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Difficulty paying default loan

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Difficulty paying default loan Empty Difficulty paying default loan

Post by Geegee999 on Tue Dec 04, 2018 8:35 pm

Hi All.

I'm currently unable to pay a loan of 9k 2k outstanding due to loss of work. I have defaulted on this loan in 2016. Please advise what the next step would be to inform the loan company I cannot pay back the loan at this moment in time. Can the default be removed from my account? Please advise. Much appreciated.

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Post by Mrblue on Tue Dec 04, 2018 8:45 pm

A warm welcome to you! Check out the home page and look for the 3 letter process or use this link:

http://goodf.forumotion.com/f37-new-letters-process

Google the name of the company that’s sent you a letter to confirm if they are an original creditor (eg bank), debt purchaser (eg Arrow Global) or Debt collection agency (eg Capquest). Then you’ll know exactly which template system to follow (v important...)

I was also out of work back in Nov 2014 and owed a total of £18k (spread across multiples / none above £10k).

To date, not a penny paid (sorry, except for postage haha!)

So it works.

Rgds

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Post by Mrblue on Tue Dec 04, 2018 8:46 pm

Sorry forgot to add: default can’t be removed unless you pay back the loan of course...
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Post by Geegee999 on Tue Dec 04, 2018 8:48 pm

Thanks for the advice I'll get on Google now and get back to you.

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Post by Geegee999 on Tue Dec 04, 2018 8:52 pm

The company is call street UK Legal

Street UK is a trading name of Street (UK) CIC, company number 3832332 registered in England & Wales. 

I forgot to mention I was paying loan back via a payplan company. Will that effect strategy?

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Post by Mrblue on Tue Dec 04, 2018 9:00 pm

Sorry they (you already paying loan back) may change things so I’ll defer to one of the moderators :-)

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Post by Mrblue on Tue Dec 04, 2018 9:48 pm

Sorry me again, it’s been a long day and I fired off my last message w/o engaging my head into gear!

So let me get this straight: you owe 9k and 2k (11k) to Street UK Legal?
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Post by Geegee999 on Wed Dec 05, 2018 6:30 am

Hi no worries. Sorry I've paid off most of loan have 2k left to pay. I had been paying off loan. But have difficulty now. I've learnt that loans are fraud which we don't have to pay back as it's just digital numbers. Thanks again.

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Post by Mrblue on Wed Dec 05, 2018 8:29 am

OK so 2k left to pay. It's up to you; you apply the three letter system (use the bank/CC letters NOT the DP / DCA ones - for now anyway...) and then you get a default, which won't be removed for 6 years. Maybe come to some arrangement with them to pay a much smaller amount per month?

If you owed 9k then I would DEF recommend you follow the letters etc here. Like I said, some 4 years later, not a penny except for postage paid after owing £18k - which is much greater than £2k and therefore well worth it...
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Post by Geegee999 on Wed Dec 05, 2018 9:08 am

Yh makes sense I'll write to them 1st then start 3 letter process. Thanks again!

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Post by Mrblue on Wed Dec 05, 2018 9:45 am

Yep, that's even better actually, to see if you can come to something reasonable / affordable per month BEFORE resorting to the letter system - esp as you've already paid £9k...

Hope you're back in work soon!

And you're welcome, all the best Smile

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