Bank has sold my loan

Kevd · 4 August 2018 at 8:56AM

Hi All,
I had a loan with Moneyway (part of Secure Trust Bank) I say had because back in May 2018 they sold my loan to Alpha Credit Solutions & Sarl, now I don't have problem with this and I'm repaying the loan with no missed payments, however I noticed on my credit file on clearscore that the loan still shows there as a secure trust loan, but no payments have been shown to be taken out since May when Alpha took over.
I'm assuming that Moneyway subscribed to Equifax to report my payments every month, and its looking like Alpha don't have the same arrangement, so my question is do I need to do anything or will this correct itself in time?
I don't want a leftover loan on my credit file, because it may look to future lenders that I miss payments.
Kev

[Deleted User] · 4 August 2018 at 9:08AM

It would only look like you are missing payments if it's showing missed payments.

That is different to no updates.

Kevd · 4 August 2018 at 9:39AM

Thank you for reply,
If I may ask, what happens to the loan showing on credit file? as no one is going to tell Equifax when it's settled does it just sit there in limbo or does it fall out the system at some point.
I only have another 6 payments to make and then I was hoping to see it as settled.
Kev

Craig1981 · 4 August 2018 at 11:01AM

the company listed on your report should have it removed as settled - so when sold, they should have advised credit reference agencies that this debt was settled. new loan provider should then list their debt with them.
as zx81 says, missed payments will show as default. balances can take a while to update.

give it a chance (i'd give it 2-3 months) for it to close off on your file when have made your final payment. if still there, you would then need to ask the company to remove it. if still not done, then you can raise a dispute with the credit reference agency yourself

RLS321 · 5 September 2018 at 3:00PM

Hi Kev, how did you get on?

I'm having similar issue. I had a loan with Secure Trust Bank, my account with them was closed in May on my credit file but the new account with Alpha is still not showing on my credit file, but the monthly payments are still being taken.

I did some research on Alpha, they are based in Luxembourg. I'm not sure if this could be why the credit files are not being updated by them.

National_Debtline · 6 September 2018 at 1:12PM

Hi RLS321

You may be best to start a new thread as the OP probably isn't going to respond on this one. Not all creditors report to all 3 credit reference agencies, which could explain why you are not seeing it on your credit file. Have you checked your file with all 3 agencies?

They are Experian, Equifax and TransUnion (formerly CallCredit). You can get a free copy of your credit file from them, or access it via their associated websites. They are www.moneysavingexpert.com/creditclub, www.clearscore.com/ and www.noddle.co.uk/.

Best wishes

Susie
@natdebtline

DonnyGuy · 14 November 2018 at 11:37PM

I'm in exactly the same situation. Since posting, Secure Trust Bank shows as Alpha Credit Solutions 8 S.a.r.l on my Callcredit file however still showing Secure Trust Bank and no updates since February.

I'm going to try calling them again

DonnyGuy · 5 December 2018 at 9:00PM

I just wanted to add that I contacted Alpha who have advised that they don't report to Equifax currently, only to Callcredit.

This is why now via Checkmyfile.com, I see that Secure Trust Bank has changed to Alpha with Call credit and all looks OK yet with Equifax, it just shows no payments since February with the old balance beside it.

Bank has sold my loan

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