Loan disappeared!

Ilskrin

Hi, strange one this. I took out a 17.5k Post Office unsecured loan for home improvements in sept 2019, over 6 year period, so due for loan completion in sept 2025.

I have just noticed that the last payment taken by direct debit was Jan 2023, though the DD is still open. Ive never defaulted on a  payment DD request.

On checking with ClearScore and Experian my credit rating is in top order and the loan doesn't show at all in either. My other loan, mortgage and credit card features but the PO loan has just, well, disappeared all together. I'm aware that the PO stopped offering loans, tranferring this business to the Bank of Ireland.

What on earth could have happened here?! 

sourcrates

The Post office did sell some of their loan portfolio when they stopped offering loans in 2021/22.

Who owns that loan book now I don`t know, but you would expect them to have written to you.

Very strange given the loan is secured against your property.

silvercar

sourcrates said:

The Post office did sell some of their loan portfolio when they stopped offering loans in 2021/22.

Who owns that loan book now I don`t know, but you would expect them to have written to you.

Very strange given the loan is secured against your property.

OP called the loan ‘unsecured’ so it won’t be on the property deeds as a charge.

Hoenir

Ilskrin said:

I have just noticed that the last payment taken by direct debit was Jan 2023, though the DD is still open. Ive never defaulted on a  payment DD request.

You must have a sizable bank balance as a consequence. 

sourcrates

silvercar said:

sourcrates said:

The Post office did sell some of their loan portfolio when they stopped offering loans in 2021/22.

Who owns that loan book now I don`t know, but you would expect them to have written to you.

Very strange given the loan is secured against your property.

OP called the loan ‘unsecured’ so it won’t be on the property deeds as a charge.

Yea, read it wrong lol.

discat11

£250 a month (assuming it was around 6.1% APR) x 20 months. That's £5k. Did you not notice?
Anyhow: https://www.postoffice.co.uk/help-support/personal-loans#contactinformation

Ilskrin

discat11 said:

£250 a month (assuming it was around 6.1% APR) x 20 months. That's £5k. Did you not notice?
Anyhow:

No, we really didn't notice, we're not the accountant type. What rights do we have as we really don't want to have the loan term extended as would probably be the outcome, as we planned this loan term on the basis we have a kid who wants  to go to university next September, when the term would have ended.

silvercar

Ilskrin said:

discat11 said:

£250 a month (assuming it was around 6.1% APR) x 20 months. That's £5k. Did you not notice?
Anyhow:

No, we really didn't notice, we're not the accountant type. What rights do we have as we really don't want to have the loan term extended as would probably be the outcome, as we planned this loan term on the basis we have a kid who wants  to go to university next September, when the term would have ended.

I would put the money in a savings account and forget about it until 6 years have passed.

Ilskrin

No, we really didn't notice, we're not the accountant type. What rights do we have as we really don't want to have the loan term extended as would probably be the outcome, as we planned this loan term on the basis we have a kid who wants  to go to university next September, when the term would have ended.

I would put the money in a savings account and forget about it until 6 years have passed.

Why 6 years Silvercar?

silvercar

Ilskrin said:

No, we really didn't notice, we're not the accountant type. What rights do we have as we really don't want to have the loan term extended as would probably be the outcome, as we planned this loan term on the basis we have a kid who wants  to go to university next September, when the term would have ended.

I would put the money in a savings account and forget about it until 6 years have passed.

Why 6 years Silvercar?

Two reasons. Firstly no contact after 6 years would mean the debt is statute barred. See here for more info: https://www.citizensadvice.org.uk/debt-and-money/help-with-debt/dealing-with-your-debts/check-if-you-have-to-pay-a-debt/#:~:text=For%20most%20debts%2C%20the%20time,years%20on%20the%20main%20amount.

Secondly, after 6 years people generally destroy paperwork, mainly due to the requirement for tax to keep papers for 6 years. After that time with no contact chances are the lender has also archived or destroyed the paperwork and you would have no obligation to keep paperwork beyond that date.

Gary1237

Sounds like a good result,  might be worth saving the same amount in an account just incase