Unknown term on my loan account

maggie63

Please can anyone tell me what “c.off entry TNF” on my loan statement means? I’ve been in special measures with TSB due to having cancer and unable to meet my loan repayments.

Basically, repayments were suspended until I returned to work and could afford the repayments. Suddenly, my loan balance is 0, and the above is what the transaction says. I’ve had no communication from TSB regarding this, and it’s dated 27th November.

Thanks in advance. If I haven’t given enough info please ask.

Mags

[Deleted User]

I think your first place to ask would be TSB direct, as they are in the best place to know the answer. I imagine they are open tonight if you give them a call.

[Deleted User]

From what you describe, it looks like a charge off.

But you need to talk to them to confirm if it's been written off, or sold on.

sourcrates

The most likely scenario is they have sold the account to a debt purchasing company, banks don’t bother managing delinquent credit accounts for very long, they normally cut their losses and sell on the debt.

They may have written the debt off, it’s a possibility, either way, they should write to you in the near future and inform you.

Calling them now may get you an incorrect answer, the call handler won’t know if it’s been sold or written off, as it will just show a zero balance on their systems, with no other explanation.

maggie63

sourcrates wrote: »

The most likely scenario is they have sold the account to a debt purchasing company, banks don’t bother managing delinquent credit accounts for very long, they normally cut their losses and sell on the debt.

They may have written the debt off, it’s a possibility, either way, they should write to you in the near future and inform you.

Calling them now may get you an incorrect answer, the call handler won’t know if it’s been sold or written off, as it will just show a zero balance on their systems, with no other explanation.

Thanks. But surely they would have to inform me in writing if they sold the debt on? I had an arrangement to resume payments when I started earning again. I haven’t had any communication from TSB since last September. Do you know what the TNF stands for?

boo_star

maggie63 wrote: »

Thanks. But surely they would have to inform me in writing if they sold the debt on? I had an arrangement to resume payments when I started earning again. I haven’t had any communication from TSB since last September. Do you know what the TNF stands for?

Whoever bought the debt will likely tell you of that in due order.
Give it a month or three.