Barclays Partner Finance - Write off debt sale?

sleepyjones

Hey there, I've got a Fixed Sum Fixed Rate loan to buy a car through Zuto Limitied, finance came via Barclays Partner Finance.

I just received an annual statement, I've never really paid much attention to these before but was sitting out in the garden just reading through it.

Now, as far as I know, I've never missed a payment or been late with a payment (I pay at the start of the month and it's not due until the 28th of the month), but looking through the statement there's 3 "debits" on the account (in the last year) on :

16 Jan 2018 - £288
18 Jan 2018 - £905.20
26 April 2018 - £246.80

all debits for "Write off debt sale" and it's showing Balance as of 18 May 2018 as £-288

Anyone know what this means, I'll call them on Monday to see what's going on but just curious if anyone has any ideas in the meantime?

There's still around 25 months left on the contract.

bengalknights

Suggests they have sold the loan on to another company to service it

sourcrates

sleepyjones wrote: »

Now, as far as I know, I've never missed a payment or been late with a payment (I pay at the start of the month and it's not due until the 28th of the month)
.

I think by doing the above, you have created a problem with the timing of your payments.
It will mean that any payments received before the 28th, will be credited to the previous month, then, as you have missed the 28th of the month deadline, you will be in arrears until you pay at the start of the month, you will be accruing late payment changes.


Why do you not pay by DD on the 28th thus avoiding all potential pitfalls ?

sleepyjones

I have actually spoken to them about that before because I was worried about that but they assured me you can pay early as long as it's in the same month, it counts as that months payment ... but If I pay once at the start of the month and then pay again at the end of the month that will count as an over payment that month and not the next months payment.

So, there would have been a month at the start of the agreement where I paid on the 28th, then changed the direct debit date so effectively paid twice with a week or so)

Not so much a problem anymore but I prefer to pay all my bills at the start of the month (when I can) 'cause I would run into problems with payments coming at the end of the month, getting declined and then £30 charges from the bank (plus late charges / fees with whoever the payment was due to go to), so I changed all my direct debits to come off at the start of the month.

This was more when I was a student as opposed to working life so wouldn't have been a problem with this particular debt, it's just preference now that I get everything paid when I get paid so I know I don't need to worry about it.

There's certainly no mention of charges on the annual statement.

sourcrates

They would only sell your debt on if you had defaulted in some way.


Very occasionally non defaulted accounts are bought and sold for nothing other than business reasons, but that is rare.


I would suggest a phone call may throw more light on the subject.

sleepyjones

Yeah, cheers, gonna call them on Monday was just curious.

If they'd sold the debt onto someone else they would inform me? / I would be making payments to whoever this other company is but I haven't heard anything and no changes have been made to my direct debits or anything.
Strange.

System

I would expect so. They only usually get sold on when you've defaulted and they don't expect to get the money. You would have received letters about being in arrears and then that they were going to default you before they did default you and sold the loan on.

sleepyjones

Also maybe worth noting that the car is effectively on finance ... it was a Conditional Sale of agreement not a standard loan, so they would have repo'd the car if there was a problem with the payments?

I'm not really asking anymore, I'll see what they say on Monday ... I'm just thinking out loud.
I might have confused matters by posting this in the "Loan" section.

yorkshirepudding_

Hi
Curious as to what Barclays Partner Finance have advised you, as I today received the same correspondence saying debt write off sale ... I made my final balloon payment on my car on May 13th this year, then sold my car for cash and upgraded... my amount is for £61.22.. I!!!8217;ve had zero arrests and mine is an annual closing statement dated up to 30th May 2018??

yorkshirepudding_

That should have said zero arrears! Not zero arrests lol !!!128514;

sleepyjones

Sorry, forgot all about this!

I did speak to them and they said they had setup a new department for secured or unsecured ... I can't really remember what exactly they said but it was something to do with secured and unsecured ... I'm not sure I really understood it at the time either.
So I just plod on as usual until I hear anything different from them.