Newday Aqua Loan closed direct debit cancelled

viksviks84

Hi
I'm just wondering if this has happened to anyone else? My newday loan (and my husbands) have both been closed with a zero balance (according to experian and clearscore) and the direct debits cancelled (by newday)
Before I call them, just wondered if there was some known issue?
Thanks in advance 

p3ncilsharpener

Sounds like they've been sold on.

viksviks84

p3ncilsharpener said:

Sounds like they've been sold on.

Would they normally contact customers in this situation? I thought accounts were only sold on for non payment? 

p3ncilsharpener

viksviks84 said:

p3ncilsharpener said:

Sounds like they've been sold on.

Would they normally contact customers in this situation? I thought accounts were only sold on for non payment? 

Accounts can be sold for a variety of reason, not just non-payment.  A company going bust or deciding to get out of a particular market are other common reasons.

Either way the only way you'll find out what's going on is to speak to them.

m-holland

Mines is also showing closed on my ClearScore report created two days ago, and after checking the DD for it on my Monzo has disappeared.

I do remember around the start of the pandemic they stopped offering loans, maybe they are getting out the loan market completely

sourcrates

They will write to you, at some point, and inform you of the debts current status.

If the debt has been sold, the call handler won`t be much use, as they will only see what you can see, and most likely won`t be able to tell you anymore than that,  these decisions are taken at a way higher level.

m-holland

Update:

A Direct debit for Asset Link Capital appeared this morning so did some digging, and the aqualoans website has been updated to this:

"If you had an Aqua, Marbles, Fluid or Opus branded loan, we wish to inform you that NewDay Ltd has sold its portfolio of loan accounts to Asset Link Capital (No. 7) Limited, and that your unsecured personal loan was included in the sale.  Please be assured that the sale of your account is not in any way as a result of the way that you have managed it.

This sale is in accordance with the terms of your loan agreement, and from now on, Asset Link Capital (No. 7) will be the lender in respect of your loan. The terms and conditions of your loan will not change, and your scheduled payments and the interest rate that you pay will stay the same. 

All future correspondence about your loan should be addressed to Asset Link Capital (No. 7), who will administer all aspects of your loan.This includes collecting your payments, which should all now be made to Asset Link Capital (No. 7) and not to NewDay Ltd.  Asset Link Capital (No. 7) will also handle any complaints, provide help if you are in financial difficulties and answer any queries you may have about your agreement.

The relevant credit reference agencies have or will be contacted about the transfer of your loan and they will update the information that they hold about you. They may send you an automated notification about this, which will be for information only. This change will have no impact on your credit score.

If you have any questions about your loan or the transfer to Asset Link Capital (No. 7), please contact Asset Link Capital (No. 7) on 02920 858788 or via email at CustomerSupport@assetlinkcapital.com.

Asset Link Capital (No. 7)’s customer services team are available 8am – 8:30pm Monday to Thursday, 9am – 5pm on Friday and Saturday."

footballmadman

I’m in the same situation I’ve got 3 payments remaining left on a Aqua Loan and the 22nd direct debit of 24 was due out on the 1st of August, I’ve checked my bank and no direct debit was taken, the Aqua loan direct debit has disappeared off my direct debits list, I’ve checked my updated direct debits list and ALC no 7 is not showing on my direct debits list (yet) do we know if ALC no 7 will be contacting us who still owe outstanding payments, surely the onus is on ALC no 7 to make contact with me? The money for the payment will remain in my account incase it is taken in the next few days, I do feel a bit uneasy with this situation because how do I know if that ALC no 7 have all my correct details and payments remaining, what’s to stop them carrying on taking money from my account after the loan is due to be paid in full by October 1st 2021 ? I think it’s reasonable for ALC no 7 to send out the details of the loan and remaining payments so we can match that up the Aqua loan details we already have. 

Any replies would be appreciated 

p3ncilsharpener

footballmadman said:

I’m in the same situation I’ve got 3 payments remaining left on a Aqua Loan and the 22nd direct debit of 24 was due out on the 1st of August, I’ve checked my bank and no direct debit was taken, the Aqua loan direct debit has disappeared off my direct debits list, I’ve checked my updated direct debits list and ALC no 7 is not showing on my direct debits list (yet) do we know if ALC no 7 will be contacting us who still owe outstanding payments, surely the onus is on ALC no 7 to make contact with me? The money for the payment will remain in my account incase it is taken in the next few days, I do feel a bit uneasy with this situation because how do I know if that ALC no 7 have all my correct details and payments remaining, what’s to stop them carrying on taking money from my account after the loan is due to be paid in full by October 1st 2021 ? I think it’s reasonable for ALC no 7 to send out the details of the loan and remaining payments so we can match that up the Aqua loan details we already have. 

Any replies would be appreciated 

They are no more likely to overbill you than Aqua were.  I'm not sure why people seem to be worried by this, it's completely normal.

You'll receive a letter in due course, they've only just finalised the deal!

footballmadman

Thank you for your reply it’s much appreciated I do believe they are no more likely to over bill me than Aqua were but my concern is that my payment due date has passed and I’ve not heard anything from them ALC 07, i received my letter from Aqua loans which is the standard letter (as above) but that’s it, I’ll wait to see what happens now. 

Thank you 

p3ncilsharpener

footballmadman said:

Thank you for your reply it’s much appreciated I do believe they are no more likely to over bill me than Aqua were but my concern is that my payment due date has passed and I’ve not heard anything from them ALC 07, i received my letter from Aqua loans which is the standard letter (as above) but that’s it, I’ll wait to see what happens now. 

Thank you 

Another thread shows they are in the process of setting up new direct debits.