Updraft sold account to Perch capital but never issued default notice or default

ldn83

sourcrates said:

People wrongly assume debts cannot change hands without first being defaulted, that is simply not the case.

Debts can be bought and sold as a going concern, at any time, perfectly legitimately and without any need to default.

The only thing a lender cannot do without first defaulting you is start legal action.

All else remains the same, all that has happened is the lender has changed, nothing more, all the terms and conditions of the original loan remain the same. I assume they are still charging you interest?

Difficult to say if interest is still being charged as I have no access to the loan info in the updraft app anymore and also no notification of what was sold or how much, just a 10k balance for which I don’t know if they’ve somehow just come up with a round number to start chasing. 

I will do nothing until I get written confirmation of a default.

ldn83

Update on this situation for anyone interested. Finally got a letter from Updraft and then ACI stating debt has been sold to Perch capital. Previous balance was over 23k, now its somehow 10k, no clue where they got that number from and also it states any interest owed is now to be paid to Perch Capital. Definitely not defaulted, yet.

Here's where it gets interesting, Perch capital is owned by Quilam Capital, who own and fund Updraft. ACI is owned by Perch Group, and Verify and TM legal are also all owned by the same umbrella firm, Quilam Capital. All they've effectively done is pass it on to another branch of theirs to chase. Effectively their whole operation is all in house, pretty interesting. Wonder how long they'll keep chasing before default? Have sent them a GDPR letter to only be contacted in writing.

agentblackcat

Thanks for sharing an update. I have received nothing further as of yet. 

agentblackcat

Hi ldn83

I had an update from updraft today. I complained about unaffordable lending. They have partially upheld my complaint for the second loan I had with them. They are retrieving this debt back from perch to manage it in house. 

ldn83

agentblackcat said:

Hi ldn83

I had an update from updraft today. I complained about unaffordable lending. They have partially upheld my complaint for the second loan I had with them. They are retrieving this debt back from perch to manage it in house. 

Ok good news, were you not going for defaults then? Will they partially refund some of the interest on the second loan?

agentblackcat

Hi. 

Sorry have not made that very clear. Yes so had two loans I have complained about both. However, only upheld for second loan. Interest refunded for this loan.