I have a loan on which I am currently up to date.
I have had arrears in the past and for a period of 12 months was up to 2 cumulative payments in arrears.
I had arrangements to clear lasting 6 months at a time each and they were back to back. At the end of the first arrange I had a terrible month at work (self employed so does get bumpy) so was still behind so came to a second arrangement.
After complaining about something recently the lender has defaulted me as of 13 months ago and refunded me all interest charged in between.
The are saying that as I was in arrears for more than 6 consecutive months I am in default. I though I couldn't be defaulted if I was less than 3 months cumulatively in arrears.
They are clarifying with their legal and credit team.
Anyone out their know the answer?