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Provident sold my loan to debt collector!
I have two loans with provident and with their company collapsing I was advised to stop payments to them.
i voted no to their bail out and in doing so I thought I was also lodging an unfair loan claim .
since then I have had a number of messages from a company called capquest who appear to be trying to obtain the outstanding balance from the loans !
Can provident with their impending insolvency do this ?
i voted no to their bail out and in doing so I thought I was also lodging an unfair loan claim .
since then I have had a number of messages from a company called capquest who appear to be trying to obtain the outstanding balance from the loans !
Can provident with their impending insolvency do this ?
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Yes, they can. The debt is still owed.2
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Debts can be sold at any time, its all in the terms and conditions no one ever reads.
Capquest now own your debt, if you have doubts as to its validity, ask them to prove liability in writing.
Otherwise agree repayment terms with them, they are somewhat flexible.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter3 -
Who gave you this advice? Whoever it was, I'd be wary of seeking their counsel again.Tekem said:I have two loans with provident and with their company collapsing I was advised to stop payments to them.
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Debts don't just vanish when the creditor becomes insolvent...No free lunch, and no free laptop
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I received a letter from Provident stating that if I have an outstanding balance then they will be clearing it and there are no more payments to make...... Now would this include a previous balance with them that they sold to a debt collections company??0
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You would need to ask them if they sold it on - if they did, they can't just write off a debt sold to a third party unless they bought it backCharlie5966 said:I received a letter from Provident stating that if I have an outstanding balance then they will be clearing it and there are no more payments to make...... Now would this include a previous balance with them that they sold to a debt collections company??Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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