Landmark Default notice

bunnygreen

landmark is joint.

I’d be interested about the affordability thing. He definitely should never have had the updraft one approved, we started our DMP very soon after that one.

ManyWays

Landmark is the debt remaining after a house repossession, so it's likely to be joint.

The problem with affordability complaints is this is very late for a DMP that started 4 years ago. It is hard to win complaints about loans and cards that started over 6 years ago. And unless he has bank statements going back it can be impossible.

How much does he earn as a company director? I think he should talk to Business Debtline (tel:0800 197 6026) about his situation. BDL cover personal and company debts for directors of small limited companies.

You can not assume Landmark will behave like a normal consumer credit act lender. A CCJ from them may cause him problems if he needs credit for his company.

bunnygreen

We didn’t have a house repossessed. We sold up as we were in a two bed and needed a three bed and renting was the only way we could do it. But because we got a together mortgage at 125%, the unsecured part shot up when we sold and then northern rock was taken over by NRAM then to Landmark. But we’ve been “stuck” with it ever since.

updraft started very soon before our DMP. So within 6 years and I am not sure about ZOPA, that might also be within 6 years / but ZOPA got sold to link so not sure that counts anyway does it??

Just looked back and loan was received August 2022 and we went into DMP Sept 22!!

bunnygreen

https://forums.moneysavingexpert.com/discussion/comment/82136338#Comment_82136338

Since his previous redundancy where he was a more senior director he took on a job that was better pay etc but with a bigger company so his director status may not completely be the full responsibilities that he had previously but I think either way he wouldn’t be willing to risk redundancy in his position

ManyWays

I think he needs expert advice from Business Debtline.

Because the alternative is paying this debt for decades.

bunnygreen

I think that’s extremely unlikely tbh that he’ll do that and there’s absolutely no way he will agree to bankruptcy.

I’m not sure we will be staying together long term. A lot of the reason we are still together is because we can’t afford to separate. So I do want to get this sorted so I feel like I at least have a choice. (While the majority of the debt is in his name; we went in to the debt together, it was just I couldn’t get any loans and he could so I can’t just leave him in it either)

so for now I’d really like to focus on the original question about the default on landmark and also about whether we should be asking Updraft to default too - is that something you ask for?? Obviously it seems like this should have happened so much sooner than it has given we’re four years in.

Should I respond to the letter, send it to stepchange or just ignore it altogether??

ManyWays

Send in the updraft complaint now. and get your bank statements for the 3 months before the loan. I would portpone arguing about the Updraft lack of default date until the affordability complaint is through which will probably involve sending it to the Ombudsman.

Was the house repossessed?

bunnygreen

Thanks. I will try that.

no, it wasn’t repossessed. We sold as it was the only way to get a house with more bedrooms (we needed a three bed)