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  • FIRST POST
    • shootme
    • By shootme 28th Nov 17, 7:17 PM
    • 98Posts
    • 9Thanks
    shootme
    My loan has been sold - where do I stand?
    • #1
    • 28th Nov 17, 7:17 PM
    My loan has been sold - where do I stand? 28th Nov 17 at 7:17 PM
    I had a loan about 15 years ago which I couldn't pay. They agreed for me to pay a monthly payment of £5 which I have been paying ever since. They contacted me a few years ago to see if my circumstances had changed but they hadn't so continued to pay the £5. I have now had a letter from a new company that has bought the loan and they say I need to contact them. I imagine they are going to want me to start paying a larger amount. Where do I stand? Do I have to contact them? What happens if I just keep the standing order as it is?
Page 2
    • Anthorn
    • By Anthorn 5th Dec 17, 7:55 PM
    • 3,293 Posts
    • 847 Thanks
    Anthorn
    I had a loan about 15 years ago which I couldn't pay. They agreed for me to pay a monthly payment of £5 which I have been paying ever since. They contacted me a few years ago to see if my circumstances had changed but they hadn't so continued to pay the £5. I have now had a letter from a new company that has bought the loan and they say I need to contact them. I imagine they are going to want me to start paying a larger amount. Where do I stand? Do I have to contact them? What happens if I just keep the standing order as it is?
    Originally posted by shootme
    First of all beware scammers. Usually advice that the account has been sold comes from the original owner of the debt.

    You stand exactly where you were with the original owner of the debt. The original agreement still stands as does any amendments to it in writing. So if the original owner of the debt agreed in writing the repayment of the debt at £5 per month the new owner of the debt cannot change it without your permission.
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