re over 4 years in and have 2 big loans that haven’t defaulted is a bad thing!

When it all felt overwhelming we turned to step change and just went straight on a DMP and made regular payments, albeit reduced. We were still getting interest for some time on some of them but I think landmark have stopped that in the last year or so.

Honestly we got to the point of a manageable monthly payment and I’ve just let it slide for the last few years feeling like it’s fine.

But now looking to see what we actually should be doing now and also see if anyone has any experience of landmark defaulting and any consequences. We rent now, sold our house 10 years ago to enable us to live in a bigger house so then stuck with the higher rate unsecured loan from the stupid 125% mortgage we naively got ourselves into.

Anyway, sorry that was a lot. Any suggestions on next steps very welcome.

System

This discussion was created from comments split from: DMP mutual support thread part 13 !!.

sourcrates

@bunnygreen I`ve moved your post to a new thread, and merged your other post with this one, as the old DMP support page see`s much less traffic these days.

I see no reason why this loan should be handled any differently, to any of the others, but having said that, all options are open to the lender, the usual response would be to assign it to a collection company, or to sell the debt.

If you get unlucky they may take you to court, but in that instance you simply admit the debt and agree an affordable payment plan, sanctioned by the court, nothing here that should make you feel in the slightest bit nervous.

Please read the responses you have had.

fatbelly

My first thought was that that was a long dmp. 4 years in and only paid off a quarter. Then I thought 'well, probably a homeowner who doesn't want an IVA'.

Then you reveal that you rent, and Stepchange are involved.

So what do Stepchange say about the option of bankruptcy?

ManyWays

If you have paid off 13k in 4 years and have 47k left, then I agree with @fatbelly that bankruptcy or a debt relief order may be serious options for you two.

Could we see a simple list of your debts and another list of your husband's debts? One line each, lender name, rough balance

RAS

Another one querying why DROs wouldn't work for one or both of you?

Do either of you own expensive cars.

In addition to his and hers lists of debts, a list of assets worth more than £2k would be useful.

Grumpelstiltskin

2 threads.

Advice on Landmark loan, potential default — MoneySavingExpert Forum

sourcrates

https://forums.moneysavingexpert.com/discussion/comment/82135598#Comment_82135598

Now merged.

bunnygreen

So sorry, I could not find my other post! Haven’t used a forum in so many years!

Thanks everyone. So reason that bankruptcy isn’t an option is husband is a company director and so it would affect his job.

Debts are as follows:

Mine is just the Landmark approx £19.7k

Husband:

Landmark as above  

•  LINK FINANCIAL OUTSOURCING  £16,779.00  (Zopa)
•  UPDRAFT DMP C/O ARYZA EVOLVE  £6,344.00  
•  LINK FINANCIAL OUTSOURCING  £1,584.00  
•  LINK FINANCIAL OUTSOURCING - (HSBC I think)  £1,537.30  
•  MOORCROFT - PAYPAL  £1,203.00  
  

Estimated end date of DMP Sept 2037

only assets are my second hand car worth approx £2k that I use for school runs (husband has a company car)

RAS

Please can you clarify? Is the Landmark loan your alone, or joint with hubbie?

I'd add that quite a lot of people have success with affordability complaints re Updraft and Zopa. He'd need advice as to how that might affect his credit record but sometime the entire credit record is removed.