118 Loan question

BlueJ94

Okay, so I have a loan with 118 118 Money, I borrowed 1k and owe back 2k. I set up a pay plan with them of £60PM which I've been paying for a few months now. I just went onto my app to see how much I owe and as soon as I logged in my loan is showing as "CLOSED" and my remaining balance is -£60. I have emailed them as they're shut and not open until Monday morning now, but I am just curious. Has anyone else ever had a loan just wiped out? Or is it just a weird error.. I'm not getting my hopes up just incase it's an error.

Naomim

Was the £60pm what was agreed with them? Have you checked your credit reports?

ThisnotThat

Quite possibly been sold to a DCA.

BlueJ94

Naomim said:

Was the £60pm what was agreed with them? Have you checked your credit reports?

Yes agreed with them, spoke on the phone with them and set up a standing order. They've taken payments every month and now it says I owe - £60.

Not checked my credit report yet as its not due to update until a few days time, I'll check though

BlueJ94

ThisnotThat said:

Quite possibly been sold to a DCA.

But I'm on a payment plan with them, in the t&cs with the agreement it states I won't gain any interest charges etc and I've been paying them every month. Its totally out of the blue that it's been closed. 

BlueJ94

@Naomim just checked my clearscore report and I can't even find it on there, it's like it's never existed.. 

ThisnotThat

jadewest94 said:

ThisnotThat said:

Quite possibly been sold to a DCA.

But I'm on a payment plan with them, in the t&cs with the agreement it states I won't gain any interest charges etc and I've been paying them every month. Its totally out of the blue that it's been closed. 

Debts can be sold at any time, even if you're making contractual repayments.

It's not uncommon for financial institutions to get rid of bad debt, even if it's being repaid.

BlueJ94

ThisnotThat said:

jadewest94 said:

ThisnotThat said:

Quite possibly been sold to a DCA.

But I'm on a payment plan with them, in the t&cs with the agreement it states I won't gain any interest charges etc and I've been paying them every month. Its totally out of the blue that it's been closed. 

Debts can be sold at any time, even if you're making contractual repayments.

It's not uncommon for financial institutions to get rid of bad debt, even if it's being repaid.

Ah okay, wasn't aware of that

sourcrates

Agree with the above. 118118 have not suddenly developed a conscience, the agreement you signed allows them to sell an account at any time the account is still active, with a balance still owing.

The first the debtor usually knows of this is when a letter drops on the doormat, the normal contents of which are two A4 sheets of paper, one from the original creditor informing you of the sale, the other an identical read, but from the new owner, urging you to get in touch.

Which is what you should do, as they will be unaware of any previous payment arrangements that were in place on the account.

There is no reason why a similar agreement cannot be made again.

BlueJ94

sourcrates said:

Agree with the above. 118118 have not suddenly developed a conscience, the agreement you signed allows them to sell an account at any time the account is still active, with a balance still owing.

The first the debtor usually knows of this is when a letter drops on the doormat, the normal contents of which are two A4 sheets of paper, one from the original creditor informing you of the sale, the other an identical read, but from the new owner, urging you to get in touch.

Which is what you should do, as they will be unaware of any previous payment arrangements that were in place on the account.

There is no reason why a similar agreement cannot be made again.

Okay, I'll keep an eye out for the letters 

enthusiasticsaver

I would imagine they have sold your debt on to a debt collector.  Arrangements can still be made even if that has happened.