Arrow Global

Debbielawrie

Hi, hoping someone can help? I had a secured loan with GE Money for £5000 payable over 10 years some years back. This was due to be finished a couple of years ago but a matter of months before the end date GE Money sold the debt on to Arrow Global for more than what was due to pay on it (they said this was fees of some sort). Now Arrow are chasing us for around £2000. The loan term has been and gone and I argued at the time the fees were unreasonable and we had some of them dropped from the total owed but still owe this £2000 or so. Where do I stand with this?

Neutrinno

Raise a complaint. If Arrow have given their final response then raise to the financial ombudsman?

Mortgage_Adviser

Why did they sell the loan?
Were you behind the payments and Arrow is a debt collection agency or have they gove outr of business and sold theit all loan book to the Arrow?

Debbielawrie

Hi, Yes we had been behind at one point but not in the months running up to nearing the end of the term, it was sold to Arrow before the term ended with no oppertunity with GE Money to pay the remainder left on the term. I'm confused how they could sell it on before the end of the term of the loan and add on fees that apparently we should had accrued while we fell behind earlier in the loan term. Apologies, I hope I am making sense.

Debbielawrie

Hi, I wouldn't know where to start raising a complaint, I'm not sure on what groungs I have a complaint either? If GE had sold it on after the loan term ended because we still had a balance then maybe I could understand but they sold it just about 6 months before it ending?

davidmcn

Lenders are entitled to sell their loans whenever they want. It shouldn't affect the terms and conditions you signed up to though, so any charges etc should just be whatever GE Money could have charged.