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Loan disappeared!
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?!
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Comments
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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.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-letter0 -
OP called the loan ‘unsecured’ so it won’t be on the property deeds as a charge.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.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Yea, read it wrong lol.silvercar said:
OP called the loan ‘unsecured’ so it won’t be on the property deeds as a charge.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.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-letter0 -
£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#contactinformation0 -
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.discat11 said:£250 a month (assuming it was around 6.1% APR) x 20 months. That's £5k. Did you not notice?
Anyhow:0 -
I would put the money in a savings account and forget about it until 6 years have passed.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.discat11 said:£250 a month (assuming it was around 6.1% APR) x 20 months. That's £5k. Did you not notice?
Anyhow:
I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Why 6 years Silvercar?
I would put the money in a savings account and forget about it until 6 years have passed.
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.0 -
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.Ilskrin said:
Why 6 years Silvercar?
I would put the money in a savings account and forget about it until 6 years have passed.
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.
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.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Sounds like a good result, might be worth saving the same amount in an account just incase0
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