Shawbrook Loan Sold to Asset Link Capital - Discussion

[The Tech Clerk]

where as in this case there seems to be a lot of people with the same problem company - if you look around you will see diaries for each company within the persons diary for which there is a problem, that way if more than one as a similar problem (not every case is 100% the same solution) then the likely of mistakes happening are less! as in this case there seems to be a lot of happenings with Shawbrook cases, if you do you could follow this thread as well as it can be informative to your case as well! just "forewarned is fore armed" i.e subscribe to this thread?

[Joanna Connolly Solicitors]

Pardon my ignorance, I'm not familiar with a diary. Is that to keep our experiences in different forum threads?

At the risk of sounding like a midwife, you're doing fine - no need to start a Diary since this is the only issue you are trying to resolve.

Di

[Joanna Connolly Solicitors]

Thank you for your input Di.

. . . . I'm very unimpressed at how there was so little notice it was actually not possible to get in touch with Shawbrook prior to the move. That and some other factors have set me off on the defensive but maybe it's nothing to worry about and ALC will indeed just continue to take loan payments without any funny business. I've started a complaint with Shawbrook

Do you have a copy of your loan agreement?

It probably contains a clause which makes you aware that they can sell their rights and responsibilities etc without needing your permission. That's pretty standard.

You say you have no arrears etc so the only thing you may need to keep your eye on is whether there is any change to the original Ts & Cs such as interest rate fluctuations and so on, despite Shawbrook's post on Trustpilot saying that these things won't alter.

I note your annoyance that you weren't told sooner, but what would you have done different even if you had known this transfer was in the pipeline months ago? I doubt you would have been in a position to prevent the deal.

Out of interest, how did you take out this loan? Was it through a broker, and were you made aware of any commission that would have been paid to them if it was? I'm asking to see if there was any 'hidden commission' or other potential 'unfair relationship' in case you find yourself in an unexpected pickle later down the line, and some ammunition against them would be handy.

Di

[Joanna Connolly Solicitors]

Thank you, I would be interested to find out why.
just wondering if it’s best if I try to tap up the bank of Dad to pay it off.

You sound just like my daughter - only it's the Bank of Single Mum in my case

Before you consider paying off the balance you should check your loan's Ts & Cs to see if there's an Early Redemption Charge or some other financial penalty for not paying monthly until the expiry date.

Was the interest front loaded? Maybe also check to see whether there might be an interest rebate if you pay it off early.

Di

[Missy]

Hi Di, ha ha good old parents!
I would rather not pay it off but I don’t want dealings with a less then Kosher company.
Any info you could find out would be so helpful.
Many thanks

[muzz]

It probably contains a clause which makes you aware that they can sell their rights and responsibilities etc without needing your permission. That's pretty standard.

It does:
"10.We may transfer, assign or charge any of our rights under this Agreement and/or any amounts you owe under this Agreement, but not so as to affect any provisions of this Agreement or
any of your rights to your detriment. Following any such assignment, transfer or charge, any references to we, us or our, shall be read and construed as references to the assignee,
transferee or chargee. You may not assign, transfer or charge any of your rights and obligations under this Agreement."

Perhaps with some notice I'd have had the chance to pay off the loan and avoid being transferred, but maybe it was too late by that point.

It was taken out through ClearScore.

[Never-In-Doubt]

a lot of this one going hence I suggested an individual diary as if so many in one place confusion??

Hiya

These are NOT debts - no need for a diary at all. This is a live loan account whereby the owner is selling their live portfolio as whole.

So a diary is irrelevant, as this is not a debt.

What I will do is rename the whole thread so it's more a discussion about Shawbrook selling their loan book. Then anyone can post here about it.

Cheers

[Joanna Connolly Solicitors]

What I will do is rename the whole thread so it's more a discussion about Shawbrook selling their loan book. Then anyone can post here about it.

That's a good idea, then if anything untoward surfaces the information can be shared.

At the moment my research trail leads to Luxembourg . . . .

Di

[Busa1400]

Mornig,

I have had the same. I have a good credit score, never missed a payment no issues.

Loan transferred to Asset Link Capital.

Money in the account to pay it today - Direct Debit was taken and then returned to the account!

So now Im waiting to speak to ASL

[MrAngryPants]

Morning,
I had a letter a couple of weeks ago and didn’t think much of it, until this morning when the DD was taken and immediately reversed. I’ve rung them and apparently they had a whole bunch do it and “Managers are speaking to the banks to find out what they did wrong”. I was assured of a call back today or tomorrow before they try to take the money again. I did, however, look them up with FCA and they only came under the umbrella of the parent authorised company a few months ago, though it only mentions mortgages. Nothing relating to unsecured loans. Not sure is that should be problematic or not. ????

[Swall5432]

Mornig,

I have had the same. I have a good credit score, never missed a payment no issues.

Loan transferred to Asset Link Capital.

Money in the account to pay it today - Direct Debit was taken and then returned to the account!

So now Im waiting to speak to ASL

How did you get on. The same thing happened to me. Trying to call my bank now to find out what has happened. I only ever missed 2 payments about 2 years ago but ever since then I have made all my payments. I don’t want a mark on my credit file for this when it is not my fault

[Busa1400]

When I spoke to bank they said DD had been cancelled by ASL as complete. It’s not.

Spoke to ASL who knew nothing about it and told to phone back tomorrow

[MrAngryPants]

Update from ALC7 regarding reference XXXXXXXX; We are aware of a temporary issue in relation to the transfer of your direct debit from Shawbrook Bank to ALC7 that has affected Junes payment. We are currently investigating this and we will update you shortly. Please rest assured this issue will not impact your credit file and we apologise for any inconvenience this may cause.

[Missy]

Mine is due on the 14th so we will see but funny enough the Shawbrook DDI has disappeared from my DDI list which is unusual as it tends to just sit there dormant which makes me think ALC may have used the existing mandate but cancelled it at the save time if that makes sense.

[Joanna Connolly Solicitors]

this morning when the DD was taken and immediately reversed. I’ve rung them and apparently they had a whole bunch do it and “Managers are speaking to the banks to find out what they did wrong”. I was assured of a call back today or tomorrow before they try to take the money again.

What chaos, which understandably doesn't instil confidence in the new owner of your account.

I'm curious to know whether the bank/financial institution who attempted to take the DD was based in the UK. Your own bank probably won't tell you saying they can't under GDPR, but my personal feeling is you have the right to know who is (and then isn't) taking money from your accounts.

Direct Debits are protected by the Direct Debit Guarantee which is explained here if a complaint becomes necessary - it includes a helpful flowchart >

https://www.directdebit.co.uk/Direct...ocomplain.aspx

Post updates, but something doesn't feel right to me.

Di