Post Office Loan transfer

lostdoggie

Hi,

Hopefully someone can give me some advice.

I had a Post Office loan which ended last year and received confirmation that it was paid off. Today I got a letter stating that my loan has been sold and my account details are being transferred to the new loan company.

I am not happy that my details are now being sold to a random company when my loans has already closed.

Is there anything I can do to prevent this?

Thanks for any advice.

DullGreyGuy

lostdoggie said:

Hi,

Hopefully someone can give me some advice.

I had a Post Office loan which ended last year and received confirmation that it was paid off. Today I got a letter stating that my loan has been sold and my account details are being transferred to the new loan company.

I am not happy that my details are now being sold to a random company when my loans has already closed.

Is there anything I can do to prevent this?

Thanks for any advice.

The process of selling a book of business takes a long time, the one back book sale I did was 10 months from green light from the execs to work on the project properly to the date of signing the contracts. As we were dealing with insurance rather than loans there was then another 12 months of activity including the courts to actually make the transfer, though the economic transfer happened on the day of signing. 

Inevitably, given you dont know what the completion date is, the effective date etc then certain customers will be selected for transfer who end up not being part of the final deal. You also want to ensure your buyers that you arent just selling off your likely bad debtors and so will have some broad selection criteria that you've stated you used to select the book. 

For us we had a two stage process, one immediately before the transfer to update the customers who'd ceased prior to the effective date and then there was an audit period where the buyer could challenge any of the data we'd given them. A single recalculation of the price was done after the audit based on the agreed formula/tool. 

https://www.postoffice.co.uk/help-support/personal-loans

Has a contact details, suggest you ask them and see when the full data transfer is going to occur and if you will be included in it given the load was already settled. 

lostdoggie

Hi,

Thanks for the information.

I will contact the Post Office to clarify.