Shawbrook Loan Sold to Asset Link Capital - Discussion

[MrAngryPants]

Just spoke to my bank. They say the DD wasn’t transferred correctly. The money never really left so they are unable to trace where it was being sent to either.

[Busa1400]

Hmm - interesting, I have never agreed for ASL to hold a Direct Debit on my bank account.

I agree that my account has been transferred to ASL and that under the terms of the original contract with Shawbrook, this is contractually allowed and I now owe money to ASL, however I have never authorised ASL to be able to collect a DD from my account or for my bank to release any funds to ASL.

In fact I have had no contact with ASL atall, either letter confirming they now hold my account or that they have set up a DD

[Petergj15]

I just recieved this:

Update from ALC7 regarding reference ********; 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]

The only letter I have had is from Shawbrook, no letters at all from ALC and certainly no DDI guarante guidance.

[Petergj15]

As far as I am aware they are obliged to write to you if a company is selling all their accounts to another company, but they dont need to set up a new DD.
I have Virgin Money do this before, as well as Foresters life and First Plus many years ago.

[muzz]

I just recieved this:

Out of interest, how did you get that update? Email? Did you call up first and supply your email address or did they proactively contact you?

Like Missy I've had no communication at all from ALC. That has fed into my distrust of them since I couldn't find an online presence. Googling the phone number (03330 150285) still brings back nothing.

[Petergj15]

I didnt contact them. I got the message at 17:47 yesterday by text.

[muzz]

I didnt contact them. I got the message at 17:47 yesterday by text.

Thank you.

[Petergj15]

If you haven't received any text/email from them, are your contact details up to date with Shawbrook, as that's where they must have got mine from? I'm not saying this is 100% the reason you haven't been contacted but it would be a logical explanation.

[muzz]

Maybe I haven't had any communication regarding the Direct Debit because mine isn't due until the 13th and they expect they'll have solved the issue by then.

Regardless though, I haven't yet had anything at all from them. No introductory letter, welcome pack or suchlike. I don't have in writing how much they believe I now owe them, what my monthly payments are supposed to be and when the final one will be taken. That still surprises me since this move has apparently been in the pipeline for a long time and they've at least attempted to change over the direct debits too. As Di says, it's not instilling much confidence. Just who are these people who now hold my personal and financial details and how competent are they?

[muzz]

Well that's interesting: not a single question in my complaint to Shawbrook has been answered. Instead it has been forwarded straight to ALC! Almost like the timing was indeed engineered so that Shawbrook could avoid having to deal with any of us. The questions don't lend themselves to being forwarded outside of Shawbrook. Madness.

Anyhow, have your failed direct debits been taken yet? What has it been like dealing with ALC?

[Petergj15]

No, the money hasn't been taken and I've had no further contact so far

What's very interesting is that Shawbrook are still offering new loans?

If I receive anyyhing more I'll send a further post.

[Davido88]

Hello all
This is my first post on here but I am in the same boat. I have a Shawbrook loan which has been passed to Asset Link capital. I only owe £42 and there was still roughly 2 years left to run, but I paid of a lump sum, hence the low balance. I received a letter from Shawbrook but nothing from ALC7. I cancelled their direct debit through my online banking before they could take anything as I did not know what the DD was as I received the letter afterwards. I rang ALC7 to close the account and they informed me that my balance owed was £1094!!! Needless to say there was no way I was paying that for a £42 balance. They said that it might be a mistake (You think!!) and they would look into it. They asked me to ring back next Tuesday and they should have a correct balance and the correct information. I will keep you updated with what they say on Tuesday

[Joanna Connolly Solicitors]

I have a Shawbrook loan which has been passed to Asset Link capital. I only owe £42 and there was still roughly 2 years left to run, but I paid of a lump sum, hence the low balance. I received a letter from Shawbrook but nothing from ALC7. I cancelled their direct debit through my online banking before they could take anything as I did not know what the DD was as I received the letter afterwards. I rang ALC7 to close the account and they informed me that my balance owed was £1094!!! Needless to say there was no way I was paying that for a £42 balance. They said that it might be a mistake (You think!!) and they would look into it. They asked me to ring back next Tuesday and they should have a correct balance and the correct information.

Hello

I wouldn't deal with this on the phone - ask them to put everything in writing so you have a paper trail in case you need it further down the line.

Banks/financial businesses shouldn't make mistakes. I can't help thinking something is amiss with this portfolio sale.

Di

[Davido88]

Thanks Di
When I speak to them on Tuesday I will ask for everything in writing before making any payment
Thanks

David