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If you've had a loan with Shawbrook and they've sold the loan to Asset then post in this discussion thread to keep everything in one place. Do not worry about Asset being a DCA - a lender can sell their whole portfolio and it appears that Asset is the lucky candidate here so they will just take over the management of the live account. They cannot and will not add any derogatory marks unless they are factual and you had already stopped paying or whatever.
Keep an eye on things and ensure you keep up with payments as directed by Shawbrook so as to not fall into arrears on a live account. I'm guessing this will stop you from increasing the loan however it's not derogatory so do not worry!
Point of interest, Asset is NOT FCA regulated either
Niddy.
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Hello!
After holding a loan with Shawbrook Bank for just over 2 years, I received a latter stating that they'd sold the debt to "Asset Link Capital (no 7) Limited", a company which I've found to be incorporated in only July 2019.
The letter was dated the 19th May 2020, received the afternoon of the 22nd, opened the evening of the 22nd and stated that the debt would be transferred to Asset Link on the 23rd and to contact Asset Link after that date with any queries. It stated that the sale was a strategic decision and was unrelated to COVID-19. They did state that they made the decision 2019. That means there was somewhere between nearly 5 and 17 months to give some notice instead of effectively none.
Anyhow, I've never missed a payment (on any debt in fact), and while the debt was with Shawbrook, I was happy to continue paying the direct debit for a while longer before exploring how to overpay or settle early when the situation allowed.
The letter from Shawbrook does say that ALC will automatically take on the direct debit and that "the terms and conditions of your loan will not change, including the rate of interest payable by you, but Asset Link Capital will be responsible for setting fees and charges (if applicable) and they will collect payments due under the loan."
On researching this company they appear to be debt collectors, which concerns me somewhat. One site said:
"The chances are that if you have an a debt with Link Financial your credit file will suffer because of it. They will have marked the account as defaulted.".
Obviously I'd like to avoid that since I'm completely able and willing to pay. What do I need to do to protect myself from any funny business?
I was thinking:
* A subject access request to Shawbrook. I'd like to see what data they hold on me which might shed some light on the situation. I'm obviously not going to get any help directly from Customer Services due to the timing of the letter, so may as well use this route to get at least something.
* Check my credit report on ClearScore (Equifax). The balance on there is currently correct.
* Store my last Shawbrook Annual Statement safely. Dated 13th March, that looks correct too, though it's obviously missing evidence of payments made in April and May. Should I seek evidence from Shawbrook of those or just wait until the first correspondence comes through from Asset Link to check it all looks correct?
* Monitor credit report for settlement of current loan and creation of new one. Is the value correct?
* Monitor monthly that the new direct debit is marking the new loan as paid on time.
* Once furnished with first letter from Asset Link (within 10 working days apparently), I'll request anything that's missing:
current balance, a schedule of payments, confirmation that they'll automatically take my direct debit, and get the final payment date in writing.
Anything else worth adding to my to-do list or worth knowing about the situation?
Any advice would be much appreciated.
If you've had a loan with Shawbrook and they've sold the loan to Asset then post in this discussion thread to keep everything in one place. Do not worry about Asset being a DCA - a lender can sell their whole portfolio and it appears that Asset is the lucky candidate here so they will just take over the management of the live account. They cannot and will not add any derogatory marks unless they are factual and you had already stopped paying or whatever.
Keep an eye on things and ensure you keep up with payments as directed by Shawbrook so as to not fall into arrears on a live account. I'm guessing this will stop you from increasing the loan however it's not derogatory so do not worry!
Point of interest, Asset is NOT FCA regulated either
Niddy.
---------------------------------------------------------------------------------------------------------------------------------------------------------
Hello!
After holding a loan with Shawbrook Bank for just over 2 years, I received a latter stating that they'd sold the debt to "Asset Link Capital (no 7) Limited", a company which I've found to be incorporated in only July 2019.
The letter was dated the 19th May 2020, received the afternoon of the 22nd, opened the evening of the 22nd and stated that the debt would be transferred to Asset Link on the 23rd and to contact Asset Link after that date with any queries. It stated that the sale was a strategic decision and was unrelated to COVID-19. They did state that they made the decision 2019. That means there was somewhere between nearly 5 and 17 months to give some notice instead of effectively none.
Anyhow, I've never missed a payment (on any debt in fact), and while the debt was with Shawbrook, I was happy to continue paying the direct debit for a while longer before exploring how to overpay or settle early when the situation allowed.
The letter from Shawbrook does say that ALC will automatically take on the direct debit and that "the terms and conditions of your loan will not change, including the rate of interest payable by you, but Asset Link Capital will be responsible for setting fees and charges (if applicable) and they will collect payments due under the loan."
On researching this company they appear to be debt collectors, which concerns me somewhat. One site said:
"The chances are that if you have an a debt with Link Financial your credit file will suffer because of it. They will have marked the account as defaulted.".
Obviously I'd like to avoid that since I'm completely able and willing to pay. What do I need to do to protect myself from any funny business?
I was thinking:
* A subject access request to Shawbrook. I'd like to see what data they hold on me which might shed some light on the situation. I'm obviously not going to get any help directly from Customer Services due to the timing of the letter, so may as well use this route to get at least something.
* Check my credit report on ClearScore (Equifax). The balance on there is currently correct.
* Store my last Shawbrook Annual Statement safely. Dated 13th March, that looks correct too, though it's obviously missing evidence of payments made in April and May. Should I seek evidence from Shawbrook of those or just wait until the first correspondence comes through from Asset Link to check it all looks correct?
* Monitor credit report for settlement of current loan and creation of new one. Is the value correct?
* Monitor monthly that the new direct debit is marking the new loan as paid on time.
* Once furnished with first letter from Asset Link (within 10 working days apparently), I'll request anything that's missing:
current balance, a schedule of payments, confirmation that they'll automatically take my direct debit, and get the final payment date in writing.
Anything else worth adding to my to-do list or worth knowing about the situation?
Any advice would be much appreciated.
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