Shawbrook Loan Sold to Asset Link Capital - Discussion

[Petergj15]

I sent this to Shawbrook 2 days ago on Twitter, let's see if anything comes back from them.

@ShawbrookBank
Hi, 1st Q - I believe your existing loans are now being managed by Asset Link Capital and that they have made a complete and utter mess of transferring customers DD's over. When are customers going to be contacted regarding this situation?
2nd Q - Why are you still offering new loans to customers given you've sold your existing ones to ALC?

[Petergj15]

Their reply below, which doesn't answer either of the questions I've asked them!

Hi Peter, We have recently written to some of our customers where we have notified them of a transfer of their loan to Asset Link Capital. If you have been communicated to about your account transferring please be assured there will be no change to your monthly payment amount, including the rate of interest payable by you as a direct result of the transfer. The terms and conditions of your agreement and your rights, obligations or liabilities remain unchanged. It’s very common for lenders to transfer loans to other lenders and there are lots of reasons for doing this such as capital management and changes of strategy. The decision to transfer your loan to Asset Link Capital was a strategic business decision made by Shawbrook Bank in 2019 and was not related, in any way to COVID-19 We unfortunately can no longer discuss your account and would request that you call Asset Link Capital on 03330 150285 for more information. Asset Link Capital will also be contacting you with more information soon following the transfer of your account to them kind regards, Brian

[Missy]

That’s basically the wording of the letter I received from Shawbrook around the 13th May. That’s a really poor show.

[Joanna Connolly Solicitors]

I sent this to Shawbrook 2 days ago on Twitter, let's see if anything comes back from them.

@ShawbrookBank
Hi, 1st Q - I believe your existing loans are now being managed by Asset Link Capital and that they have made a complete and utter mess of transferring customers DD's over. When are customers going to be contacted regarding this situation?
2nd Q - Why are you still offering new loans to customers given you've sold your existing ones to ALC?

I'm interested to see what 'Brian' has to say in answer to your second question.

All of you have said that your accounts are up-to-date with no arrears etc, so it's unusual to sell a portfolio of performing accounts not delinquent accounts (i.e. debt).

Unless the new loans have a higher interest rate so the business may make a bigger profit if they use the funds from the sale to make a better return if they lend to newcomers?

Just a wild guess

Di

[KrispyPug]

I had my Shawbrook loan transferred. Apparently 16000 loans were passed to ALC. To me, it sounds like Shawbrook are in £££ trouble.

Anyway, I contacted ALC today, nice and easy and they are all back in the office with screens between them so they don't spread COVID19.

Seemed reasonable enough to deal with. I actually want to do a few over payments over the next few months. They'll be no charge ... they're just happy to take my money.

Apparently they can't take card payments at the moment but should have that up and running in the next week or 2. If I want to make an over payment I need to just do it by bank transfer.

No question or concern here. Just some notes from my current dealings with them.

[muzz]

No question or concern here. Just some notes from my current dealings with them.

Thank you for that. Helps build a picture of who we're dealing with. I've been concerned from the outset I have no idea who they are but maybe it'll all be fine.

[Joanna Connolly Solicitors]

Apparently 16000 loans were passed to ALC. To me, it sounds like Shawbrook are in £££ trouble.

How do you know that?

These portfolio sales are usually seen as "commercially sensitive" so details are not released.

You can PM or email me if you prefer not to reveal your source on the forum.

My interest is simply to be sure of accuracy with facts posted on AAD that people may rely on when making decisions.

Did your source also explain why the Direct Debits were bouncing?

Di

[KrispyPug]

Originally posted by Diana Mayhew
How do you know that?

These portfolio sales are usually seen as "commercially sensitive" so details are not released.

Diana

I was originally concerned when I got the Shawbrooks letter and have dealt with the like of ALC before, in the dim and thankfully distance past. I did my original digging and realised I shouldn't be concerned.

When I approached ALC about over paying I called up with a positive attitude so I assume the agent was happy to have a happy caller (these companies often have to deal with nasty issues by their business nature).

I guess the agent was at ease. Anyway, I asked why they had these loans and the Agent said they didn't know... they just had 16000 dumped on them. The agent did state that Shawbrooks had kept a good number so it wasn't their whole loan portfolio (they did state the number but I forget...it began with a 2... either 20000 or 200000).

The way the Agent spoke about this, it seemed unexpected.

By your response, the Agent may not have been authorised to tell me this?

With respect to the DD, yes it did fall over so it has been pushed back a few days. I've not asked for a date change but I'd doubt that would be a problem.

[Davido88]

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

Just spoke with ALC7 again. They have informed me that they are looking into the account and why there is a discrepancy between the amounts. The lady on the phone said “I can see on the notes that the balance from Shawbrook was £42.84 so they don’t know where the £1049 has come from. They said they were aware of the overpayment I made in February so the system might not have picked that up”. This doesn’t make sense as why would the system need to pick that up. Surely if they have bought the debt from Shawbrook and the file says the balance is £42 then that’s what it is. It doesn’t fill me with confidence. They have said they will ring me in a few days. Again alarm bells are ringing!!

david

[Petergj15]

I asked 'Brian' for clarification following my last post as below:

Hi Brian
Thanks for your reply and explanation. However, your reply doesn't answer either of the 2 questions I have asked, please explain?
Kind regards Peter

[Missy]

Diana

I was originally concerned when I got the Shawbrooks letter and have dealt with the like of ALC before, in the dim and thankfully distance past. I did my original digging and realised I shouldn't be concerned.

When I approached ALC about over paying I called up with a positive attitude so I assume the agent was happy to have a happy caller (these companies often have to deal with nasty issues by their business nature).

I guess the agent was at ease. Anyway, I asked why they had these loans and the Agent said they didn't know... they just had 16000 dumped on them. The agent did state that Shawbrooks had kept a good number so it wasn't their whole loan portfolio (they did state the number but I forget...it began with a 2... either 20000 or 200000).

The way the Agent spoke about this, it seemed unexpected.

By your response, the Agent may not have been authorised to tell me this?

With respect to the DD, yes it did fall over so it has been pushed back a few days. I've not asked for a date change but I'd doubt that would be a problem.

1600 “dumped” on them?
Nice to know I’m a dumped customer. How to influence people ALC.

[Petergj15]

Hi

Just received a letter from ALC dated 4th June.

It advises that the account has been acquired by ALC wef 23rd May.

It also advises that there was an error with the DD switchover (really!) and that it will now be taken on 12th June and that future DD's will be taken on your ORIGINALLY planned date each month.

Hope this helps.

Peter

[Davido88]

Just spoke with ALC7 again. They have informed me that they are looking into the account and why there is a discrepancy between the amounts. The lady on the phone said “I can see on the notes that the balance from Shawbrook was £42.84 so they don’t know where the £1049 has come from. They said they were aware of the overpayment I made in February so the system might not have picked that up”. This doesn’t make sense as why would the system need to pick that up. Surely if they have bought the debt from Shawbrook and the file says the balance is £42 then that’s what it is. It doesn’t fill me with confidence. They have said they will ring me in a few days. Again alarm bells are ringing!!

david

Finally received a letter from ALC dated 5th June stating that my direct debit will come out on the 12 th June. I rand them to inform them I had cancelled it and I will not be paying anything until my issue has been sorted correctly. The lady said she understood and that it was still being sorted. She said she could see on my notes that if the DD had come out it would have put my account in the minus and they would owe me money but she still couldn’t give me a date on when this would be sorted!! So I am no further forward really. ALC admit that the debt is only £40+ and that if they took the regular DD out they would owe me money but the balance is still over a £1090. Absolute madness!!!!!

[eral]

Hi

I also received notification that my loan was moved to a new company Asset link capital no 7, who have taken the first DD.

I have had no missed payment or arrears, but out of the blue was told my loan had been sold. I called the FCA who said legitimate company and who are regulated.

I am suspicious now hearing this company may be a debt management company.

[MarcWoolfe]

Hi All, I too received a letter informing me that my loan would transfer over to ALC, I was in a position to pay off my loan in full after a conversation with a member of the team I was asked to make a bank transfer as they were not able to take the payment over the phone, after being given the wrong account name initially the payment went through fine in early May, a few days later a DD was taken. This is where my issue starts, after speaking with. 3 different reps I was told the refund would take place in 3-5 working days, I called ALC again yesterday and asked to speak with a manager who informed me that they still do have a refund system in place and they were waiting for I.T to complete the system “this week” the manager wasn’t shy in handing this information over but surely there must be some form of legality for them to be able to refund over payments? Any advice on this would be great. Thanks