AA Loans? What's happened there then?

triticale

I have a personal loan with AA Loans which I took out a few years ago.

Recently I'm trying to do some debt-juggling and thought about asking them for a payment holiday one month to get things in order.

So I went on the website to look for info, however, the AA financial website now has NOTHING to do with personal loans on it! Only credit cards and savings accounts.

I'm rather confused - I've tried searching for info but can't find any news stories/statements etc saying they are stopping doing personal loans.

Anyone know anything about it? I'm at work at the moment so can't get my paperwork to phone them. It seems very odd.

~Brock~

triticale wrote: »

I have a personal loan with AA Loans which I took out a few years ago.

Recently I'm trying to do some debt-juggling and thought about asking them for a payment holiday one month to get things in order.

So I went on the website to look for info, however, the AA financial website now has NOTHING to do with personal loans on it! Only credit cards and savings accounts.

I'm rather confused - I've tried searching for info but can't find any news stories/statements etc saying they are stopping doing personal loans.

Anyone know anything about it? I'm at work at the moment so can't get my paperwork to phone them. It seems very odd.

They have probably withdrawn from the personal loan market for the same reasons as most of the other that have done the same - banks conserving liquidity, reduced profitability caused by increases in customer defaults, the cost of dealing with the 'write off my agreement it's unlawful' brigade, the ban on selling PPI.

All these things add together to the fact that unsecured lending is a shadow of its former self in terms of availibility.

triticale

Thanks for reply.

I thought that might be the case, but expected to still see an option for loans under the 'existing customers' heading.

Guess they only ever used that to offer top-up loans, rather than giving information then!

The_AA_Company_Representative

The AA are offering loans, it looks like they have teamed up with the Co-operative bank, http://www.theaa.com/loans/index.jsp

If you click on existing customers on the right hand side, you’ll find telephone numbers, for general enquires its 0845 606 1651