Reclaiming loans which have been sold on

mmcfly

Hi all,

I'm new to the forum. I originally used this to put a claim in motion against a payday lender and have had a fairly successful outcome from it.  
From my early 20's I got into a bad habit and trapped in a cycle of payday and short term lending. I kept it all to myself until there came a day when I broke down and realised there was something I could do about it.  I spent years in a stressed state regarding my finances. For the past two years I've been working with PayPlan and a DMP.  I've still a way to go in this but I realised that I could possibly claim back some interest based on being sold these loans without any real checks in place.  I've successfully dealt with one company and now I'm looking at doing something similar for others.
My query is... when I challenge these companys, who do I go to when the original loan has been sold on to another company?
Any tips would be greatly appreciated.  Thanks for reading.

dunstonh

You go to the current company.   However, do not assume that they bought or took on the historic liability for the sale.  Where the original company was failing financially, they may have just bought the current debt book and not the whole company.   In that scenario, they are not normally liable for complaints about the loan being taken out.